North Coast Solar Stocks

August 20, 2009

ReneSola Signs Letter of Intent with Wuzhong Government to Develop 150 MW On- grid Solar Power Project

Filed under: SOL — Tags: , , — Jason @ 3:00 am

Thursday August 20, 2009, 3:00 am EDT

JIASHAN, China, Aug. 20 /PRNewswire-Asia-FirstCall/ — ReneSola Ltd (“ReneSola” or the “Company”) (SOL), a leading vertically integrated Chinese manufacturer of solar products, today announced it has been granted the exclusive right in a letter of intent with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region, to develop a 150 megawatt (“MW”) on-grid solar power project with a budgeted total investment of RMB 4.8 billion (approximately US$ 706 million). The project, which is subject to a feasibility study and government permits and approvals, has a four-year, four-phase construction period that is expected to begin in 2010.

“We are pleased to announce our new 150 MW on-grid solar project in Wuzhong, which adds to our track record of partnering with local governments to develop sustainable solar projects,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “Our vertically integrated solar manufacturing capabilities continue to position us to capture opportunities presented by the government’s increased focus on establishing alternative energy sources.”

Mr. Li added, “We are excited by China’s transformation from a manufacturing hub of solar products into an important and increasingly significant end-user market. The emergence of downstream projects in the domestic market represents a significant opportunity for ReneSola to create new revenue streams and expand local market share. The 150 MW on-grid solar project in Wuzhong bolsters our downstream project portfolio as we strengthen our position as one of the leading vertically integrated solar companies in China. The Ningxia Hui Autonomous Region is one of the sunniest regions in China, and this project is strategically located to fully take advantage of the abundance of natural sunlight in the local area.”


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