ReneSola to Supply Inverters and Mounting Products to Client in Pakistan
JIASHAN, China, Aug. 1, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it will provide microinverters, string inverters and mounting products to a new client in Pakistan that specializes in the professional management of thermal and renewable power generation assets in Pakistan, India and Africa.
Pakistan, an emerging market, suffers from energy shortages and relies heavily on load shedding, or scheduled blackouts, to conserve electricity. However, areas of the country also receive among the highest amounts of solar radiation in the world, and thus represent a significant opportunity for solar-related investment. ReneSola already provides locally-produced PV modules to Pakistan's neighbor, India, so the contract reflects the Company's broader penetration into the South Asian solar market.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "We look forward to contributing to Pakistan's developing solar infrastructure. Our microinverters, for instance, can significantly increase the performance of an entire PV system by enabling panels to operate independently, eliminating the 'Christmas light effect' experienced by panels connected in series, when the lowest performing unit determines the performance of the entire series. As with our solar modules, we're confident that our inverters and mounting products will help to raise our corporate profile and drive sales in the emerging markets of South Asia."
Founded in 2005, ReneSola (NYSE: SOL) is a leading brand and technology provider of solar PV products. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia. For more information, please visit www.renesola.com.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Justin Knapp
Ogilvy Financial, U.S.
SOURCE ReneSola Ltd.
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