North Coast Solar Stocks

July 16, 2009

ReneSola Signs Letters of Intent to Develop 500 MW On-grid Power Generation Project and 5 MW Rooftop Project

Filed under: SOL — Tags: , , — Jason @ 1:17 pm

Thursday July 16, 2009, 1:17 pm EDT

JIASHAN, China, July 16 /PRNewswire-Asia-FirstCall/ — ReneSola Ltd (“ReneSola” or the “Company”) (SOL), a leading global manufacturer of solar wafers, today announced that it has entered into a letter of intent with the Yancheng city government, Jiangsu province, to develop a 500 megawatt (“MW”) on-grid solar power generation project. In addition, the Company has been granted the exclusive right in a letter of intent with the Panzhihua east district government, Sichuan province, to develop a 5 MW rooftop project. Both projects are subject to feasibility studies and approvals by various government authorities.

“We are delighted to announce the addition of these new projects to our downstream solar project portfolio,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “The 500 MW solar project in neighboring Jiangsu province is set to become one of the largest of its kind so far in China. A project of this magnitude will showcase ReneSola’s expertise in utility-scale solar applications and help raise our profile in the downstream space as we position ourselves to benefit from the government’s enhanced focus on renewable energy.”

500 MW On-grid Power Generation Project

According to the letter of intent entered into with the Yancheng city government, ReneSola will develop a 500 MW on-grid power generation project in Jiangsu province, China. The project will consist of mainly ground-mounted system applications and 10 MW of rooftop installations to be built over a 6 year period.

5 MW Panzhihua Project

According to the letter of intent entered into with the Panzhihua east district government, ReneSola will develop a rooftop project of no less than 600,000 square meters for new or existing government buildings, with installed capacity planned to reach 5 MW.

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