SHANGHAI, Nov. 7, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today introduced its new Virtus II® multicrystalline modules to the Indian market at the 6th Renewable Energy India 2012 Expo, a three-day event held in New Delhi that concludes on November 9. In addition, ReneSola has started providing locally produced PV modules to the Indian market and expects to provide 250 MW of India-made PV modules over a two-year period. The India launch follows the successful introduction of the Virtus II ® solar modules to the U.S. and Australian markets.
ReneSola continues to implement its sales and marketing strategy of "professionalization, internationalization and localization" in India. Given the substantial demand for solar panels in India, ReneSola foresees a total quantity of 250 MW of India-made ReneSola modules over a two-year period. This is the first time the Company has provided locally produced PV modules outside of China, emphasizing the importance of the India PV market. The Company will realize this target through collaborating with local strategic partners in India. In order to import its world-leading technology to India and take advantage of India's local management and talent resources, ReneSola is dedicated to providing localized and customized products and services to the India market.
"Considering the strong and growing demand the India PV market presents for electricity, coupled with the government's strong support and generous subsidies for solar energy, ReneSola considers India to be a key market within Asia," said Mr. Stephen Huang, APMEA president for ReneSola. "We believe traditional PV sales and trading platforms cannot satisfy local demand, so we intend to invest more in India and are determined to establish roots there, ideally joining forces with the India PV industry to provide customized energy solutions."
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, Greece, Spain, China and Australia. For more information, 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.