SOLA Renesola

 
TIDMSOLA 
 
ReneSola Announces Selected Preliminary Fourth Quarter and Full Year 2008 
                                    Results 
 
- Company's full year 2008 results meet or exceed high end of revenue and 
production output guidance 
 
- Company provides full year 2009 net revenue and production capacity 
outlook 
 
JIASHAN, China, March 3 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the 
"Company"), a leading global manufacturer of solar wafers, today announced 
selected preliminary financial results for the fourth quarter and full year 
2008 and provided net revenue and production capacity outlook for 2009. 
 
(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 ) 
 
ReneSola estimates fourth quarter 2008 net revenues in the range of US$157 
million to US$159 million and production output of approximately 112 megawatts 
("MW"). For the full year 2008, the Company expects net revenues in the range 
of US$669 million to US$671 million and production output of approximately 363 
MW. These estimates are at or above the high end of the Company's previously 
issued full year 2008 guidance of US$640 million to US$670 million in net 
revenues and 340 MW to 350 MW in total production output. 
 
"We are pleased that we have been able to achieve our net revenue, production 
output and capacity expansion targets for 2008 despite the challenges within 
the industry as a result of the global financial crisis," commented Mr. 
Xianshou Li, ReneSola's chief executive officer. "Our ability to reach these 
milestones during trying times demonstrates our effectiveness in executing 
against our business plan; shows the market's increased recognition of our high 
quality products; and reflects our position as a leading global wafer 
manufacturer." 
 
Mr. Li continued, "We have witnessed significant downward pressure on wafer 
ASPs and gross margin since late 2008 as industry demand has been negatively 
impacted by the broader repercussions of the financial crisis and seasonality." 
 
For the fourth quarter 2008, ReneSola expects to record write-downs of 
approximately US$130 million to US$140 million against the net realizable value 
of inventories as a result of the rapid decrease in the market price and value 
of feedstock such as polysilicon and scrap silicon materials, work in progress 
materials and finished solar wafers. As a result of the write-downs, ReneSola 
expects to report a net loss in the range of US$125 million to US$130 million 
for the quarter. 
 
Mr. Li concluded, "The price recalibrations witnessed from the fourth quarter 
of 2008 have resulted in margin compression and inventory 
 
write-downs for many participants in the industry. However, the affordability, 
competitiveness and popularity of solar energy should rise exponentially as 
solar generated electricity nears grid parity. Despite recent challenges, we 
remain confident in the mid- to long-term prospects of the industry and believe 
that ReneSola is well positioned to ride out the storm through our continual 
focus on cost reduction, prudent expansion in line with market demand, solid 
cash position, and significant pre-sold output for the year." 
 
2009 Outlook 
 
ReneSola estimates net revenues for 2009 to be in the range of US$650 million 
to US$700 million and full year production output of between 620 MW to 670 MW. 
The Company expects to achieve wafer manufacturing capacity of 825 MW by July 
2009. 
 
Fourth Quarter and Full Year 2008 Earnings 
 
ReneSola will report its unaudited financial results for the fourth quarter and 
full year ended December 31, 2008 before the U.S. market opens on Thursday, 
March 12, 2009. Dial-in details will be distributed in a separate announcement. 
 
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: +44-20-7601-6100 
Email: tim.feather@hansonwesthouse.com 
       richard.baty@hansonwesthouse.com 
 
SOURCE ReneSola Ltd 
 
 
 
END 
 

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