SOLA Renesola

    ReneSola Announces Divestment of Henan Polysilicon Joint Venture        

JIASHAN, China, Dec. 8 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola"
or the "Company") (NYSE: SOL) (AIM: SOLA.L), a leading Chinese manufacturer of
solar wafers, today announced that it has sold its 49% equity interest (the
"Divestment") in Linzhou Zhongsheng Semiconductor Silicon Material Co., Ltd.
(the "Joint Venture").

(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )

In August 2007, ReneSola and Linzhou Zhongsheng Steel Co., Ltd. ("Zhongsheng
Steel") established the Joint Venture to engage in virgin polysilicon
production in Linzhou, Henan Province, China. The Company invested
approximately RMB103 million for an equity interest of 49% in the Joint
Venture. In June 2008, the Company and Zhongsheng Steel amended the commercial
arrangement in the joint venture contract to reduce the contracted obligation
of the Company to purchase the output of the Joint Venture from 90% to a
minimum of 55% at market price with a term of three years, instead of 30 years
in the original agreement.

For the nine months ended September 30, 2008, the Joint Venture recorded
revenues of RMB266 million and a net profit of approximately RMB131 million.
Prior to the Divestment ReneSola equity accounted for its interest in the Joint
Venture. In the three months ended September 30, 2008, the Company's equity
interest in the earnings of the Joint Venture was US$5.2 million.

The Company has sold its 49% equity interest in the Joint Venture to Zhongsheng
Steel for a total consideration of RMB200 million, represented by cash paid on
completion of RMB44 million and either a credit of RMB156 million through a
discount of RMB500/kg to the polysilicon spot price for future supplies or cash
in the amount of RMB156 million.

"As part of our ongoing evaluation of our raw material sourcing strategy for
2009 we have determined it is in the best interests of our shareholders to
divest our equity interest in the Henan polysilicon production facility," said
Mr. Xianshou Li, ReneSola's chief executive officer.

Mr. Li continued, "The Linzhou facility will continue to provide us with
polysilicon at a discounted price until the RMB156 million is fully credited.
Our existing polysilicon purchase contracts, combined with the additional
production from our Sichuan polysilicon plant and the Linzhou facility and
expected tolling arrangements, should fully support our required feedstock for
our 2009 wafer production output."

About ReneSola

ReneSola Ltd ("ReneSola") is a leading global manufacturer of solar wafers
based in China. Capitalizing on proprietary technologies and technical
know-how, ReneSola manufactures monocrystalline and multicrystalline solar
wafers. In addition, ReneSola strives to enhance its competitiveness through
upstream integration into virgin polysilicon manufacturing. ReneSola possesses
a global network of suppliers and customers that include some of the leading
global manufacturers of solar cells and modules. ReneSola's shares are
currently traded on the New York Stock Exchange (NYSE: SOL) and the AIM market
of the London Stock Exchange (AIM: SOLA). For more information about ReneSola,
please visit http://www.renesola.com .

Safe Harbor Statement

This press release may contain 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 we describe what we "believe," "expect" or "anticipate" will
occur, what "will" or "could" happen, and other similar statements), you must
remember that our expectations may not be correct, even though we believe that
they are reasonable. We do 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 our
filings with the U.S. Securities and Exchange Commission, including our
registration statement on Form F-1. We undertake 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 our
situation may change in the future.

For investor and media inquiries, please contact:

In China:

Mr. Charles Bai
ReneSola Ltd
Tel: +86-573-8477-3061
Email: charles.bai@renesola.com

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-6284
Email: derek.mitchell@ogilvy.com

In the United States:

Mr. Thomas Smith
Ogilvy Financial, New York
Tel: +1-212-880-5269
Email: thomas.smith@ogilvypr.com

In the United Kingdom:

Mr. Tim Feather / Mr. Richard Baty
Hanson Westhouse Limited, London
Tel: +44-207-601-6100
Email: tim.feather@hansonwesthouse.com / richard.baty@hansonwesthouse.com

SOURCE ReneSola Ltd



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