FREMONT, Calif., Jan. 23, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading solar project developer and operator, commented today on the imposition of safeguard tariffs on certain imported solar cells and modules.
"While higher prices for the modules we buy are never welcome, the new tariff rate was widely anticipated," said Doran Hole, ReneSola's Chief Executive Officer of North America and Group Vice President of Strategy. "We believe the U.S. project development industry has already adjusted to the tariffs, and the impact on growth should be benign."
In September 2017, the company divested its manufacturing and LED distribution businesses, and is now a pure play downstream player with robust pipeline and operating projects around the world. Accordingly, the company anticipates that the only impact of the tariffs will be to the purchase price of modules used in only one of its markets, the U.S. The company believes that ongoing technical advancement in the cell and module manufacturing industry will drive continued price reductions in the years ahead, which will be beneficial to its business model.
Hole continued, "We do not expect the temporarily higher prices of some modules to diminish the rapid growth of new development opportunities in the U.S. Community solar and rooftop distributed generation are two examples of the burgeoning activity we are pursuing. As module prices continue to decline over time, we expect to see accelerating activity in those segments. We remain very optimistic about the growth prospects for the solar energy industry, both in the U.S. and around the world."
Yesterday, the U.S. Trade Representative announced that U.S. President Trump approved the recommendation to impose safeguard tariffs on imported solar cells and modules. The relief will include a tariff of 30 percent in the first year, 25 percent in the second year, 20 percent in the third year, and 15 percent in the fourth year. However, the first 2.5 gigawatts of imported solar cells will be exempt from the safeguard tariff in each of those four years.
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.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," "plans," "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. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results. 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.
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SOURCE ReneSola Ltd.