JIASHAN, China, July 13, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, today announced it has entered into an exclusive distribution agreement to provide 100 megawatts ("MW") of the Company's high-efficiency Virtus modules to BIG SOLAR S.A. ("BIG SOLAR"), the biggest Greek stockholder and distributor in the field of photovoltaic systems for electricity production through solar energy.
Under the terms of the agreement, ReneSola will ship a total of 100 MW of high-efficiency Virtus modules in the coming 12 months directly to BIG SOLAR.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "We are pleased to be expanding our relationship with BIG SOLAR. This deal reflects not only our strong position in key solar markets like Greece, but also our continued push in global sales. In the first half of 2012, ReneSola delivered 40 MW of our high-efficiency Virtus modules to Greece, becoming one of the country's biggest module suppliers. We are also among the top module suppliers in Australia and Belgium, thanks in part to the technology development and commercialization of ReneSola's high-efficiency Virtus modules, which have an average power generation of 255W."
Mr. Ioannis Bitros, BIG SOLAR's president, commented, "Our companies have successfully worked together since the beginning of 2011 and our efforts will be strongly reinforced by this exclusive agreement. Through BIG SOLAR, ReneSola is poised to become the leader of the Greek photovoltaic modules market, and we anticipate a long and mutually beneficial partnership for years to come."
ReneSola also announced that it is revising its full year 2012 shipment guidance and estimates its total solar wafer and module shipments for the first half of 2012 to be close to 1 GW. For full year 2012, the Company estimates its total solar wafer and module shipments will be in the range of 2.2 GW to 2.4 GW, compared to the previously guided range of 1.8 GW to 2.0GW.
Mr. Li added, "We expect to maintain our leadership position in wafer manufacturing while at the same time expanding our module business. We believe our industry expertise, low-cost manufacturing, and strong balance sheet position us well for longer-term growth."
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, high production quality, 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 processing 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 ADSs are traded on The New York Stock Exchange (NYSE: SOL). For more information about ReneSola, please visit http://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. Tony Hung
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd