SOLA Renesola

 
TIDMSOLA 
 
ReneSola Announces Termination of Dynamic Green Energy Acquisition 
 
    JIASHAN, China, Jan. 7 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd 
("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global 
manufacturer of solar wafers and producer of solar power products, today 
announced that the Company has determined not to proceed with its 
acquisition of Dynamic Green Energy Limited ("Dynamic Green"). 
    (Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 ) 
    ReneSola and Dynamic Green, which operates through its wholly owned 
subsidiary Jiawei Solarchina Co., Ltd. ("Jiawei") and other Chinese 
operating subsidiaries, announced a share purchase agreement on September 
23, 2009 under which ReneSola agreed to acquire 100% of the shares of 
Dynamic Green, subject to customary closing conditions. 
    While the acquisition and share purchase agreement were approved by 
both companies' boards of directors, the transaction has not been approved 
by local government agencies where an operating subsidiary of Jiawei is 
located. According to the terms of an agreement between Jiawei and the 
local government, the sale of shares of Dynamic Green requires relevant 
government approvals. 
    As indicated in the share purchase agreement between ReneSola and 
Dynamic Green, the transaction could be terminated without penalty if 
Jiawei did not obtain the relevant government approvals by December 31, 
2009. After careful consideration, ReneSola has terminated discussions 
regarding the acquisition. 
    "Despite the termination of the Jiawei acquisition, ReneSola's 
downstream strategy remains intact and we continue to witness impressive 
organic growth in our JC Solar cell and module business," said ReneSola's 
Chief Executive Officer Li Xianshou. "We are still in a strong position to 
leverage our wafer manufacturing capabilities and deep customer 
relationships to quickly expand our downstream business. We expect to see 
significant top-line and bottom-line growth from our downstream business in 
2010." 
 
    About ReneSola 
    ReneSola is a leading global manufacturer of solar wafers and producer 
of solar power products based in China. Capitalizing on proprietary 
technologies and technical know-how, ReneSola's manufacturing capabilities 
include virgin polysilicon, monocrystalline and multicrystalline solar 
wafers, solar cells and solar modules. 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 traded on 
the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock 
Exchange (AIM: SOLA). 
 
    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: 
 
     Ms. Jessica Barist Cohen 
     Ogilvy Financial, New York 
     Tel:   +1-646-460-9989 
     Email: jessica.cohen@ogilvypr.com 
 
    In the United Kingdom: 
 
     Mr. Tim Feather / Mr. Richard Baty 
     Westhouse Securities Limited, London 
     Tel:   +44-20-7601-6100 
     Email: tim.feather@westhousesecurities.com 
            richard.baty@westhousesecurities.com 
 
SOURCE  ReneSola Ltd 
 
 
 
END 
 

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