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SAN FRANCISCO, April 9, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced it has agreed to provide more than 108,000 of its 300 watt ("W") high-efficiency Virtus II 72-cell polycrystalline solar modules to Strata Solar, LLC ("Strata Solar"), one of the top solar developers and EPCs in the United States, for use in five 6.5-megawatt ("MW") solar farms in North Carolina.
"ReneSola has a firm grip on its material supply chain and excellent visibility into the availability of silicon for its wafers, cells and other key module components," said Markus Wilhelm, chief executive officer of Strata Solar. "We selected ReneSola for its competitive price per watt, high-efficiency solar modules and reliable delivery schedules. Moreover, we prefer ReneSola's ability to increase module efficiencies and improve temperature coefficients through its proprietary wafer technology, as opposed to the less economical route of trying to achieve such milestones on the cell side."
"We recognize Strata Solar has many choices when selecting module suppliers," said Mr. Xianshou Li, chief executive officer of ReneSola. "Being able to meet the expectations and strict due diligence requirements of firms such as Strata Solar demonstrates the quality and performance of our products, as well as our leadership in the marketplace. We're thrilled to provide Strata Solar with our high-quality modules for this multiple array utility scale project. This project shows the confidence investors and banks have in the ability of both our firms to deliver cost-effective solutions with tremendous staying power."
According to the terms of the contract, ReneSola will deliver its solar modules to Strata Solar project sites in June and July of this year. The five 6.5 MW solar farms will utilize 21,677 ReneSola modules each.
About ReneSola
Founded in 2005, ReneSola (NYSE:SOL) is a leading global manufacturer of high-efficiency solar PV modules and wafers. 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.
About Strata Solar
Strata Solar is a national leader of complete solar energy systems and installations. In addition to turnkey services for the complete design, construction and installation of utility and commercial photovoltaic systems, Strata Solar provides a full array of engineering, procurement and construction (EPC) services, separately, as needed, to solar developers and companies interested in clean renewable energy. Headquartered in its LEED Silver certified office and showroom in Chapel Hill and expansive warehouse nearby, Strata Solar also has operations in California. Please visit www.stratasolar.com for more information.
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:
Mr. Tony Hung
ReneSola Ltd
Tel: +86-573-8473-9011
E-mail: ir@renesola.com
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
E-mail: sol@ogilvy.com
In the United States:
Mr. Brian Armentrout
ReneSola Ltd
Tel: +1-603-748-6933
E-mail: Marketing@renesola.com
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: sol@ogilvy.com
