ReneSola Announces Long-term Wafer Supply Agreements Totalling 836 MW

JIASHAN, China, Aug. 20 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, today announced that it has signed two wafer supply agreements to provide two major Taiwan-listed solar companies with approximately 836 MW of monocrystalline and multicrystalline solar wafers.

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The Company signed a wafer supply agreement with Neo Solar Power Corp ("NSP"). Under the terms of the contract, ReneSola will supply NSP with approximately 293 MW of multicrystalline wafers from July 2010 to December 2013 and approximately 141 MW of monocrystalline wafers from October 2010 to December 2013.

The Company also signed a wafer supply agreement with Solartech Energy Corp ("Solartech Energy"). Under the terms of the contract, ReneSola will supply Solartech Energy with approximately 402 MW of multicrystalline wafers from July 2010 to December 2013.

Mr. Xianshou Li, ReneSola's chief executive officer, commented, "We continue to leverage the strength of our core wafer business in securing new long-term contracts with key downstream solar companies. Our competitively priced and cost-efficient wafers help to attract strategic global customers and are an important part of many companies' solar solutions. We remain committed to building our core wafer business as we strive to be the industry leader in high-quality solar wafers."

About ReneSola

ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, low-cost production capabilities and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and OEM services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola's shares are traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA).

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:

    In China:

     Ms. Feng Qi
     ReneSola Ltd
     Tel:   +86-573-8477-3903
     Email: [email protected]

     Mr. Derek Mitchell
     Ogilvy Financial, Beijing
     Tel:   +86-8520-6284
     Email: [email protected]

    In the United States:

     Ms. Jessica Barist Cohen
     Ogilvy Financial, New York
     Tel:   +1-646-460-9989
     Email: [email protected]

    In the United Kingdom:

     Mr. Tim Feather / Mr. Richard Baty
     Westhouse Securities Limited, London
     Tel:   +44-20-7601-6100
     Email: [email protected]
            [email protected]

SOURCE ReneSola Ltd