SOLA Renesola

 
TIDMSOLA 
 
ReneSola CFO Charles Bai Featured on CNBC Asia's Squawk Box in Commemoration 
of Earth Day and CNBC's 'Green is Universal' Week 
 
    JIASHAN, China, April 22 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" 
or the "Company"), a leading global manufacturer of solar wafers, today 
announced highlights from an appearance earlier today on CNBC Asia's Squawk 
Box program by its chief financial officer, Mr. Charles Bai, in commemoration 
of Earth Day and CNBC's "Green is Universal" week. 
    (Logo:  http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 ) 
    In the interview, Mr. Bai stressed that the financial crisis has created 
an opportunity for ReneSola to further refine its business model in an effort 
to drive down costs, which are already considered very low by industry 
standards, and capitalize on growth opportunities. Mr. Bai noted that the 
Company has gained a global cost leadership position through various cost 
cutting programs over the last several quarters including negotiating and 
renegotiating with suppliers and improved management efficiency. 
    ReneSola's consistent focus on execution and cost reduction has resulted 
in some of the lowest silicon consumption rates and processing costs in the 
industry. In the fourth quarter of 2008, the Company's silicon consumption 
rate fell to 6.05 grams per watt and its average processing cost decreased to 
US$0.39 per watt. 
    Commenting on other ways in which ReneSola is driving down costs to ensure 
growth, Mr. Bai added, "We have been developing an in-house polysilicon 
facility in Sichuan, China, which will be operational in the next few months. 
Once we have this facility in place, we will have a stable and cost-effective 
supply to our feedstock mix. When we look at the broader horizon, we enjoy 
cost leadership compared to many of our competitors globally." 
    Phase 1 of ReneSola's wholly-owned 3,000 metric tonne (MT) polysilicon 
project in Sichuan is scheduled to reach mechanical completion by mid-2009, 
with Phase 2 expected to reach mechanical completion in the second half of 
2009. Each phase is expected to produce 1,500 MT of polysilicon. 
    Responding to questions on the level of governmental support that green 
companies are receiving in China, Mr. Bai said that governments in some of the 
major global economies have stepped up their support for the solar sector, 
making reference to China's new solar subsidy program announced in March by 
China's Ministry of Finance. He also stated that significant growth in 
manufacturing and domestic consumption is likely to take place within China's 
solar industry once the subsidy programs are finalized. Mr. Bai concluded by 
saying that the Company is in a position to benefit from such programs by 
capitalizing on its status as a leading global upstream solar manufacturer as 
well as its strong brand recognition and solid customer base in China. 
 
    About Earth Day and NBC Universal's "Green is Universal" Week 
    Earth Day, first celebrated on April 22, 1970, is an annual event for 
people around the world to celebrate the earth and renew their commitment to 
building a safer, healthier and cleaner world. NBC Universal, parent to CNBC, 
has marked Earth Day through its fourth "Green is Universal" week. 
Throughout the week, NBC Universal will incorporate environmentally themed 
content across its multiple platforms by featuring a wide array of stories 
about what companies, governments and people are doing to play green. 
 
    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 of the 
London Stock Exchange (AIM: SOLA). For more information about ReneSola, please 
visit http://www.renesola.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 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 annual report on Form 20-F. 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: 
 
     Ms. Julia Xu 
     ReneSola Ltd 
     Tel:   +86-573-8477-3372 
     Email: julia.xu@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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