ReneSola commissions 20 MW solar energy plant in China

ReneSola Ltd (NYSE: SOL) (“ReneSola” or the “Company”), a leading global manufacturer of solar products, announced the completion and grid connection of the Company’s 20 megawatt (“MW”) solar power plant in Wulan County in Qinghai, China with the Company providing all 20 MW of solar modules. The solar power plant is the first of its kind for ReneSola.

Mr. Xianshou Li, ReneSola’s chief executive officer, commented, “The completion of our solar power plant in Qinghai marks our foray into the solar electricity generation business in China, where we see potential for high growth in the next few years. Qinghai Province has an abundance of natural resources, including sunshine, through its high elevation on the Tibetan plateau. We continue to be excited by China‘s transformation from a manufacturing hub of solar products into an increasingly important end-user market. The growing number of downstream projects in the domestic market represents a significant opportunity for us to create new revenue streams and expand our local market share.”

China has set a target for installed solar power generating capacity to reach 15 gigawatts by 2015 and wind power capacity to hit 100 GW, China National Radio reported, citing an announcement from the National Energy Administration. The solar power capacity by 2015 to be 50 pct over previous plan from just earlier in 2011. Annual solar power output will reach 20 billion kilowatt hours by 2015 and wind power output 190 billion kWh.

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 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).