SOLA Renesola

 
TIDMSOLA 
 
ReneSola Announces Highlights from Its 2010 Analyst and Investor Day 
 
    JIASHAN, China, March 23 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd 
("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global 
manufacturer of solar wafers and provider of solar module original 
equipment manufacturer ("OEM") services, today summarized key highlights 
from its 2010 Analyst and Investor Day held March 18-19, 2010. 
    (Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 ) 
    Members from ReneSola's senior management team led in-depth discussions 
regarding the Company's performance and strategies, as well as provided 
guided tours of its wafer, cell, module and polysilicon production 
facilities in Jiashan, Zhejiang province; Yixing, Jiangsu province; and 
Meishan, Sichuan province. Speakers at the event included Mr. Xianshou Li, 
Director and CEO; Mr. Charles Bai, CFO and recently appointed CSO effective 
April 1, 2010; Dr. Panjian Li, COO; and Ms. Julia Xu, VP of Corporate 
Finance and Corporate Communications and recently appointed CFO effective 
April 1, 2010. 
    Mr. Xianshou Li commented on the event, "We are excited to have hosted 
our first Analyst and Investor Day, in which we were able to reiterate our 
strategic vision to become a leading producer of high-quality solar 
products with large-scale, cost-competitive wafer manufacturing and 
complementary solar module OEM services." 
    Mr. Li opened the event at the Company's Jiashan headquarters with a 
presentation highlighting ReneSola's recent milestones and company 
performance while emphasizing ReneSola's scale and cost advantages as 
significant drivers for the Company's success. In 2009, ReneSola ranked as 
one of the top global wafer producers in the world based on total wafer 
production capacity. The Company expects to achieve continued cost 
reductions by capitalizing on economies of scale and improved technologies, 
which are expected to reduce wafer cost to US$0.55 per watt by the end of 
2010. 
    Following the presentation and wafer plant tour, participants travelled 
to Yixing for a tour of JC Solar, the Company's downstream solar module OEM 
provider. ReneSola expects to see a significant contribution from JC Solar, 
whose OEM services provide existing wafer customers value-added 
manufacturing capabilities. The Company currently has contracts for over 
250 megawatts ("MW") of solar modules in 2010 and expects solar module 
production capacity to reach 375 MW by the end of March. Mr. Li noted that 
the Company's OEM contracts, which are usually large and fixed orders over 
an extended period of time, provide stable returns for the Company. 
    The tour concluded in Sichuan province with participants visiting the 
Company's polysilicon plant in Meishan. The plant's two phases have begun 
trial production with Phase 1 expected to achieve closed loop manufacturing 
integration in March following the activation of Trichlorosilane ("TCS") 
synthesis and hydrogenation. Closed loop manufacturing for Phase 2 is 
expected to be fully integrated within a few months. Mr. Li noted that the 
plant's Meishan location provides important competitive advantages 
including access to low-cost electricity and a talented pool of experienced 
engineers located in Sichuan province. ReneSola plans to produce 1,500 to 
1,900 metric tonnes ("MT") of polysilicon in 2010, which is expected to 
help decrease in-house polysilicon production cost to approximately US$40 
per kilogram by the end of 2010. 
    ReneSola reiterated that for the full year 2010, the Company expects to 
ship 900 MW to 950 MW of solar products, while achieving gross margins of 
17% to 20% and positive net income. ReneSola also expects to reach wafer 
production capacity of approximately 1 GW in 2010, contributing to the 
Company's goal of achieving 10% to 12% of global market share in terms of 
total solar product shipments. 
    An archived webcast and presentation slides are available on the 
Investor Relations section of the Company's website at 
http://www.renesola.com . 
 
    About ReneSola 
    ReneSola is a leading global manufacturer of solar wafers. Capitalizing 
on economies of scale, low cost production capabilities and technology 
innovations, ReneSola leverages its in-house virgin polysilicon and solar 
cell and module production capabilities to provide its customers with high- 
quality, cost-competitive solar wafer products and solar module OEM 
services. The Company 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. Feng Qi 
     ReneSola Ltd 
     Tel:   +86-573-8477-3903 
     Email: feng.qi@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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