FREMONT, Calif., Jan. 23, 2018 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL),
a leading solar project developer and operator, commented today on
the imposition of safeguard tariffs on certain imported solar cells
and modules.
"While higher prices for the modules we buy are never welcome,
the new tariff rate was widely anticipated," said Doran Hole, ReneSola's Chief Executive Officer
of North America and Group Vice
President of Strategy. "We believe the U.S. project development
industry has already adjusted to the tariffs, and the impact on
growth should be benign."
In September 2017, the company
divested its manufacturing and LED distribution businesses, and is
now a pure play downstream player with robust pipeline and
operating projects around the world. Accordingly, the company
anticipates that the only impact of the tariffs will be to the
purchase price of modules used in only one of its markets, the
U.S. The company believes that ongoing technical advancement
in the cell and module manufacturing industry will drive continued
price reductions in the years ahead, which will be beneficial to
its business model.
Hole continued, "We do not expect the temporarily higher prices
of some modules to diminish the rapid growth of new development
opportunities in the U.S. Community solar and rooftop
distributed generation are two examples of the burgeoning activity
we are pursuing. As module prices continue to decline over
time, we expect to see accelerating activity in those segments. We
remain very optimistic about the growth prospects for the solar
energy industry, both in the U.S. and around the world."
Yesterday, the U.S. Trade Representative announced that U.S.
President Trump approved the recommendation to impose safeguard
tariffs on imported solar cells and modules. The relief will
include a tariff of 30 percent in the first year, 25 percent in the
second year, 20 percent in the third year, and 15 percent in the
fourth year. However, the first 2.5 gigawatts of imported
solar cells will be exempt from the safeguard tariff in each of
those four years.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer and operator. Leveraging its global
presence and solid experience in the industry, ReneSola is well
positioned to develop green energy projects with attractive return
around the world. For more information, please visit
www.renesolapower.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," "plans,"
"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. Furthermore, the forward-looking
statements are mainly related to the Company's continuing
operations and you may not be able to compare such information with
the Company's past performance or results. 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:
ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
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SOURCE ReneSola Ltd.