Emeren Group Ltd (NYSE:SOL)

STAMFORD, Conn., March 25, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it entered into an agreement to sell a portfolio of operating projects located in Canada to Grasshopper Energy, a global solar developer and asset owner headquartered in Canada.

The portfolio consists of 15 solar plants under development, with a combined capacity of 6.8 MW. These projects were qualified under the Canadian feed-in tariff scheme, which was subsequently discontinued in late 2016.

Mr. John Ewen, CEO of ReneSola Power North America, commented, "Grasshopper has been an excellent partner in financing this portfolio, and we are thrilled to close the transaction. We look forward to collaborating with them on other opportunities."

Mr. Yumin Liu, CEO of ReneSola Power, added, "Despite the challenging market conditions due to the Coronavirus outbreak, we continue to execute on our strategy and demonstrate our ability to monetize solar assets across North America. This transaction builds upon our successful track record in the region and generates solid operating cash flow, which will be utilized in the execution of our current strategy. We are proud of our progress and are optimistic about our opportunities across different geographies for profitable growth in the quarters ahead."

STAMFORD, Conn., March 10, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, is one of the most experienced players in the Polish solar market. The Company was among the winners of all previous auctions, and is now getting ready for the next phase, looking for projects that can be taken over.

Founded in 2005 in Shanghai, China, ReneSola Power is a leading solar project developer and operator with a solid project pipeline spanning across multiple geographies. The Company has been active in Poland for several years, and has so far successfully participated in all auctions held since 2016 for PV projects with a capacity of up to 1 MW each.

In the first auction held by the Energy Regulatory Office in December 2016, ReneSola Power managed to secure the rights to sell energy at the highest price from all bids that were qualified for support at the time.

ReneSola Power has so far built solar farms in Poland with a total capacity of 55 MW, which were subsequently sold to the Scottish investment fund Aberdeen Standard Investment last year. Meanwhile, ReneSola Power will still be responsible for maintaining and operating those solar farms. Each of these projects has a capacity of up to 1 MW and is covered by 15-year energy sale guarantees under the auction system.

At the beginning of 2020, the purchase of 13 MW photovoltaic farm projects developed by ReneSola Power was announced by Warszawskie Przedsiębiorstwo Mostowe "Mosty". The transaction covered 13 of 26 PV farm projects with a unit capacity of up to 1 MW, for which ReneSola Power secured support in an auction conducted in 2018. For all projects, of which energy was successfully offered by ReneSola Power in that auction, energy prices were secured at an attractive level with compelling IRRs.

Now ReneSola Power is preparing to participate in subsequent auctions, which will be conducted by the Energy Regulatory Office. The Company expresses interest in further acquisitions of solar projects developed in the Polish market.

Mr. Josef Kastner, President of the Board ReneSola Power Polska, commented, "Our growth was stable in the Polish market so far. In each auction we added a group of projects expanding our portfolio. Due to positive signals about the Polish market, we are looking for additional projects to buy."

Mr. Kastner continued, "Projects are developed by a dedicated team of specialists in the Warsaw office with the support of the European headquarters in Vienna. We cooperate with an experienced legal advisor, enabling us to quickly close the last several transactions in connection with the projects that we won in the 2019 auction. Meanwhile, we are looking to purchase more projects. Specifically, we are interested in installations with the support granted in the 2019 auction, as well as projects that will be ready to start in the 2020 auction."

STAMFORD, Conn., Jan. 8, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it had entered into an agreement to sell a portfolio of projects located in Hungary to Obton, a leading international solar investment company. This deal builds upon the earlier sale of 13.9 MW of projects in Hungary, thus firmly establishing the Company's business momentum in the region.  

The portfolio comprises 25 solar plants under development in three locations, with a combined capacity of 15MW. These 25 small-scale projects are qualified under the Hungarian 25-year CAT feed-in tariff scheme.

Mr. Anders Marcus, CEO and Co-founder of the Obton Group, said, "This is our second collaboration with ReneSola, which is proving to be a strong partner. Hungary-based projects are part of our expansion strategy, and we are committed to becoming a major contributor to the renewable energy transition in Hungary for years to come."

Mr. Josef Kastner, CEO of ReneSola European Region, commented, "Obton is an outstanding partner for us, and we are thrilled to complete our second sale to them. We look forward to future collaboration in Hungary and other regions of Europe."

ReneSola CEO Yumin Liu added, "Over the past two years, ReneSola has demonstrated its skill in monetizing projects across Europe. Hungary is an important market for solar power in the EU, and this second sale cements our position as a key player in the country. We are proud of our ability to execute in Hungary, and believe Europe will contribute to our accelerating and profitable growth in the quarters ahead."

SHANGHAI, Nov. 22, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that the Company and Bank of New York Mellon ("BNYM"), the Company's depositary bank for its American Depositary Shares ("ADSs"), have reached an agreement to waive the annual depositary service fee ("DSF") for the holders of the Company's ADSs.

BNYM currently charges the holders of ReneSola's ADSs a fee of USD$0.02 per ADS per annum for depositary services. The agreement specifies that, effective November 21, 2019, ReneSola will make an annual payment to BNYM for depositary services on behalf of its shareholders.

The Board believes that this action reinforces our intention to be one of the most shareholder-friendly companies in the solar power development industry.  As a global leader in our industry that is publicly traded in the United States, we strive to go beyond the highest standards of good corporate governance.  While not required, this fee waiver is another indication of our commitment to treating our shareholders fairly and ethically.

SHANGHAI, Oct. 15, 2019 /PRNewswire/ --  ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today provided preliminary unaudited financial results for the third quarter ended September 30, 2019.

Preliminary Third Quarter 2019 Results

Based on preliminary unaudited results, the Company expects revenue for the third quarter of 2019 to range between $55 million and $60 million, compared to its previous guidance of $15 million to $20 million. Gross margin for the third quarter of 2019 is expected to be in the range of 15% to 17%, compared to the prior guidance of 35% to 40%.

Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, "Our preliminary revenue range reflects significant revenue contributions from the sale of several solar projects in September 2019. As we discussed earlier in the year, some project sales were delayed into the second half, but with focused team work we were able to close many transactions more quickly than we planned at the start of the third quarter. Sale activity is increasing across many of our geographies, helping to accelerate our business momentum. We are confident in our ability to successfully monetize our robust project pipeline in the coming quarters."

SHANGHAI, Oct. 14, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it had entered into an agreement to sell a portfolio of small-scale DG projects located in Hungary to Obton, a leading international solar investment company.

The portfolio comprises 24 solar plants, with an average size of approximately of 0.5MW per plant, bringing a combined capacity of 13.9MW. These 24 small-scale DG projects are qualified under the Hungarian 25-year feed-in tariff scheme.

Mr. Anders Marcus, CEO and Co-founder of the Obton Group, said, "We are excited to collaborate with a strong partner like ReneSola. ReneSola has demonstrated its ability to manage the transaction professionally and complete it in a timely manner. The addition of the Hungary DG projects to our solar portfolio is part of our expansion strategy, and we are committed to becoming a major contributor to the renewable energy transition in Hungary for years to come."

Mr. Josef Kastner, CEO of ReneSola European Region, commented, "Obton is an outstanding partner for us as we further develop our business in Hungary. We are thrilled to complete this project sale to them, and look forward to future collaboration, both in Hungary and other regions."

Kastner continued, "Over the past two years, Renesola has demonstrated its skill in developing and operating solar projects, completing long-term financing transactions and monetizing projects to generate profits in the downstream segment of the solar industry across Europe. Hungary is an important market for solar power in the EU, and Renesola has emerged as a leading project developer here. We are proud of our ability to create value in Hungary, and believe we are well-positioned to drive more growth in the years ahead."

SHANGHAI, Oct. 7, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer, and Aberdeen Standard Investments ("ASI"), a leading global asset manager, today announced that ASI acquired 100% stake in a 55 MW portfolio of ground-mounted solar farms developed by Renesola.

The portfolio consists of 34 state-of-the-art individual projects with a total installed capacity of 55MW. All of the projects have been awarded a 15-year contract-for-difference ("CFD") support mechanism, ensuring stability of electricity pricing for the projects. The portfolio of these solar projects is entirely located in Poland, mostly in the southwestern portion and at the center of the country.

Mr. Dominic Helmsley, Head of Economic Infrastructure at Aberdeen Standard Investments, commented, "This acquisition marks our fourth investment in the Polish renewable infrastructure market, as we continue to execute on our strategy to acquire and manage premium infrastructure assets in Europe. We are thrilled to play an active role in the development of renewable energy in Poland, in particular the solar PV sector, which is underpinned by a supportive regulatory framework. Renesola and Aberdeen Standard Investments have worked together to complete a transaction that benefits all parties, and we look forward to expanding our cooperation in the future."

Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, "This transaction once again validates our ability to develop and monetize solar projects across the different geographies we serve. Our European team, under the management of our CEO of the European Region, Mr. Josef Kastner, has established Poland as a key market for us, and positioned ReneSola as one of the largest project developers in the country. With the completion of this transaction, we have demonstrated our strong execution in project development and our ability to realize profits from the sale of our projects, enabling us to generate cash flow and further strengthen our balance sheet. We are very excited to partner with Aberdeen Standard Investments, and look forward to building a solid relationship with the team over the long-term."

SHANGHAI, Oct. 2, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that the Company entered into a definitive share purchase agreement ("the Share Purchase Agreement") dated as of September 29, 2019 with Shah Capital Opportunity Fund LP ("Shah"), according to which the Company would issue and sell to Shah and Shah would purchase from the Company 100,000,000 newly issued ordinary shares at a price of US$0.11 per Share, for a total consideration of US$11 million (the "Transaction"). The Transaction closed today. The newly issued shares are subject to a 180 day lockup period. Net proceeds from the transaction are intended to be used to expand ReneSola's global project development activities.

Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, "This capital infusion substantially strengthens our balance sheet, enabling us to accelerate our growth and more quickly execute our transformation into an asset-light solar developer. We appreciate the support of Shah Capital, which has been a strategic investor in ReneSola for some time."

In connection with the Transaction, the Company entered into an investor rights agreement with Shah (the "Investor Rights Agreement"). Under the Investor Rights Agreement, Shah has the right to appoint directors for two new seats on the Company's Board of Directors. Shah is accordingly appointing Mr. Ke Chen and Mr. Kaiheng Feng as new directors.

Mr. Ke Chen is a Director at Shah Capital. He has over 13 years of experience in the global capital markets, including investing in solar industry in China. Ke will bring both capital market insight and strategic expertise to the ReneSola Board in his role as a director. Prior to joining Shah Capital, Ke worked in the pharmaceutical and biotech industries, and was an inventor that holds four patents. Ke holds an MBA from the Kenan-Flagler Business School at UNC Chapel Hill. He also holds an M.S. in Chemistry from the University of Florida and earned a B.S. from the University of Science and Technology of China.

Mr. Sam (Kaiheng) Feng is a practicing legal professional and a partner at Zhong Lun W&D Law Firm in Shanghai. He has over 18 years of experience in the legal profession, specialized in corporate finance, private equity investment, and mergers and acquisitions in both China and overseas. He was a managing partner at a major Chinese asset management firm engaged in both fund management and investment banking. Sam holds an EMBA degree from Fudan University.

Mr. Chen commented, "My goal is to help guide ReneSola's ongoing business transformation and intend to work with all the fellow directors to drive more bottom line driven reacceleration of growth.  Our return to profitability in the second quarter was a strong indication of our potential for success.  Profitable accelerating growth will be our main goal over the next few years."

SHANGHAI, Oct. 2, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer, today announced that it regained compliance with the minimum average closing price criteria required by the New York Stock Exchange (the "NYSE") for continued listing of the Company's American Depositary Shares ("ADSs").

On September 9, 2019, the Company received notice from the NYSE that it did not meet the NYSE's price criteria for continued listing standard because the average closing price of the Company's ADSs was less than US$1.00 per ADS over a consecutive 30-trading-day period.

Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if the Company's ADSs have a closing share price of at least US$1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least US$1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period. 

On October 1, 2019, the Company received confirmation from the NYSE that it had regained compliance with continued listing standards after the average closing price for its ADSs for the consecutive 30-trading-day period ended September 30, 2019 exceeded US$1.00.

SHANGHAI, Sept. 16, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer, today announced that its major shareholder, Shah Capital Opportunity Fund LP ("Shah"), has tentatively agreed to terms for the purchase of newly issued shares. The term sheet contemplates Shah purchasing 100,000,000 ordinary shares at a price of US$0.11 per share, for a total consideration of US$11 million.

The purchase price is equivalent to US$1.10 per ADS, representing an approximately 12% premium based on the average closing price in the last 30 trading days.  As a reminder, the Company's American Depositary Shares each represent 10 ordinary shares.

The term sheet was signed on September 12, 2019.  Closing of the transaction will be contingent on customary closing conditions. For a period of 180 days following the closing of the proposed transactions, any shares acquired in the proposed transactions (or ADSs representing such shares) should not be allowed to be transferred to any person other than Shah's affiliates without the Company's written consent.

SHANGHAI, Sept. 16, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer, today announced that its major shareholder, Shah Capital Opportunity Fund LP ("Shah"), has tentatively agreed to terms for the purchase of newly issued shares. The term sheet contemplates Shah purchasing 100,000,000 ordinary shares at a price of US$0.11 per share, for a total consideration of US$11 million.

The purchase price is equivalent to US$1.10 per ADS, representing an approximately 12% premium based on the average closing price in the last 30 trading days. As a reminder, the Company's American Depositary Shares each represent 10 ordinary shares.

The term sheet was signed on September 12, 2019. Closing of the transaction will be contingent on customary closing conditions. For a period of 180 days following the closing of the proposed transactions, any shares acquired in the proposed transactions (or ADSs representing such shares) should not be allowed to be transferred to any person other than Shah's affiliates without the Company's written consent.

rice of US$0.11 per share, for a total consideration of US$11 million.

SHANGHAI, June 24, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or "the Company") (www.renesolapower.com) (SOL), a leading solar project developer, today announced that it entered into a development service agreement with X-Elio North America, a subsidiary of X-Elio, a Madrid, Spain-based company specialized in the development, construction, operation and maintenance of solar plants.  Under the agreement, the Company's North American development team will originate and develop large utility scale solar  projects for X-Elio.  The parties are conducting joint diligence on an initial portfolio of projects in California, Oregon and Utah with a total installed capacity of over 500 MW, many of which will include a battery storage system.

Under the terms of the agreement,  ReneSola will assist X-Elio with obtaining site control, permitting, interconnection and off-take agreements.  Additionally, ReneSola expects to provide further support, as X-Elio carries the projects through the financing and construction phases.

Mr. Doran Hole, ReneSola's CEO, North America and Group Vice President of Strategy, commented, "We are excited to deliver the capabilities of ReneSola's North American development platform to a strong partner like X-Elio, as the U.S. continues to be an important market for both companies.  With our talented team and solid track record of developing solar projects globally, we believe we are in a prime position to help X-Elio further expand its presence and support its solar deployment in North America."

Mr. Javier Adiego, North America Country Manager for X-Elio, said: "We are very pleased to work with ReneSola on this project. The U.S. is a market with a lot of potential for our business, and we are fully convinced that the collaboration between X-Elio and ReneSola will enhance our position in North America."

SHANGHAI and SUMMIT, N.J., April 8, 2019 /PRNewswire/ -- In a joint statement today, ReneSola Ltd (NYSE: SOL) ("ReneSola"), a leading fully-integrated solar project developer and provider of energy-efficient products, and Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, announced Nautilus's acquisition of a 21 MW community solar portfolio, the largest community solar portfolio developed by ReneSola in Minnesota. Like two previous ~13MW acquisitions announced in 2017 and 2018 between the parties, this portfolio also qualified under Xcel Energy's rapidly expanding community solar program in Minnesota. The portfolio is spread over four sites and will incorporate both single-axis tracking and fixed tilt solar applications. The portfolio will be built through the remainder of year and is expected to come online during Q4 2019.

Nautilus, through its full-service platform, provided early-stage development capital and will be responsible for long-term asset management services and maintenance for the projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. The energy provided by the portfolio directly benefits local community off-takers located offsite by providing energy cost savings while also advancing subscriber's sustainability goals.

"This transaction once again demonstrates the strong project development and subscription sales capabilities of our Minneapolis-based community solar team," remarked Hal Galvin, General Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S. project development arm of ReneSola. "Our prior successful experience partnering with the Nautilus team continued to give us confidence in their transaction execution capabilities and their expertise in community solar," added Doran Hole, CEO, North America and Group VP -- Strategy of ReneSola.

"With this acquisition, we significantly expand our presence in and commitment to the Minnesota community solar marketplace," said Jim Rice, CEO of Nautilus Solar.  "The size of this transaction further demonstrates Nautilus's goal of becoming a leading acquirer of community solar projects in Minnesota and throughout the country" added Jeffrey Cheng, COO of Nautilus Solar.

SHANGHAI, Feb. 3, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that the Company entered into a bridge financing agreement with Eiffel Energy Transition Fund for its photovoltaic projects in Hungary and Poland.

Under the terms of the agreement, Eiffel Energy Transition Fund will finance ReneSola's  41.3 MW projects in Hungary and 55MW projects in Poland in the amount of 13,428,000 Euro.

Mr. Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented, "We are excited to partner with Eiffel Energy Transition Fund. This facility demonstrates the confidence that the capital markets put in our ability to successfully develop projects in international markets.  We continue to expect both Hungary and Poland to be growth markets in the years ahead, and we look forward to further supporting solar deployment in these geographies."

Mr Pierre-Antoine Machelon, fund manager of Eiffel Energy Transition, said, "We are happy to contribute to the acceleration of ReneSola's investments in Poland and Hungary. We look forward to supporting ReneSola in these promising geographies for the solar industry."

Mr. Josef Kastner, Vice President of Renesola Projects Europe commented: "Our new cooperation with Eiffel will bring benefits to the growth of our European solar projects business, enabling us to further expand our project development activities. We are confident this partnership will strengthen our position in Europe."

Third Quarter 2018 Financial Results

• Revenue was $18.8 million, toward the high end of the guidance range of $15 to $20 million;
• Net income was $3.6 million, compared to $0.4 million in Q2 2018 and $4.0 million in Q3 2017.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "We delivered another quarter of solid performance, as the effort to execute on ReneSola's transformation over the past twelve months continued to yield results. Revenue was once again at the high end of our expectations, and we meaningfully improved both gross and operating margins. Net income for the third quarter grew significantly, despite the sequential revenue decline of more than 30%, as anticipated. These strong results reflect our accelerating business momentum and improving earnings power."

Li continued, "Our overall solar power project pipeline remains solid at around 1.5 GW, and we continue to be optimistic about our opportunities around the world. We believe that our talented team, diversified geographic coverage and track record of success at every stage of project development positions us for profitable growth in the years ahead."

Outlook

For the fourth quarter of 2018, the Company's project business is expected to generate revenue in the range of $20 to $30 million and overall gross margin in the range of 20% to 25%.

SHANGHAI, Nov. 8, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it entered into a letter of intent (LOI) to sell its 55MW solar projects in Poland to Chroma Impact Investment (Chroma, please visit www.chroma.eu), a global investor in renewable energy, focusing on large-scale solar, B2B and storage projects.

Pursuant to the LOI, Chroma will acquire ReneSola's 55 MW of solar projects in Poland, each with a capacity of 1 MW. All of these projects will sell power under Poland's Contract for Difference (CFD) regime and are eligible for a 15-year guaranteed tariff. Among the 55MW of projects, 14MW have been connected. The rest of the projects are under construction and are expected to be fully operational by the first half of 2019.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "This LOI demonstrates our ability to develop and monetize solar projects across different geographies. Poland is a key market for us, and ReneSola is one of the largest project developers in the region. Upon completing this transaction, we will show our ability to unlock value in our projects at various points along the development cycle. We expect Poland to be a growth market in the years ahead, and we look forward to further supporting solar deployment in the region."

SHANGHAI and SUMMIT, N.J., Sept. 11, 2018 /PRNewswire/ -- In a joint statement today, ReneSola Ltd (SOL) ("ReneSola"), a leading fully-integrated solar project developer and provider of energy-efficient products, and Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, announced Nautilus's acquisition of a second 13.3 MW community solar portfolio developed by ReneSola.  Similar to the initial acquisition announced last year between the parties, this community solar portfolio also qualified under Xcel Energy's rapidly expanding community solar program in Minnesota. The portfolio is expected to be built through the remainder of 2018, coming online during Q1 2019.

Nautilus, through its full-service platform, provided early-stage development capital and will be responsible for long-term asset management services and maintenance for the projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy.  The energy provided by the portfolio directly benefits local community off-takers located offsite by providing energy cost savings while also advancing subscriber's sustainability goals.

"This successful transaction further demonstrates the strong project development and subscription sales capabilities of our Minneapolis-based community solar team," remarked Hal Galvin, General Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S. project development arm of ReneSola.  "Our prior successful experience transacting with the Nautilus team gave us confidence in their transaction execution capabilities and their expertise in community solar," added Doran Hole, CEO, North America and Group VP – Strategy of ReneSola,

"This deal exemplifies Nautilus's commitment to working closely with our partners and becoming a leading acquirer of community solar portfolios," said Jim Rice, CEO of Nautilus Solar.  "We appreciate that Renesola trusted Nautilus to both provide them with early-stage development capital and to execute the community solar acquisition.  We look forward to continuing to work closely with Renesola's development team," added Jeffrey Cheng, COO of Nautilus Solar.

Second Quarter 2018 Financial Results

• Revenue was $27.8 million, toward the high end of the guidance range of $20 to $30 million;
• Net income was $0.4 million, compared to an income of $5.4 million in Q1 2018 and $0.8 million in Q2 2017.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "We are quite satisfied with our second quarter performance.  Revenue was at the high end of our expectations, and we meaningfully improved our operating margin.  Second quarter gross profit and operating income were identical to the first quarter. These results demonstrate our steadily improving earnings power, as we continue to scale up the new business model we initiated last year."

Li continued, "In August, we announced a very important development, the potential sale of our operating DG assets in China to Brookfield.  Should we reach a deal during the 60 day exclusivity period, this sale will provide substantial capital for us to recycle back into the growth of our business.  We remain optimistic about our opportunities around the world, and look forward to funding the continued growth of our 1.5 GW pipeline."

Outlook

For the third quarter of 2018, the Company's project business is expected to generate revenue in the range of $15 to $20 million and overall gross margin in the range of 35% to 40%. During the third quarter of 2018, the Company expects to monetize 13 MW of projects.

For 2018, the Company expects to generate revenue in the range of $130 to $140 million with overall gross margin in the range of 20 to 25%. The Company intends to monetize 250 MW to 300 MW projects.

SHANGHAI, Aug. 30, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer and operator, today announced that in Budapest it closed on long-term project financing to develop an approximately 8 MW KAT-licensed solar project in Hungary. KAT is the Hungarian feed-in tariff scheme. The project is comprised of 14 individual KAT-licensed solar plants, each with a capacity of 0.5 MWAC. All 14 projects are expected to be grid-connected by October, 2018.

Financing is being provided by K&H Bank, one of Hungary's largest banking and financial services firms, a leading player in project finance. ReneSola has two more KAT-licensed project portfolios seeking project financing from K&H Bank.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "Hungary is an important market for solar power in the EU, and Renesola is an established and growing developer in the country. This financing demonstrates the quality of our projects, and strengthens our partnership with K&H Bank. We look forward to continued growth in Hungary as we finance and build more portfolios of projects in the months ahead."

SHANGHAI, Aug. 23, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading solar project developer and operator, announced that it has appointed Grant Thornton as the Company's independent registered public accounting firm with immediate effect on August 21, 2018. Grant Thornton replaces PricewaterhouseCoopers Zhong Tian LLP ("PwC"), the former independent auditor. The appointment of Grant Thornton was made after careful consideration and evaluation process by the Company and approved by the Board of Directors and the Audit Committee of the Company.

SHANGHAI, July 31, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer and operator, today announced the signing of an exclusivity agreement with an affiliate of Brookfield Asset Management (the "Buyer"). Under the exclusivity agreement, the Company has agreed to negotiate exclusively with the Buyer to sell the Company's distributed generation ("DG") operating assets in China, with a total capacity of 206.8MW over a 60-day period.

The Buyer intends to acquire the project-based special purpose vehicles ("SPVs") associated with the 206.8MW DG operating assets, which are owned by Zhejiang ReneSola Investment Ltd., ReneSola's subsidiary that holds the Company's DG projects in China.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "This transaction will substantially reduce the Company's leverage ratio and significantly improve cash flow and liquidity. Upon completing this transaction, the proceeds from the sale of the DG operating assets will provide us with more resources and flexibility to deploy our capital."

Li continued, "We continue to pursue opportunities to develop, build and monetize small-scale and DG projects in China and other geographies, and believe our strategy meets the development trend of solar energy."

There is no assurance that the Company and the Buyer will enter into a definitive agreement for a potential transaction and there is no assurance as to the form, terms or timing of any transaction even if an agreement is reached between the parties.

SHANGHAI, June 5, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer and operator, today raised its guidance for the revenue of the first quarter of 2018.

The Company now expects revenue in the range of $40 to $45 million. ReneSola had previously anticipated revenue in the range of $30 to $35 million.

The Company expects to formally announce Q1 2018 results on Wednesday, June 20, 2018.

The Company also commented today on the "2018 Solar PV Power Generation Notice" issued by the Chinese government ministries last Friday.

ReneSola's Chief Executive Officer Xianshou Li said, "Our existing projects will continue to receive the subsidies to which they are entitled. Our future projects will also benefit from a likely significant decline in prices for equipment and construction in the second half of 2018. Furthermore, commercial/industrial electricity prices are higher in the eastern provinces in which our DG projects are mainly deployed. We believe the lower equipment cost and stable electrical rates will enable us to find unsubsidized net-metered and self-consumption projects at grid parity with reasonable rates of return. We believe net metering and self-consumption projects could experience tremendous growth in the second half of 2018. Distributed generation in China will continue to be an important growth driver for us over the long-term."

Li added, "Importantly, China DG is only one driver of our growth. Our China business complements our extensive pipeline of high quality projects around the world. We anticipate significant declines in module prices that will benefit our overseas projects by increasing returns and thus project values. ReneSola has steadily built business momentum since the divestiture of the manufacturing business, and we are confident growth can continue. As a result, we are raising our guidance for Q1 revenue to a range of $40 to $45 million, which is well ahead of the $30 to $35 million we originally expected."

SHANGHAI, May 23, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading solar project developer and operator, today announced the appointment of Xiaoliang Liang as Chief Financial Officer, effective June 1, 2018.

Mr. Liang brings to ReneSola more than 18 years of experience developing, financing and managing projects with a focus on renewable energy, including solar, wind, hydro and other infrastructure sectors. He previously served in a senior leadership position at ReneSola from 2012 to 2013 prior to departing to pursue other professional leadership opportunities with several leading organizations within the renewable energy industry, including Gamesa Energy China, Hanergy and Dongxu Azure New Energy Corporation. Mr. Liang holds a master's degree in International Project Management from North China Hydro & Water Conservation College and a bachelor's degree in Hydroelectric Engineering from Tsinghua University.

Xianshou Li, ReneSola's Chief Executive Officer, commented, "We are excited to have Mr. Liang back at the Company to lead the critical functional areas, including financing, financial operations and internal control. He brings solid financing capability and a keen strategic business mind to our leadership team. We expect that he will strengthen our finance and accounting operations and be instrumental in our efforts to improve ReneSola's operating performance. We are confident with his oversight of these key functional areas that ReneSola is positioned for continued success in the years to come."

SHANGHAI, May 2, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or "the Company") (www.renesolapower.com) (NYSE: SOL), a leading solar project developer and operator, today announced an equity investment agreement with a strategic investor (the "Investor"). The Investor will invest RMB 200 million in cash to acquire 40.13% of Zhejiang ReneSola Investment Limited, the Company's subsidiary that holds the Company's distributed generation projects in China. The investment closed on May 2, 2018.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "This strategic investment provides an important capital infusion enabling us to execute our downstream project development plan in China. We believe that bringing in a strategic investor not only validates the quality of our DG project pipelines, but also creates significant synergies between both parties and enhances market confidence.  We are confident that our DG project development in China will continue to drive our growth in 2018 and beyond."

The Company currently has over 187 MW of DG projects under operation, concentrated in a handful of eastern provinces with friendly business environments for DG project development, including Zhejiang, Shanghai and Jiangsu provinces.  The provinces in which Renesola operates are the most developed regions in China, with a low risk of subsidy delay or curtailment. The Company anticipates owning 350 to 400 MW of DG projects in China by the end of 2018.

Fourth Quarter 2017 Financial Results 

• Revenue was $64.8 million, compared to the guidance range of $55 million to $60 million.
• Income before income tax and noncontrolling interests from continuing operations was $2.0 million, compared to $4.0 million in Q3 2017 and $1.7 million in Q4 2016.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "2017 was a transformative year for the Company.  We exited the manufacturing business, becoming a pure play in the rapidly growing project development market. As a result, the fundamentals for our project business significantly improved. We achieved profitability and maintained a healthy balance sheet, providing the financial flexibility to drive growth. In 2017, we successfully connected 270 MW of solar rooftop projects in China and entered into the Hungarian market with a pipeline of 38.4 MW. Additionally, our overall solar power project pipeline remains solid at around 1.1 GW."

Li continued, "Fourth quarter results were largely in-line with our expectations. On a year-over-year basis, Q4 revenue growth was over 60%, and operating income was up over 136%. We remain excited about the opportunities ahead of us, and believe that our talented team, diversified geographic coverage and track record of success at every stage of project development will position us for profitable growth."

SHANGHAI, March 20, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading solar project developer and operator, today announced that it formed a strategic partnership with Green City Energy, a subsidiary of Green City e.V., a Munich, Germany-based project developer and financier focused on building, financing and operating renewable energy power plants in selected European markets, to jointly develop four solar parks in the south of France with a total installed capacity of 69 MW, generating approximately 105 million kWh of solar power per year.

Now, it's a turning point for solar power production in southern France. The resident photovoltaic system operators can offer green electricity at competitive prices, and thus the projects can be economically feasible without government subsidies.

Jürgen Leinmüller, Managing Director of Green City Energy France, commented, "We are excited to collaborate with a strong business partner like Renesola to leverage their expertise in developing solar projects at grid parity around the world.  Power generation from renewable energy sources has gained traction in different parts of the world, driven by continued decline in the costs of electricity generation. More importantly, power generation from solar and wind is starting to displace fossil fuel power generation without the need for government funding at the price of the customers. With grid parity in southern France, we expect approximately 50 percent of the planned solar plants to go online without feed-in tariffs.  Green City Energy and ReneSola intend to provide a combination of 50 percent solar systems with government subsidies and the remaining 50 percent without subsidies."

Josef Kastner, Managing Director of ReneSola Engineering International GmbH, commented, "We already have a solid relationship with Green City, as we have collaborated in a few rooftop solar systems.  The partnership we are forming today builds on a key partner relationship in one of the growing geographic regions and further capitalizes on our expertise while expanding the market opportunity."

Under the terms of the partnership agreement, ReneSola and Green City Energy AG have formed a joint holding company. ReneSola owns 95 percent of the joint holding company during the development period that is estimated to be approximately two years. Following the project development phase, Green City Energy AG will take control of the solar plants entirely.

SHANGHAI, March 2, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading solar project developer and operator, today announced one of its independent directors and a member of compensation committee and nominating and corporate governance committee, Mr. Weiguo Zhou, has been appointed interim Chief Financial Officer, effective immediately. Mr. Zhou succeeds Maggie Ma, whose resignation was effective February 28. Mr. Zhou will step down as an independent director during the period he serves as interim Chief Financial Officer and remain a director of the board of directors and a member of compensation committee and nominating and corporate governance committee.

The Company had previously announced that Ms. Cindy Chen would join ReneSola to succeed Ms. Ma. Ms. Chen withdrew her acceptance of the role for her health reason.

Mr. Weiguo Zhou had been our independent director since March 2016. Mr. Zhou has extensive background in corporate finance. He was a long term investment banker, who worked twelve years for investment banking divisions at various investment banks including Goldman Sachs Group company in Beijing, Credit Suisse Founder in Beijing and Credit Suisse in Hong Kong, Deutsche Bank in Hong Kong and Tokyo. Mr. Zhou has deep knowledge in the capital markets and the solar industry as well. During his investment banking career, his major industry coverage was renewable energy from 2006. He also has rich experience in venture capital investment at various industry sectors including renewable energy. Mr. Zhou obtained his bachelor's degree in economics (major in accounting) from University of Tokyo in 2000.

The Company is continuing its search for a permanent CFO.

SHANGHAI, Feb. 23, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading solar project developer and operator, today announced that Maggie Ma will resign as Chief Financial Officer effective February 28, 2018 to pursue other interests. Following Ms. Ma's departure, Cindy Chen will be appointed to serve as Chief Financial Officer, effective March 1, 2018. The Company noted that Ms. Ma's departure is not related to any issues or disagreements regarding the Company's financial disclosures, accounting policies and practices.

Ms. Chen brings to ReneSola more than 20 years of work experience. Cindy has held various financial roles, and has extensive experience overseeing internal financial management and equity financing activities. Her most recent work experiences include Mofang Service Group Limited where she served as Financial Controller and Redstar Macalline Group Co. Ltd as Deputy General Manager of Group Finance Center. Prior to these roles, Cindy worked at IBM China for over 8 years. Cindy received an MBA from Fudan University and a bachelor's degree in International Accounting from Shanghai University. Cindy is also an ACCA member.

Xianshou Li, ReneSola's Chief Executive Officer, commented, "We are very pleased to have Cindy Chen join ReneSola in the capacity of CFO. Cindy's solid experience in financial operations and internal control is a great fit for ReneSola as we work to drive the Company toward improving financial and operational performance."

Mr. Li added, "We greatly appreciate the contributions Maggie Ma has made during her tenure at ReneSola. We respect her decision and wish her the very best in her future endeavors."

FREMONT, Calif., Jan. 23, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading solar project developer and operator, commented today on the imposition of safeguard tariffs on certain imported solar cells and modules.

"While higher prices for the modules we buy are never welcome, the new tariff rate was widely anticipated," said Doran Hole, ReneSola's Chief Executive Officer of North America and Group Vice President of Strategy. "We believe the U.S. project development industry has already adjusted to the tariffs, and the impact on growth should be benign."

In September 2017, the company divested its manufacturing and LED distribution businesses, and is now a pure play downstream player with robust pipeline and operating projects around the world. Accordingly, the company anticipates that the only impact of the tariffs will be to the purchase price of modules used in only one of its markets, the U.S. The company believes that ongoing technical advancement in the cell and module manufacturing industry will drive continued price reductions in the years ahead, which will be beneficial to its business model.

Hole continued, "We do not expect the temporarily higher prices of some modules to diminish the rapid growth of new development opportunities in the U.S. Community solar and rooftop distributed generation are two examples of the burgeoning activity we are pursuing. As module prices continue to decline over time, we expect to see accelerating activity in those segments. We remain very optimistic about the growth prospects for the solar energy industry, both in the U.S. and around the world."

Yesterday, the U.S. Trade Representative announced that U.S. President Trump approved the recommendation to impose safeguard tariffs on imported solar cells and modules. The relief will include a tariff of 30 percent in the first year, 25 percent in the second year, 20 percent in the third year, and 15 percent in the fourth year. However, the first 2.5 gigawatts of imported solar cells will be exempt from the safeguard tariff in each of those four years.

Third Quarter 2017 Financial Results

• Revenue was $36.3 million, compared to the guidance range of $40 million to $45 million.
• Income (loss) before income tax and noncontrolling interests from continuing operations was $4.0 million, compared to a loss of $0.6 million in Q2 2017 and a loss from continuing operations of $0.8 million in Q3 2016.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "The third quarter results were generally in-line with our expectation, as we continued to gain traction from our downstream project efforts.  We are pleased to see the fundamentals for our project business have greatly improved. We have achieved profitability and retain a healthy balance sheet which would help to enhance our financing capability.  As we had anticipated, we successfully connected a total of 26.5 MW of projects in China and Turkey, and generated 36.8 million kwh of electricity from our independent power producer (IPP) business, primarily in China.  In addition, our solar power project pipeline remains solid at around 1.1 GW."

Mr. Li continued, "As discussed, while we have demonstrated our ability to successfully build and transfer solar power projects globally, we intend to retain more projects in selected regions and become an IPP as we realize high quality projects are unduplicated resources.  Our competitive advantages lie in small-scale projects with high PPA/FiT price in diversified jurisdictions which we believe are of attractive return and will be the trend for the development of the industry. I am excited about the opportunities ahead of us, and continue to believe that our strong and capable team, extensive financing relationships and track record of success in project development will enable us to profitably grow our business."

Outlook

For the fourth quarter of 2017, the Company's project business is expected to generate revenue in the range of $55 to $60 million and overall gross margin in the range of 10% to 15% with the gross margin of IPP business in the range of 48% to 53%. The Company expects to connect 60 MW to 80 MW of projects during the fourth quarter of 2017.

SHANGHAI, Dec. 19, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading solar project developer and operator, announced today that it has appointed PricewaterhouseCoopers Zhong Tian LLP ("PwC") as the Company's independent registered public accounting firm with immediate effect. PwC replaces Deloitte Touche Tohmatsu Certified Public Accountants LLP ("Deloitte"), the former independent auditor. The appointment of PwC was made after careful consideration and evaluation process by the Company and approved by the Board of Directors and the Audit Committee of the Company.

The Company would like to thank the Deloitte team for their services over the past several years. The Company is working closely with Deloitte and PwC to ensure a seamless transition.

Deloitte's report on the Company's consolidated financial statements for the past two years did not contain any adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope, or accounting principles. The Company and Deloitte did not have any disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures that, if not resolved to the satisfaction of Deloitte, would have caused it to make reference to the subject matter of the disagreement in connection with its report on the Company's consolidated financial statements during the two most recent fiscal years and subsequent interim period.

SHANGHAI, Oct. 16, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully-integrated solar project developer and operator, today announced that its distributed generation (DG) solar projects in China generated approximately 29 million kilowatt hours of electricity in the third quarter of 2017.

The Company continues to believe the China rooftop solar market is a lucrative opportunity and has aggressively established its presence in that market.  ReneSola currently owns over 130 MW of China rooftop projects under development, concentrated in a handful of eastern provinces of China with attractive development environments. The Company anticipates to own 150-200 MW of China's rooftop projects by the end of 2017.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented, "The significant amount of electricity generated from our DG projects marks another key milestone in our project development efforts in the China rooftop market.  We are on track in our goal of developing 150-200 MW of solar rooftop projects in China this year.  Our efforts in the China rooftop market enable us to become the only US-listed company levered to the exciting China rooftop opportunity."

SHANGHAI, Sept. 29, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully-integrated solar project developer and operator, today announced the completion of the closing (the "Closing") of the transactions (the "Transactions") contemplated by the previously announced share purchase and subscription agreement (the "SPA") with Mr. Xianshou Li, Chairman and Chief Executive Officer of the Company (the "Buyer").

In accordance with the terms of the SPA, (i) the Company has transferred to the Buyer substantially all of the Company's assets and liabilities related to its manufacturing business (including polysilicon, solar wafer, solar cell and solar module manufacturing) and LED distribution business (the "Transferred Businesses") through a transfer of all the share capital in ReneSola Singapore Pte. Ltd. ("SGP") to the Buyer, as a result of which bank borrowings in excess of RMB 3 billion related to the Transferred Businesses will no longer be consolidated on the Company's balance sheet, (ii) SGP has agreed to cancel approximately $217.3 million of accounts and other payable owed by the Company, and (iii) the Company has issued 180 million shares of no par value per share of the Company ("Shares") to SGP.  Immediately following the Closing, the Buyer beneficially owned, directly or indirectly through SGP and other intermediaries, approximately 57.3% of the total issued and outstanding Shares of the Company.

SHANGHAI, Sept. 25, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy efficient products, today announced that the Company has entered into a share purchase and subscription agreement (the "SPA") with Mr. Xianshou Li, Chairman and Chief Executive Officer of the Company (the "Buyer").

Pursuant to the terms of the SPA, (i) the Company will effect an internal restructuring (the "Restructuring") following which ReneSola Singapore Pte. Ltd. ("SGP") will hold, among other things, substantially all of the Company's assets and liabilities related to its manufacturing business (including polysilicon, solar wafer, solar cell and solar module manufacturing) and LED distribution business (the "Acquired Businesses"); and (ii) following such Restructuring, at the closing of the transactions contemplated by the SPA (the "Transactions"), (A) the Company will then transfer 100% of the share capital of SGP to the Buyer (the "SGP Share Transfer"), as a result of which it is expected that bank borrowings in an aggregate amount in excess of RMB3 billion (the "Bank Borrowings") will no longer be consolidated on the Company's balance sheet; (B) SGP will cancel approximately $217.3 million of intercompany payables owed by the Company to SGP; and (C) the Company will issue 180 million shares (the "Shares") of no par value per share of the Company (the "Issued Shares") to SGP, which Issued Shares, if converted into the Company's American depositary shares (each representing 10 Shares) ("ADSs"), would represent 18 million ADSs. The Buyer and his spouse have provided personal guarantee for a majority of the Bank Borrowings.  Under the SPA, for a period of 10 years following the closing, SGP also agreed to offer the Company a preferential right to acquire any products of SGP (including any polysilicon, solar wafers, solar cells or solar modules) on the same terms as such products are offered to any third party.

As previously announced, after receiving the Buyer's preliminary non-binding proposal, dated June 13, 2017, to, among other things, acquire the Acquired Businesses and assume related indebtedness (the "Proposal"), the Company's board of directors (the "Board") established a special committee (the "Special Committee") consisting solely of independent directors to consider and evaluate the Proposal and other alternatives available to the Company.  Subsequently, the Special Committee retained Roth Capital Partners ("Roth Capital") as its financial advisor, Kirkland & Ellis as its U.S. legal counsel and Shanghai Junyue Law Firm as its PRC legal counsel.  In connection with its evaluation process, the Special Committee, with the assistance of its financial and legal advisors, considered the terms of the Proposal, other key alternatives potentially available to the Company and their respective benefits and risks as compared to the Proposal.  The Special Committee also engaged in extensive negotiations with the Buyer regarding the terms of the Proposal and the SPA, with the assistance of its financial and legal advisors.

On September 25, 2017, the Board, acting upon the unanimous recommendation of the Special Committee, unanimously approved the SPA and the Transactions.  Prior to the Special Committee's decision to recommend the proposed SPA and the Transactions to the Board, on September 25, 2017, Roth Capital, at the Special Committee's request, delivered a written opinion to the Special Committee that, based upon and subject to the procedures, assumptions, qualifications and limitations set forth in such opinion, as of September 25, 2017, the consideration against which the Issued Shares are to be issued is fair, from a financial point of view, to the Company.  During the Special Committee's extensive discussions throughout its evaluation process regarding the merits of the Proposal and other potential alternatives, the Special Committee noted the following as certain key considerations in its decision making process: (i) the Transactions will transform the Company's business model and help the Company dispose of its asset-heavy and debt-heavy businesses and focus on its asset-light and high-margin project business which is hoped to command a higher valuation multiple in the public market, unlocking value for the Company's shareholders; (ii) the Company has a significant amount of debt and periodic interest payment obligations, which together pose substantial going-concern risks to the Company, and the Company was searching for a strategic alternative that could alleviate such risks and avoid the significant impairment to shareholder value that could occur if such going-concern risks were to materialize; (iii) as previously announced, the Company has been notified by NYSE Regulation that it was not in compliance with one of the New York Stock Exchange's ("NYSE") continued listing standard, and the Company has 90 days from the receipt of the notice to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the NYSE's continued listing standards within 18 months or earlier; (iv) if the Company is delisted from the NYSE, its shareholder value could also be significantly impaired; (v) the Transactions are expected to move Bank Borrowings in excess of RMB3 billion off of the Company's balance sheet and will reduce the Company's liability in accounts and other payable by approximately $217.3 million, significantly strengthening the Company's balance sheet, alleviating the going-concern risks faced by the Company and offering a solid path to regain compliance with the NYSE's continued listing standards; (vi) in part in support of the Transactions, the Buyer and his spouse have offered personal guarantee for a majority of the Bank Borrowings that are expected to move off of the Company's balance sheet; (vii) the Transactions will continue to offer the Company a stable source of supply for its remaining project business; and (viii) with a new asset-light business model, a stronger balance sheet and an expected higher valuation multiple, the Company is expected to have stronger capital raising capabilities (which are currently significantly impaired), thereby further enhancing the Company's growth prospects and shareholder value.

"We believe this is a truly transformative transaction that will offer the Company and its shareholders significant value from a new asset-light business model, a stronger balance sheet and higher valuation multiples," said Ms. Maggie Ma, Chief Financial Officer of the Company, "in addition, we believe this transaction will help alleviate the Company's going-concern risks and de-listing risks and enhance the Company's capital raising capabilities, and we sincerely look forward to this new exciting phase of the Company's development."

The Transactions are currently expected to close in the third or fourth quarter of 2017.  The Transactions are subject to customary closing conditions, including the completion of the Restructuring.

This announcement is neither a solicitation of a proxy nor an offer to purchase, or a solicitation of an offer to sell, any securities and it is not a substitute for any filings that may be made with the U.S. Securities and Exchange Commission.

SHANGHAI and SUMMIT, N.J., Aug.14, 2017 /PRNewswire/ -- ReneSola Ltd (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, and Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project development, acquisition and asset management company, today jointly announced Nautilus's acquisition of an approximately 13.3 MW community solar portfolio previously developed by ReneSola. The community solar portfolio, qualified under Xcel Energy's burgeoning community solar program, is located in the rapidly expanding Minnesota solar marketplace. The portfolio is expected to be built through the remainder of 2017, coming online during Q1 2018.

Now that Nautilus has finalized the transaction with ReneSola, the projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. Nautilus, through its full-service platform, will provide development and long-term asset management services for the project. The energy provided by the portfolio directly benefits local community off-takers located offsite by lowering overall energy procurement costs while advancing renewable energy targets.

"The transaction demonstrates our strong execution in project development. We believe community solar to be an attractive market for us in the U.S." remarked, Kevin Chen, CEO of ReneSola Power Holdings, the U.S. project development arm of ReneSola. "We look forward to continue working with the Nautilus team on other solar opportunities from our national development portfolio."

"This deal continues the exciting growth strategy that we announced last year and expands our focus and capabilities to include community solar developments," said Jim Rice, CEO of Nautilus Solar.  The acquisition also comes as part of Nautilus's expansion strategy into newer solar markets located throughout the U.S.  "This transaction exemplifies how Nautilus is able to work closely together with experienced developers to provide superior results and in a timely fashion.  We are excited to be continuing to work with ReneSola's development team," added Jeffrey Cheng, COO of Nautilus Solar.

SHANGHAI, July 10, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it was awarded 42 solar utility projects in Poland with capacity of 1 MW for each.

All of these 42 projects are under Poland's Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff of PLN 385-392/MWh. These projects are expected to be connected to the utility grid by Q2 and Q3 2018 respectively.

The Energy Regulation Office in Poland held the country's latest round of solar power auction on June 29, 2017, in which 352 new solar projects were selected and eligible to receive subsidies.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are excited to once again have been awarded the utility projects in Poland. This project's winning validates our team's experience and expertise to deliver reliable, cost-competitive distributed power to serve the growing energy demand in the region. We look forward to further supporting solar deployment in Poland and other emerging markets."

First Quarter 2017 Financial Results

• Revenue of $156.6 million exceeded the high end of the guidance range of $130 million to $150 million;
• Net loss was $23.2 million, compared to net loss of $25.5 million in Q4 2016 and net income of $5.7 million in Q1 2016;
  

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "First quarter results were generally in-line with our expectation, as we continued to gain traction from our downstream project efforts and LED distribution business, while affected by challenging market conditions of our solar power product business. We continue to execute our strategy to shift our business focus from manufacturing to downstream project development, and I am excited about the progress we are making. For the second quarter of 2017, we expect downstream project sales to increase when compared to the first quarter of 2017 due to continued growth in our project pipeline and our solid execution in project monetization."

Li continued, "We remained focused on managing our working capital, controlling costs and improving our balance sheet. We believe these measures have prepared us well to develop sustainably as we progress through the current industry down-cycle."

Outlook

For Q2 2017, the Company expects revenue in the range of $180 to $200 million, external wafer shipments in the range of 220MW to 240MW and external module shipments in the range of 230MW to 250MW.

For full year 2017, the Company expects revenue in the range of $900 million to $1,000 million.

SHANGHAI, June 14, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading fully integrated solar project developer and provider of energy-efficient products, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal ("Proposal"), dated June 13, 2017, from Mr. Xianshou Li, the Company's Chairman and Chief Executive Officer ("Mr. Li"), to acquire the Company's manufacturing business (including polysilicon, solar wafer and solar module manufacturing) and LED distribution business (together, the "Acquired Businesses") and assume related indebtedness. The Proposal estimates the value of the Acquired Businesses, net of assumed indebtedness, to be approximately negative US$81 million, and contemplates that in exchange for, among other things, the assumption by Mr. Li of such indebtedness, the Company would issue additional American depositary shares (each representing 10 shares of the Company, "ADS") to Mr. Li at US$4.50 per ADS. If the transactions contemplated by the Proposal are consummated, the Company's remaining businesses would be focused primarily on solar project development.

The Board has formed a special committee consisting of Mr. Martin Bloom, Mr. Tan Wee Seng, Ms. Julia Xu and Mr. Weiguo Zhou, each an independent director, to consider the Proposal and other alternatives available to the Company, and has granted the special committee the authority to consider, review, evaluate and, if appropriate, negotiate a strategic transaction on behalf of the Company, in order to maximize shareholder value. The special committee will conduct this process with the assistance of financial advisor and legal counsel.

The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the Proposal and has not had an opportunity to carefully review and evaluate the Proposal or make any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposed transaction or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

SHANGHAI, April 17, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it signed an agreement to sell its utility-scale project located in North Carolina, United States to New York-based Greenbacker Renewable Energy Company, LLC ("Greebacker"), a publicly registered, non-traded Limited Liability Company focused on investments in renewable energy power plants and energy efficiency projects as well as other sustainable investments.

Powered by ReneSola's Virtus II 315W modules, the utility project has a capacity of approximately 6.75 MW and will sell the power generated to the local utility under a 15-year purchase agreement.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "This agreement further demonstrates our capability of developing and monetizing projects in more attractive developed markets. The U.S. remains an important market for us, and recent activity continues to highlight our competitive advantages in the region. Our project pipeline in the U.S. consists of over 105 MW of mid-to-late stage projects, and we expect the region to be a major growth market in the years ahead."

SHANGHAI, March 30, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced the completion and grid connection of two ground-mount projects in the United Kingdom. These projects have a combined capacity of approximately 10 MW. ReneSola managed the design and construction of these projects, and will provide ongoing operation and maintenance services until final acceptance.

These two projects are located in North Yorkshire and Shropshire.  Both projects are qualified under the 1.2 Renewable Obligations Certificate (ROC) program.

Xianshou Li, ReneSola's Chief Executive Officer, said, "The United Kingdom remains one of our key developed markets for our downstream project business, and we are proud of the continued execution of our downstream strategy in the region. The successful grid connection of these projects solidified our competitive positon in developing downstream projects, and we look forward to driving incremental project development globally."

Fourth Quarter 2016 Financial Results

• Revenue of $232.1 million was in line with the management guidance range of $220 million to $240 million.
• Net loss was $25.5 million, compared to net loss of $20.5 million in Q3 2016 and net income of $6.7 million in the prior-year period. Loss per ADS was $1.26[1].

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "Overall business conditions in the quarter were mixed, with solid execution in downstream project sales, strong top-line sequential growth in LED distribution business and in-line revenue performance, offset by lower-than-expected gross margin. While the overall market environment was challenging in 2016, we have been executing our strategy to shift our business focus from manufacturing business to downstream project development business since the second half of 2015. I am excited about the progress we are making. We expect downstream project sales to pick up in the second quarter of 2017 due to the growth in pipeline as well as our solid execution in project monetization. While some of our end markets can be volatile and will continue to face challenges amidst opportunities, we will remain focused on our long-term objectives."

Li continued, "We strived to effectively manage our working capital and improve balance sheet, which led to promising results, such as the improvement in days of account receivables and inventory turnover in the fourth quarter. We also reduced our total borrowing by $75 million and expect to pay down more debt in the quarters ahead. As we look to 2017, we remain positive on our downstream strategy and are excited about the business opportunities ahead of us."

Outlook

For Q1 2017, the Company expects revenue in the range of $130 to $150 million, external wafer shipments in the range of 240MW to 260MW and external module shipments in the range of 250MW to 260MW.

For full year 2017, the Company expects revenue in the range of $900 million to $1,000 million.

SHANGHAI, March 2, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, announce today that, based on a notice received yesterday from the New York Stock Exchange (the "NYSE"), the Company has regained compliance with the NYSE's continued listing requirement of a minimum average closing price of $1.00 per share over the previous consecutive 30-trading-day period.

On November 7, 2016, the Company received a notice from the NYSE that the price of its American Depositary Share ("ADS") was below the minimum average closing price of $1.00 per ADS. In order to bring the price of the ADSs into compliance with the listing requirements, the Company executed a ratio change for its American Depositary Receipt ("ADR") program on January 30, 2017. As a result, the number of the Company's shares represented by each ADS was changed from two (2) shares to ten (10) shares (the "Ratio Change"). The Ratio Change was effective on February 10, 2017.

Beginning February 10, 2017, the average closing price of the Company's ADS has been raised above $1.00 per ADS. Accordingly, the Company has resumed compliance with all NYSE continued listing requirements.

SHANGHAI, Feb. 6, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today provided an updated outlook for its solar rooftop project pipeline in China.

As of January 31, 2017, the Company had over 393 MW of solar rooftop projects in "shovel-ready" stage.  All of the projects have been filed with National Development and Reform Commission, and the Company has obtained legal rights to develop these projects. The projects are located in Zhejiang, Jiangsu, Anhui, Jiangxi, Shandong, Hubei, Henan, Hebei, Shanxi, Fujian and Guangdong Provinces.

According to China's 13th Five-Year Plan for Development of Power Industry, the country is targeting an installed capacity of distributed generation solar power of 60 GW by 2020. China had 10 GW installed capacity of distributed generation solar power at the end of 2016 according to National Energy Administration.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are more optimistic than ever about our project development business.  Two years ago, we redirected our business development to focus on utility scale projects in mature markets.  In 2016, we identified the great opportunity in China's domestic distributed generation market.  Over the last few months, our domestic distributed generation pipeline has expanded rapidly from 16 MW as of August 31, 2016 to 393 MW as of January 31, 2017, demonstrating the potential of this opportunity.  We look forward to growing this business in the quarters ahead."

SHANGHAI, Feb. 3, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it will provide EPC service for solar rooftop projects in Shandong, Anhui and Zhejiang Provinces with a combined capacity of 32 MW.

The Company will also supply 32MW of solar modules for these projects. The electricity generated from the projects will be consumed by their respective commercial and industrial rooftop owners.

SHANGHAI, Jan. 30, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced a ratio change for the Company's American Depositary Receipt ("ADR") program. As a result, the number of the Company's shares represented by each American Depositary Share ("ADS") will be changed from two (2) shares to ten (10) shares (the "Ratio Change"). The ADR effective date of the Ratio Change is expected to be February 10, 2017.

To effect this Ratio Change, ADS holders will be required to exchange their existing ADSs for new ADSs on the basis of one (1) new ADS for every five (5) existing ADSs surrendered. No fractional ADSs will be issued. Instead, the Company's depositary, The Bank of New York Mellon (the "Depositary"), will aggregate fractional ADSs and attempt to sell such ADSs in order to distribute any cash-in-lieu proceeds, net any fees, to ADS holders.  Further notice will be provided by the Depositary.

For ReneSola's ADS holders, this Ratio Change will have the same effect as a one-for-five reverse split. No new shares will be issued in connection with the Ratio Change and ReneSola's ADSs will continue to be traded on the New York Stock Exchange under the symbol "SOL."

The Ratio Change will affect all ADS holders uniformly. The Ratio Change will not reduce any ADS holder's percentage ownership interest in the Company, except for minor adjustments that may result from the treatment of fractional ADSs. Proportionate voting rights and other rights and preferences of the ADS holders will not be reduced by the ratio change (subject to the treatment of fractional ADSs).

The Ratio Change is aimed to bring the price of the ADSs into compliance with the continued listing standards of New York Stock Exchange, which requires an average closing price of the Company's ADSs of not less than $1.00 per ADS over a consecutive 30-trading-day period. As a result of this Ratio Change, the ADS price is expected to automatically increase proportionally, although the Company can give no assurance that the post-change ADS price will be equal to or greater than the pre-change ADS price multiplied by five (5).

SHANGHAI, Jan. 24, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it formed a strategic partnership with China Resources Leasing Co., Ltd., a subsidiary of China Resources (Holdings) Co., Ltd ("CR" or "China Resources Group"), a conglomerate registered in Hong Kong with seven key strategic business units and over 1,900 business entities.

Under the terms of the partnership agreement, China Resources Leasing will provide ReneSola with an annual credit facility of no less than RMB 1 billion for the Company's solar downstream project development.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are excited to partner with China Resources. The annual credit facility will provide an important capital infusion enabling us to execute our downstream project development plan. We believe that getting this financial commitment from a high profile and successful firm such as China Resources validates the quality of our project pipeline. We expect project development to continue to drive our growth in 2017 and beyond."

SHANGHAI, Jan. 5, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it sold its two solar projects in Holyoke, Massachusetts (the "Projects") to New York-based C2 Special Situations Group, LLC, ("C2"), a private investment firm focused on investments in the distributed generation sector. The Projects have a combined capacity of approximately 1.3 MWDC and will sell the power generated to the local utility under a 20-year purchase agreement. The Projects were completed in Q4 2016 and qualified for the Massachusetts RPS Solar Carve-Out II Program.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "This agreement extends our track record of developing and monetizing projects in more attractive developed markets. We believe the U.S. remains an important market for us due to attractive project economics, coupled with streamlined infrastructure for project development. Our project pipeline in the U.S. is over 100 MW, and we expect the region to be a major source of revenue growth in the years ahead."

Richard Dovere, Managing Partner of C2 added: "These systems represent another quality addition to our firm's growing portfolio of distributed generation assets throughout the United States. We enjoyed working with ReneSola on these projects and look forward to expanding our relationship with their top-tier development team."

C2 was advised by A. Mark Getachew of Willkie Farr & Gallagher LLP, with local counsel support from Pierce Atwood.

SHANGHAI, Jan. 3, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it signed a framework agreement with a wholly owned subsidiary of Beijing Enterprises Clean Energy Group Limited (1250.HK) ("Beijing Enterprises Clean Energy"), a Beijing-based, Hong Kong-listed company that engages in the photovoltaic development business, to develop 335 MW of rooftop solar projects in China located in Hebei, Shandong, Fujian, Shanxi and Jiangsu Provinces.

Under the terms of the framework agreement, ReneSola will be responsible for the engineering, procurement and construction of the projects, while Beijing Enterprises Clean Energy will provide financing for the projects during construction. Upon completion, ReneSola will sell the projects to Beijing Enterprises Clean Energy Group. The projects are anticipated to be completed by June 30, 2017.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented, "This agreement confirms our belief that rooftop solar distributed generation projects will be promising in China. We entered the China distributed generation market a few months ago and have made impressive progress as we continue to develop more distributed generation pipelines. This new business opportunity together with our successful utility scale project development business will contribute meaningfully to our profitability in the year ahead. Distributed generation project development fits into our long-term strategy to drive profitable growth by shifting our efforts towards project development and LED distribution business."

Third Quarter 2016 Financial Results

• Revenue was $187.0 million, compared with guidance of approximately $200 million.
• Net loss was $20.5 million, compared to a net income of $5.5 million in Q2 of 2016 and $8.6 million in Q3 of 2015. Loss per ADS were $0.20, compared to earnings per ADS $0.05 in Q2 of 2016.

Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "Third quarter financial results fell short of expectations, as weak demand led to reduced shipments and significant pricing pressure. While we tackled prevailing market challenges through expense control, we reported our first loss after four consecutive profitable quarters. Nonetheless, we executed on key elements of our strategy. We expanded our downstream project pipeline to over 1 GW, of which over half are late-stage and we plan to monetize them in the next one to two years. We also paid down short-term debt during the quarter, which demonstrates our commitment and ability to improve our balance sheet."

Li continued, "Looking forward, we anticipate the solar industry headwinds to continue into 2017. As we navigate challenging market conditions, we intend to remain fully focused on project development with rapid monetization, expansion through technology improvements, and streamlined operations with prudent cost control."

SHANGHAI, Nov. 10, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading brand and technology provider of energy-efficient products and project developer, today announced that it has signed agreements to sell its six utility-scale projects in the United Kingdom to a European investor. These projects have a combined capacity of approximately 26 MW.

Powered by ReneSola's Virtus II modules, the six projects are located in Carlam Hill Farm (Yorkshire), North Wales, and Monmouthshire. All of these projects are pre-accredited with a tariff rate of 6.16p/kWh and eligible for a guaranteed export tariff of 4.91p/kWh.

Xianshou Li, ReneSola's Chief Executive Officer, said, "Although the Brexit vote has interjected more uncertainty into the UK political situation, we are finding that demand remains robust for productive solar power assets. We intend to grow our project development business significantly in the quarters ahead, in keeping with our plan to focus our efforts on the best opportunities for attractive and rapid return on investment. We are building our development pipeline even as we execute monetizations such as this agreement, and expect more successful transactions in 2017 and beyond."

SHANGHAI, Nov. 8, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that it supplied 10.4 MW of high-efficiency polycrystalline PV modules to Saferay Ltd. for a ground-mounted PV project in Japan.

The project, located around Date city in Hokkaido prefecture, is expected to be completed by the end of November. Germany-based Saferay is an independent large-scale power station developer, with more than 800 MW of PV power generation systems installed worldwide.  Delivery of the modules was completed in October.

"We are delighted to work with ReneSola for this project in Japan; ReneSola has always been our trusted partner," said Thomas Gnefkow, Managing Director and CEO Asia Pacific for Saferay. "They provide excellent and efficient modules, and the service is very timely as well."

Linfeng Zhang, ReneSola Japan General Manager, said: "We are honored to work with Saferay again, and will continue to provide excellent products and timely customer service. Helping our customers to successfully develop their projects is our primary objective."

"Despite increasing market saturation, demand for solar energy in Japan is still very strong.  We look forward to further supporting solar deployment in the country with our cost-effective, high quality products," added Zhang.

Japan was one of the first advanced economies to invest heavily in new energy and launched a series of policies to support solar. It is currently among the top three markets for PV demand worldwide. By the end of 2015, Japan's total installed PV power-generating capacity reached 34 GW, accounting for 3.5% of annual electricity demand, according to official data.

SHANGHAI, Nov. 8, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, today announced that on November 7, 2016, it received notice from the New York Stock Exchange ("NYSE") that the Company did not meet the NYSE's price criteria for continued listing standard because the average closing price of the Company's American Depositary Shares, or ADSs, was less than $1.00 per ADS over a consecutive 30-trading-day period.

Under NYSE rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if the Company's ADSs have a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period. 

The Company expects to cure this deficiency within the prescribed timeframe and will duly notify the NYSE of its intention. The Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and oversight by the NYSE. ReneSola is currently in compliance with all other NYSE quantitative continued listing standards. The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.

SHANGHAI, Aug. 26, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading solar PV project developer and provider of energy-efficient products, today announced that it sold a 1.23 MW solar power project located in Ibaraki, Japan. The project qualifies for Japan's 32 Yen feed-in tariff.  Revenue from the sale will be recognized in the third quarter and all proceeds have been collected.

ReneSola is developing 31.5 MW of solar PV projects in Japan. Including the Ibaraki project, 29.6 MW are in late stage development and expected to be monetized in the quarters ahead.

Second Quarter 2016 Financial Results

• Revenue was $250.0 million, compared with guidance range of $280-$290 million.
• Earnings per ADS were $0.05, compared to $0.06 in Q1 of 2016.

"Our performance was solid this quarter, with significant growth in our downstream project pipeline, execution in project sales and construction, and sequential top-line growth in the LED distribution business.  Although total revenue was below guidance due to recognition timing of the four UK projects sold during the quarter, we believe we should benefit from that revenue as well as the potential sale of another six UK projects in the second half of the year.  Our strong project monetization outlook and continued growth in the high margin LED initiative give us confidence in our ability to transition from manufacturing business toward project development and distribution business." commented Mr. Xianshou Li, ReneSola's Chief Executive Officer.

Li continued, "For the past year, our strategy has been simple and effective, and we have executed it consistently.  We are focused on project development with rapid monetization and expansion through technology improvements, as well as de-emphasis of OEM manufacturing. We have consistently been profitable for the past year, and will continue to improve our capital structure.  

Outlook

For Q3 2016, the Company expects revenue to be approximately $200 million and gross margin to be around 10%.  This outlook reflects the impact from high polysilicon prices combined with declining wafer prices.

For full year 2016, the Company now expects revenue in the range of $900 million to $1.1 billion, compared with previous guidance of $1.0 billion to $1.2 billion. The lower revenue outlook reflects a slowdown in shipments and lower ASP.

SHANGHAI, July 5, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading brand and technology provider of energy-efficient products and project developer, today announced the completion and grid connection of six utility-scale projects in the United Kingdom in June 2016. These projects have a combined capacity of approximately 26 MW. ReneSola managed the design and construction of these projects, and will provide ongoing operation and maintenance services until final acceptance.

Powered by ReneSola's Virtus II modules, the six projects are located in Carlam Hill Farm (Yorkshire), North Wales, and Monmouthshire. All of these projects are pre-accredited with tariff rate of 6.16p/kWh and eligible for a guaranteed export tariff of 4.91p/kWh.

Xianshou Li, ReneSola's Chief Executive Officer, said, "We are pleased to build on our track record and announce the grid connection of the six community solar projects in the United Kingdom, as we continue to execute our downstream strategy in the region. These projects continued to demonstrate our strong competitive advantages in developing downstream projects, and we look forward to driving incremental project development around the world."

SHANGHAI, June 7, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading provider of energy-efficient products and project developer, today provided an update on its project pipeline in the U.S. The Company plans to construct 107 MW of solar projects in California, Massachusetts, Minnesota, and North Carolina.

The construction of a total of 37MW of solar projects in North Carolina and Massachusetts is expected to commence in the second half of 2016. Construction of the remaining 70MW of solar projects in Minnesota and California is planned for 2017.

Xianshou Li, ReneSola's Chief Executive Officer, commented, "North America remains a large and robust market, and the most attractive to us for downstream activity. We look forward to driving further project development in the U.S., and expect to start construction of a good portion of our project pipeline in the second half of 2016."

SHANGHAI, May 20, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has formed a partnership with UCK Group, a leading Turkish solar energy solution provider to develop a pipeline of  solar power projects in Turkey with a total installed capacity of 116 MW. All of the projects are unlicensed thus qualifying for the Feed-in-Tariff of $134/Mwh.

Under the terms of the partnership agreement, UCK Group's Berak Enerji will develop and construct the solar power plants, while ReneSola will design the plants and supply high-efficiency solar modules and inverters. With the start of operation, the projects will be transferred into a new joint venture in which Renesola and UCK Group will each hold 50%. The joint venture intends to own 70 MW of the operating projects by early 2017.

Xianshou Li, ReneSola's Chief Executive Officer and Atilla Uckardes, Chief Executive Officer of UCK Group said, "We are excited to partner to develop this pipeline of projects in Turkey. This partnership enables both companies to gain traction on the attractive Turkish PV market, while also demonstrating our technology leadership and strong competitive advantages. We look forward to further supporting solar deployment in Turkey with our cost-effective, high quality products."

SHANGHAI, March 29, 2016 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading brand and technology provider of energy-efficient products, today announced the completion and grid connection of four utility-scale projects in the United Kingdom.  These projects have a combined capacity of approximately 20 MW.  ReneSola managed the design and construction of these projects, and will provide ongoing operations and maintenance services.

Powered by ReneSola's Virtus II modules, the four projects are located in Barnstable, Derbyshire, Northamptonshire and Notthinghamshire.  All of these projects are qualified under the 1.3 Renewable Obligations Certificate (ROC) program.

Under the Company's build-operate-transfer model of its solar power project business, ReneSola will operate these projects until their sale to third parties.

Xianshou Li, ReneSola's Chief Executive Officer, said, "We are pleased to announce the grid connection of four utility scale solar projects in the United Kingdom, as we continue to execute our downstream strategy in the first quarter of 2016.  These projects reinforced our commitments to the clean energy businesses in the UK, and demonstrated our strong competitive advantages in developing downstream projects."

SHANGHAI, March 21, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold two projects in Bulgaria to Solar World Invest Fund SIF ("SWIF").  The projects, located in Sliven, are utility scale systems with capacity of 5.0 MW and 4.7 MW, respectively.  SWIF is a Luxembourg-based private equity fund with investments in medium-sized solar installations around the world.

Because these projects were deemed as long-term assets on the balance sheet since end of 2013, the sale will be booked as disposal of assets, with no direct impact to the Company's revenue.  The transaction consideration is a combination of cash and assumption of project debt.  Such structure of the transaction consideration reflects the Company's  focus to reduce its debt.

"Our Nove ECO and MG Solar power stations have produced attractive cash flows for us since their completions in the summer of 2012," said Mr. Xianshou Li, ReneSola's chief executive officer.  "However, our current project development strategy is to build and transfer select projects in order to enhance our cash flow and pay down debt.  This sale is another milestone in our strategic transformation into a leading downstream developer.  We look forward to additional monetizations this year as many projects are completed from our 641 MW pipeline."

Fourth Quarter 2015 Financial Results

• Revenue of $296.4 million exceeded management guidance range of $275-$295 million.
• Net income was $6.7 million, which compares to a net income of $8.6 million in Q3 of 2015 and a net loss of $8.1 million in the prior-year period.  Earnings per ADS were $0.07.

"We are proud that we delivered on our strategy in 2015, making significant progress in transforming ReneSola from a solar product manufacturer to a multi-faceted participant across the green energy value chain," commented Mr. Xianshou Li, ReneSola's Chief Executive Officer.  "Our full-year 2015 results demonstrated the wisdom of our strategy.  We increased gross margin for the third straight year, and reduced operating expenses on an absolute basis for the second straight year.  This resulted in operating profit tripling from 2014, and a significantly reduced net loss.  Revenue declined somewhat, but this was mainly due to reduced shipments to external customers, as we strategically directed more shipments to our own downstream projects.  Our solid P&L performance enabled a reduction in debt of $59 million.  Effective management of or working capital and improved balance sheet strength remains a key focus for our team and a long-term commitment to our shareholders.  We expect to pay down more debt in the quarters ahead."

Li continued, "We enter 2016 on a high note as a global leader across the solar value chain.  We are profitable since Q3 2015, with over 600 MW of projects under development, and a burgeoning new business in LED distribution.  We remain positive on our downstream strategy and excited about the business opportunities ahead of us.  We continue to believe ReneSola can achieve an attractive growth rate by developing solar projects in attractive markets, and our entire team remains focused on building a great foundation to increase shareholder value in 2016 and beyond."

Outlook

For Q1 2016, the Company expects revenue in the range of $260 to $270 million and gross margin to be around 17%.

For full year 2016, the Company expects revenue in the range of $1.0 to $1.2 billion.  The revenue outlook reflects continued shift of OEM module production from external sales and toward proprietary project development to pursue high profit.

SHANGHAI, Dec. 17, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold two projects in Japan. The projects, located in Tochigi Prefecture, are utility scale systems with capacity of 920 kW and 590 kW, respectively, and both are qualified for Japan's 32 Yen FiT scheme. The transaction was closed this week and the Company has received all proceeds from the sale.

"The sale of the Tochigi projects extends our track record of rapidly developing and monetizing projects in attractive developed markets," said Mr. Xianshou Li, ReneSola's chief executive officer.  "Japan is one of our focus markets, due to attractive project economics driven by their FiT regime, combined with streamlined development infrastructure. Our project pipeline there is 31 MW, so we expect the region to be a strong source of revenue growth in the years ahead."

Third Quarter 2015 Financial Results

• Revenue of $368.2 million was up 37.2% q/q and down 1.1% y/y. Revenue performance was broad-based, with sequential increases across all of the Company's product lines.
• Net income was $8.6 million, which compares to a net loss of $2.3 million in Q2 of 2015 and a net loss of $11.7 million in the prior-year period. Earnings per ADS were $0.08.

"Our strategic shift to project development, which we initiated approximately two years ago, is already starting to show results," said Mr. Xianshou Li, ReneSola's Chief Executive Officer. "Revenue surged sequentially as we monetized our projects in the UK and Japan, resulting in higher gross profit, operating income and earnings per ADS."

Li continued, "We are making an intense effort to build a portfolio of high-quality projects in attractive jurisdictions. Our early success in the UK is indicative of what we can achieve around the world. We are focused on developing projects especially distributed generation projects in Europe, North America and Japan, that should yield attractive returns in the coming year."

Outlook

For Q4 2015, the Company expects revenue in the range of $275 to $295million and gross margin in the range of 17% to 18%. The revenue outlook reflects the redirection of OEM module production away from external sales and toward proprietary project development to pursue high profit. Based on the current development status of its pipeline, the Company intends to sell the 16.5 MW in UK which was already announced in October and the project of 0.9 MW in Japan as well.

SHANGHAI, October 27, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has accepted Mr. Daniel Lee's notice of resignation as the Company's Chief Financial Officer. Mr. Lee will depart after the notice period. Ms. Maggie Ma, the Company's Vice President of Financial Control, will serve as the interim Chief Financial Officer, after Mr. Lee's departure.

Xianshou Li, ReneSola's Chief Executive Officer, said, "We are committed to identifying a highly qualified permanent Chief Financial Officer. In the interim, we are highly confident in Ms. Ma's ability to manage the Company's finances effectively." The Company noted that Mr. Lee's departure is not related to any issues regarding Company's operations or accounting and financial practices.

Mr. Li added, "We greatly appreciate the contributions Daniel Lee made during his tenure at ReneSola. We respect his decision and wish him the very best in his future endeavors."

Ms. Maggie Ma has been the Company's Vice President of Financial Control since October 2013. Ms. Ma joined the Company in February 2011 as its director of internal control. Ms. Ma has more than 17 years of experience in finance and internal control areas, including over 10 years of management experience.

SHANGHAI, October 6, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold its 16.5 MW Membury utility scale project in the United Kingdom to Foresight Solar Fund Limited ("FSFL"). This represents ReneSola's third project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager, following the sale of its 34.6 MW Port Farm project to FSFL in August 2015 and its 6.4 MW Field House project in July 2015 to other funds managed by Foresight.

"Our downstream strategy has taken root, with downstream partners like Foresight recognizing our project development capabilities and coming back to us multiple times to collaborate on downstream projects," said Mr. Xianshou Li, ReneSola's chief executive officer. "The development and sale of our 16.5 MW Membury project, which was the last part of our initial pipeline of 71 MW of projects we developed in the UK, further strengthens our foothold in the downstream market and contributes to our profitability and cash flows. With our deep pipeline of more than 500 MW of quality downstream projects, we are confident that we can continue to execute well on our downstream strategy and generate cash flow and profitability in 2016 and well into the future."

The Membury project, which utilizes ReneSola's Virtus II modules, was connected to the grid in March 2015 and is qualified for the UK's 1.4 R.O.C scheme.

SHANGHAI, October 1, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that during the third quarter of 2015, the Company repurchased $36.0 million notional amount of its convertible notes due on March 15, 2018 with a put option on March 15, 2016. The Company has approximately $26.1 million in convertible bonds outstanding. During the third quarter, the Company also repurchased approximately 807,000 American depositary shares ("ADSs") following its announcement on September 23, 2015 of the authorization by its Board of Directors of a share repurchase program of up to US$20 million in aggregate value of its outstanding ADSs within the next 12 months.

"For more than a year now, we have maintained a coordinated strategy to shift into downstream projects and services while maintaining an intense focus on financial prudence and balance sheet improvement with a view toward the long-term sustainability of our business," said Mr. Xianshou Li, ReneSola's chief executive officer. "This approach has provided us new opportunities to capitalize on our global brand, network and industry expertise to develop and sell projects that generate cash flows to support our business growth and financing requirements."

"During the third quarter, we recognized some of the fruits from our downstream strategy and substantially reduced our outstanding convertible bonds————a process we began in the fourth quarter of 2014————while kick-starting our $20 million share repurchase program. Despite our accomplishments, we believe the market continues to undervalue ReneSola's growth prospects, the execution capabilities of our management team and our financial position. While executing on our current project portfolio, we have established a deep pipeline of valuable and high quality projects totaling more than 500 MW that we are developing and that provide us visibility into our cash flows for 2016 and beyond. Going forward, we will continue to build on our downstream strategy, actively manage our balance sheet and utilize our operating cash flows for the benefit of our long-term stakeholders," added Mr. Li.

The Company might continue to repurchase its convertible bonds and American depositary shares from time to time, subject to market conditions and other strategic considerations. Such purchases will be made in accordance with the applicable laws and subject to any required regulatory approvals.

SHANGHAI, September 23, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that its Board of Directors has authorized a share repurchase program under which ReneSola may repurchase up to US$20 million in aggregate value of the Company's outstanding American depositary shares ("ADSs") within the next 12 months.

Under the program, the Company may, from time to time, depending on market conditions, share price and other factors, make one or more purchases, on the open market or in privately negotiated transactions, of up to US$20 million in aggregate value of the Company's outstanding ADSs. Such purchases under the program will be made in accordance with the applicable laws and subject to any required regulatory approvals.

"We are fully confident in ReneSola's growth strategy and execution capabilities and we believe that the current share price does not fairly reflect our growth prospects," said Mr. Xianshou Li, ReneSola's chief executive officer. "We have already established a track record of success in our transition into a downstream oriented company with numerous projects developed, operated and sold and a deep pipeline of new projects in key markets including the United Kingdom, Japan and the United States. The board's decision on initiating a share repurchase program demonstrates the confidence we have in our business strategy, market position and long-term prospects and reflects our commitment to building sustainable value for our shareholders."

SHANGHAI, September 21, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold its 300 KW low voltage project in Kyoto, Japan to a local firm that intends to utilize the project to capitalize on tax incentives for investments made in small-scale renewable energy projects.

"The Kyoto project is our first project sale in Japan and continues our momentum as we expand our business across key developed markets within the downstream segment of the solar industry," said Mr. Xianshou Li, ReneSola's chief executive officer. "The project sale is representative of our long-term strategy to build a portfolio of small-sized ground or commercial rooftop projects that we can sell to retail and institutional investors with attractive pricing and favorable payment terms. We have more than 32 MW in our Japan project pipeline and are implementing similar strategies that are focusing on small ground and commercial rooftop projects in other developed markets including the UK, France and the US."

The project features ReneSola Virtus modules and is qualified for Japan's 36 Yen FIT scheme. ReneSola has closed the sale and received all proceeds from the project.

SHANGHAI, August 28, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold its 34.6 MW Port Farms utility scale project in the United Kingdom to Foresight Solar Fund Limited ("FSFL"). This represents ReneSola's second project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager, following the sale of its 6.4 MW Field House project in July 2015 to other funds managed by Foresight.

"The development and sale of our 34.6 MW Port Farms project, which was part of our initial pipeline of 71 MW of projects we developed in the UK, extends our collaboration with Foresight and represents another example of our execution capabilities and fruitful transition into the downstream segment of the market," said Mr. Xianshou Li, ReneSola's chief executive officer. "The successful monetization of our project pipeline along with our improving profitability and balance sheet outlook should provide us with the capital resources to support our growth. With more than 42 MW of existing projects in the UK, Japan, and Eastern Europe, and with more than 200 MW of projects in our late-stage development pipeline in the UK, US and Japan, we are confident that we can continue to execute well on our downstream strategy and generate cash flow and profitability well into 2016 and 2017."

The Port Farms project, which utilizes ReneSola's Virtus II modules, was connected to the grid in March 2015 and is qualified for the UK's 1.4 R.O.C scheme.

Second Quarter 2015 Financial Results

• Net revenues were US$268.4 million, representing a decrease of 23.1% from US$349.0 million in Q1 2015, and a decrease of 30.7% from US$387.1 million in Q2 2014.
• Net loss attributable to holders of ordinary shares was US$2.3 million, representing basic and diluted loss per share of US$0.01 and basic and diluted loss per American depositary share ("ADS") of US$0.02, compared to basic and diluted loss per share of US$0.09 and basic and diluted loss per ADS of US$0.18 in Q1 2015. 

"We are proud of the continuous success that we have been demonstrating in executing our solar downstream strategies," said Mr. Xianshou Li, ReneSola's chief executive officer. "The second quarter of 2015 represented an important turning point for ReneSola as we began to reap the benefits of our downstream efforts by beginning to sell solar projects from the 70MW portfolio that we developed and constructed in the UK. While we are scaling back our module business, we have been rapidly building our new solar portfolio comprised of selective high-quality projects mainly from attractive markets including the U.S., the UK, and Japan. This includes our recently announced a U.S. joint venture that will initially complete approximately 150MW based on a high-quality portfolio of projects in the U.S."

"In the second half of 2015, we will leverage our track record and well-known and growing brand name to deepen our penetration into global solar project markets and to expand our project portfolio in key markets. Through these efforts we aim to develop and build over 300 MW of solar projects that will be operational by 2016. We believe our global business platform, established customer relationships, strategic partnerships and experienced international team position us well for success in the marketplace," added Mr. Li.

"As the Company is successfully transitioning into the downstream, ReneSola's profitability and balance sheet outlook are also improving," commented Mr. Daniel K. Lee, ReneSola's chief financial officer. "We have significantly improved our gross margins quarter over quarter as a result of both internal cost control and favorable contributions from our downstream project business. Operating under our global risk management framework, we continued to tightly monitor our client credit evaluation process on the module business side and maintained discipline targeting only robust solar project markets without government subsidy payment issues. As we plan to complete the monetization of our remaining 51MW of UK projects in the second half of this year, we will build a larger portfolio of high-quality projects, changing the core dynamics of the company and taking us on a path we believe will enhance shareholder value over the long-term."

Outlook

For Q3 2015, the Company expects its net revenues to be in the range of US$330 million to US$340 million, and gross margin to be in the range of 15% to 16%.

JIASHAN, China, August 5, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (www.renesola.com), a leading brand and technology provider of energy efficient products, today announced that it has entered into a definitive agreement with Pristine Sun, LLC ("Pristine Sun"), a leading San Francisco-based solar project developer, to form a joint-venture, Baynergy, LLC ("Baynergy"), to develop, build and operate over 300 MW of solar projects in the United States, including many distributed generation projects.

Under the terms of the agreement, ReneSola will hold a majority equity interest in the joint venture while Pristine Sun may own up to 49 percent equity interest dependent on meeting certain conditions. Baynergy initially will own solar projects in various development stages and will continue to develop, build and operate a total solar project pipeline of 300 MW. The joint venture has an initial target of 150 MW of solar projects to be in operation by the end of 2016.

"Our partnership with Pristine Sun brings together two leaders in the renewable energy sector and reflects significant progress in our strategic shift to downstream initiatives," said Mr. Xianshou Li, chief executive officer of ReneSola. "The U.S. market is full of tremendous opportunities in the downstream project sector with 25 gigawatts projected to be constructed in the commercial and utility space in the next five years. We believe we can capitalize on these opportunities and grow the joint venture by leveraging ReneSola's global reputation, network, high-quality green energy products and solar project execution. This, combined with Pristine Sun's strong combination of a dynamic management team with extensive solar project experience and an expansive portfolio of quality solar projects throughout the United States, provides the foundation for a dynamic and effective partnership," added Mr. Li.

"We are experiencing fantastic growth at Pristine Sun," said Troy Helming, chief executive officer of Pristine Sun. "Our partnership with ReneSola to develop solar PV projects in the U.S. continues our tradition of working with leading industry players to develop, build and operate a deep pipeline of quality renewable energy projects. Capturing synergies from ReneSola's global platform and high product quality and Pristine Sun's in-depth U.S. market expertise, Baynergy is expected to accelerate efforts in promoting the use of renewable energy in local communities and yield healthy returns for investors of both companies."

JIASHAN, China, July 27, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (www.renesola.com), a leading brand and technology provider of energy efficient products, today announced it has agreed to provide Cofely Solar Technics, a major player in energy efficiency, with 30 megawatts ("MW") of solar modules, which will be used in a ground-mounted, utility-scale project in Nottinghamshire in the UK.

Under the terms of the agreement, ReneSola's contracted OEMs will deliver 30MW of the Company's high-efficiency 260w Virtus II solar modules produced in Poland for the project between July and September of this year.

"The UK continues to serve as an important market for ReneSola, be it for our self-developed downstream projects or for our solar module supply contracts with buyer partners like Cofely Solar Technics who have their own projects within the country," said Mr. Xianshou Li, ReneSola's chief executive officer. "Regardless of the end-market, our Virtus II modules remain in high demand for their consistent quality and efficiency. We are pleased to enter into this 30MW supply agreement and look forward to future opportunities for collaboration."

JIASHAN, China, July 16, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (www.renesola.com), a leading brand and technology provider of energy efficient products, today announced it has agreed to provide 20 megawatts ("MW") of solar modules to an international leading EPC company in Europe. The modules will be used in several utility-scale projects in Germany.

Under the terms of the agreement, ReneSola's contracted OEMs will deliver 20MW of the Company's high-efficiency Virtus II solar modules for the projects between July and August of this year.

"We are delighted to provide our high-quality modules for these projects in Germany, a developed market that has long been a leading source of demand and a destination for renewable energy alternatives," said Mr. Xianshou Li, ReneSola's chief executive officer. "Clients in both developed and emerging solar markets continue to turn to ReneSola because of our track record for delivering quality products, integrated service and support, and our global brand equity."

JIASHAN, China, July 7, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (www.renesola.com), a leading brand and technology provider of energy efficient products, today announced that it has sold its 13.5 MW Wedgehill utility scale solar project in the United Kingdom to a renowned solar energy generator in the UK.

"The closing of the Wedgehill project represents our second successful sale from our UK project pipeline this year," said Mr. Xianshou Li, ReneSola's chief executive officer. "Our progress in developing and selling high-quality, utility scale projects demonstrates our execution capabilities and reflects our commitment to our strategic shift toward downstream services and projects. We still have more than 76 MW of total projects in our portfolio which we plan to monetize as we continue to expand and develop our downstream presence."

The Wedgehill project, which utilizes ReneSola's Virtus II modules, was connected to the grid in December 2014 and is qualified for the UK's 1.4 R.O.C scheme.

JIASHAN, China, July 2, 2015 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL)(www.renesola.com), a leading brand and technology provider of energy efficient products, today announced that it has sold its 6.4 MW Field House utility scale project in the United Kingdom to funds managed by Foresight Group, a leading, independent infrastructure and private equity investment manager.

"The sale of the Field House project represents another successful example of our strategy to focus on downstream services and projects," said Mr. Xianshou Li, ReneSola's chief executive officer. "With current total existing projects of nearly 90 MW, we expect to monetize our downstream project portfolio while seeking new project opportunities to develop, build and transfer. We look forward to continued collaboration with Foresight Group and other buyer partners."

Ricardo Pineiro, Head of UK Solar at Foresight Group commented: "We are delighted to add this high quality Field House project from ReneSola to our portfolio of UK based solar plants which now number 35 with a generating capacity of over 400MW."

The Field House project, which utilizes ReneSola's Virtus II modules, was connected to the grid in March 2015 and is qualified for the UK's 1.4 R.O.C scheme.

First Quarter 2015 Financial Results

• Net revenues were US$349.0 million, representing a decrease of 9.8% from US$387.0 million in Q4 2014, and a decrease of 15.9% from US$415.0 million in Q1 2014.
• Net loss attributable to holders of ordinary shares was US$18.0 million, representing basic and diluted loss per share of US$0.09 and basic and diluted loss per American depositary share ("ADS") of US$0.18.

"Amidst a first quarter backdrop with a number of macroeconomic challenges and lingering foreign exchange volatility, we continued with our strategy to transition our business into the downstream project and services segment of the market," said Mr. Xianshou Li, ReneSola's chief executive officer. "We are leveraging the flexibility in our business model to quickly respond to changing market dynamics and to capture market opportunities. At the beginning of 2015, we began to scale back our global OEM capacity and focus more on our downstream project opportunities. We have completed over 70 MW of projects in the UK and expect to monetize in the near-term while expanding into a larger portfolio of downstream projects in the second half of 2015. As we continue with this strategic transition into the downstream services and project area, we believe we will be better positioned to achieve long-term profitability."

Mr. Daniel K. Lee, ReneSola's chief financial officer, said, "We continue to focus on actively managing our balance sheet. In Q1 we substantially reduced our inventory by $88.8 million as well as our long-term liabilities, reducing our convertible notes by $31.7 million. Going forward, we expect to further improve our balance sheet as well as cash flow as we monetize on our existing project portfolio and successfully execute on our long-term downstream strategy."

Outlook

For Q2 2015, the Company expects its net revenues to be in the range of US$250 million to US$300 million, and gross margin to be in the range of 16% to 18%.

Fourth Quarter 2014 Financial Results

• Net revenues were US$387.0 million, representing an increase of 3.9% from US$372.5 million in Q3 2014, and a decrease of 11.8% from US$438.8 million in Q4 2013.
• Diluted Earnings (Loss) per ADS was a loss of US$(0.08) vs. last years earning of $0.01.

"In the fourth quarter of 2014, we exceeded our fourth quarter guidance for shipments and met our gross margin guidance despite continued challenges from the macro economy, including foreign exchange volatility. We also continued to implement our strategy of shifting the focus of our business to retail-oriented and commercial customers with bundled services and downstream projects," said Mr. Xianshou Li, ReneSola's chief executive officer. "Due to the flexible nature of our global manufacturing network, we were able to rebalance our geographic mix by reducing our exposure in euro-denominated markets and shifting towards dollar-based and other non-euro markets during the fourth quarter. Our customer base has increased to 2,546 as we provided more renewable energy products and services to smaller-sized customers, representing a client pool that we expect to yield additional cross-selling opportunities for our products and services."

Mr. Daniel K. Lee, ReneSola's chief financial officer, said, "In line with our prudent approach to business expansion, we continue to improve our financial metrics including enhancing our cash position and reducing our long-term liabilities. During the fourth quarter, we reduced our long-term debt and convertible notes by $13.2 million and $17.0 million, respectively. Also, our operating cash flow was positive during the fourth quarter. We will strive to further improve our financial position as we expand and diversify our business worldwide."

Outlook

For Q1 2015, the Company expects its net revenue to be in the range of US$360 million to US$380 million, and gross margin to be in the range of 14% to 16%.

For full year 2015, the Company expects its net revenue to be in the range of US$1.5 billion to US$1.6 billion.

For year 2015, the Company does not have any plans for internal capacity expansion.

JIASHAN, China, February 9, 2015 /PRNewswire/ -- ReneSola Ltd (www.renesola.com) ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that its PV testing laboratory in Jiangsu, China has achieved Witness Testing Data Program (WTDP) certification from Underwriters Laboratories (UL), a globally renowned and independent safety science company.

WTDP certification allows third-party facilities to conduct tests under the supervision of UL personnel. ReneSola's state-of-the-art facility in Yixing, Jiangsu Province includes solar simulators, environmental test chambers, and electroluminescent (EL) testing equipment designed to test the quality and performance of the Company's PV modules according to strict UL and International Electrotechnical Commission regulations.

"This UL certification reflects our longstanding commitment to quality and the world-class level of our technical facilities," said Dr. Bill Hou, ReneSola's product center director. "By working with experienced UL staff in our own laboratory, we will not only ensure that our award-winning PV products meet all applicable quality and performance standards, but will also help us to deliver those products to our worldwide sales and distribution centers more quickly."

Company establishes local office to enhance nationwide sales platform

MISSISSAUGA, Ontario, Dec. 3, 2014 /PRNewswire/ -- ReneSola Ltd (www.renesola.com) ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced the expansion of its North American operations into Canada. The Company has opened a new office and warehouse facilities in Mississauga, Ontario.

Kevin Chen, President of Americas said, "ReneSola is expanding its North America footprint in both Mexico and Canada, offering local technical and business solutions, which have driven our success in similar markets. The new offices will allow ReneSola to better serve our local customer base with a centrally located, easy-access hub. Furthermore, the expansive facilities offer fast freight processing and state-of-the-art security."

Canada's photovoltaic market is mainly concentrated in Ontario, a result of the province's feed in tariff (FIT). Previous FIT programs required solar projects to be powered by "domestic content" equipment made in Ontario. The third phase of the program (FIT3) has eliminated this requirement.

"We can provide enhanced solutions to optimize support for our Canadian customer base of distributors and installers," said Mr. Chen.

EfstonSolar, a leading Ontario solar distributor, founded in 1970, signed a non-exclusive agreement with ReneSola Canada to become the Company's first Canadian distribution partner. Since 2009, EfstonSolar has installed over 200 FIT projects, deploying 15 MW in 2014.

"ReneSola's long-term and sustainable business strategy caught our attention at Solar Power International, clearly distinguishing itself from other PV manufacturers," said Nick Efston, president of EfstonSolar. "A vertically integrated model, robust global OEM partnerships, and total-solutions product offerings make a reliable and bankable partner for those seeking success in the Canadian renewables market."

ReneSola Canada recently joined the Canadian Solar Industry Association (CANSIA) and is partnering with EfstonSolar to participate at the upcoming Solar Canada exhibition in Toronto, December 8-9.

Company opens new offices in Mexico and Canada

SAN FRANCISCO, December 2, 2014 /PRNewswire/ -- ReneSola Ltd (www.renesola.com) ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced the expansion of its North American operations into Canada and Mexico. The Company has opened new offices and warehouse facilities in Mexico City, Mexico and Mississauga, Ontario in Canada.

Kevin Chen, President of Americas said, "ReneSola is expanding its North America footprint in both Mexico and Canada, offering local technical and business solutions, which have driven our success in similar markets. The new offices will allow ReneSola to better serve our local customer base with a centrally located, easy-access hub. Furthermore, the expansive facilities offer fast freight processing and state-of-the-art security."

Mexico expects to generate 35 percent of its energy from renewable sources by 2024. In 2012, only 4 percent of the country's electricity was generated from wind, solar and geothermal sources. The Mexican government is anticipating enormous increases in solar and wind power capacity for 2018, with the solar market's installed base expected to quadruple from 60 megawatts to 240 megawatts by the end of this year.

Canada's photovoltaic market is mainly concentrated in Ontario, a result of the province's feed in tariff (FIT). Previous FIT programs required solar projects to be powered by "domestic content" equipment made in Ontario. The third phase of the program (FIT3) has eliminated this requirement.

"We can provide enhanced solutions to optimize support for our Canadian customer base of distributors and installers," said Mr. Chen.

ReneSola Canada recently joined the Canadian Solar Industry Association (CANSIA).

Third Quarter 2014 Financial Results

• Net revenues were US$372.5 million, compared to US$387.1 million in Q2 2014 and US$419.3 million in Q3 2013.
• Net loss attributable to holders of ordinary shares was US$11.7 million, representing basic and diluted loss per common share of US$0.06 and basic and diluted loss per American depositary share ("ADS"), each representing two common shares, of US$0.12.

"Our results in Q3 2014 were mainly impacted by the depreciation of the European currencies that led to a foreign exchange loss of US$13.7 million, and by a delay in shipments due to the anticipation of new lower minimum imported prices in Europe, which were announced towards the end of Q3 2014. However, our fully integrated international sales, support, and logistics platform, our global manufacturing footprint, and our focus on retail-oriented and downstream opportunities continue to keep us in an advantageously competitive position," said Mr. Xianshou Li, ReneSola's chief executive officer. "Our platform gives us the flexibility to adjust to changes in demand across all of our major markets while maintaining operating efficiency and, as in the case of the third quarter, improving our gross margin to 15.3%. Moreover, we continue to move away from low-margin markets and to direct more of our resources toward higher-margin commercial and residential projects and total-solution opportunities.

"While we remain focused on our retail and residential-oriented business development, we selectively pursue downstream project opportunities with high quality and low risk in developed countries such as the United Kingdom. As of November 2014, we have started construction on a second downstream project in the UK and are also in the process of conducting due diligence on other quality projects there, which we expect to sell and generate revenue from in the coming quarters."

Mr. Daniel K. Lee, ReneSola's chief financial officer, said, "While we focus on expanding our commercial, retail and downstream initiatives, we continue to follow a prudent financial approach and asset-light strategy in order to grow our margins while improving our cash flow. Our Q3 gross margin of 15.3% represents two straight quarters of margin improvement. Furthermore, our cash flow from operations improved from an outflow of US$40.6 million in 2Q14 to an outflow of US$10.7 million, of which almost US$10 million was payment used for our downstream projects in the UK."

Outlook

For Q4 2014, the Company expects its total solar module shipments to be in the range of 460 MW to 480 MW, and its gross margin to be approximately 13%.

SAN FRANCISCO, Sept. 23, 2014 /PRNewswire/ -- ReneSola Ltd (www.renesola.com ) ("ReneSola" or the "Company") (SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its Residential Financing Program to better serve the fast-growing U.S. residential solar and LED markets.

The new ReneSola financing program will equip the Company's network of installers with market-leading loan products to help them reach a wider customer base and secure more business. ReneSola installers will have access to a suite of online sales tools to give them better visibility into the loan process and streamline communications to fast-track business. The simplified loan process does not require home equity or appraisals and credits funds directly to homeowners in order to accelerate the payment process.

The loans are available to homeowners with FICO credit scores as low as 650 and allow up to $40,000 in borrowing. Additionally, fixed rates and flexible loan terms offer a wide variety of low monthly payment options. Homeowners in the ReneSola financing program can own their solar systems with no out-of-pocket costs while benefiting directly from associated solar tax credits and all available incentives and rebates.

Kevin Chen, ReneSola's president of Americas said, "ReneSola is pleased to offer one of the most competitive loan packages in the marketplace through Admirals Bank. Their reputation in the industry and their commitment to serving the residential solar market make them a valued partner."

In addition to the company's new financing options, ReneSola's customers can take advantage of the company's full lines of solar and LED products including solar modules, string inverters, microinverters, racking, and LED products for residential and industrial use. ReneSola provides some of the highest-quality, green energy products in the world and the Company's bundled solar packages consisting of modules, inverters, and racking make installing reliable solar systems fast and easy. ReneSola's full line of products are available for financing through this new program.

"ReneSola's focus on accelerating the sales process and helping their customers grow their businesses is in perfect alignment with Admirals Bank's commitment to providing high quality services to the fast-growing U.S. residential solar market," said Admirals Bank chairman and chief executive officer, Nicholas W. Lazares. "The program is designed to foster the growth of the U.S. residential solar market by keeping homeowners' monthly payments low." 

MELBOURNE, Australia, September 17, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic (PV) products, today announced a new partnership initiative with Swiss inverter manufacturer SolarMax to distribute SolarMax solar inverters in Australia.

The partnership is an extension of ReneSola's distribution agreement in North America, and Australia will be the second country in the world where ReneSola will sell SolarMax inverters directly to the Company's customers. ReneSola will offer its solar panels along with SolarMax's P-series and MT-series solar inverters and accessories as a premium package to residential and commercial customers. The inverters are fully certified for use in Australia and New Zealand and are accredited by the Clean Energy Council (CEC).

"This new initiative has strategic significance for us in that the bulk of our Australia revenues are generated by our retail-oriented sales and marketing operations," said Mr. Xianshou Li, ReneSola's chief executive officer. "By expanding the range of quality and integrated PV products that we have available for sale, we can better serve our retail-oriented customers and thus continue to enhance our brand reputation."

"ReneSola continues to lead our more traditional Tier 1 PV peers through our one-stop-shop initiatives and our agreement with SolarMax extends the range of solar inverters we can recommend to our residential and commercial clients in Australia," said Derek Marsden, general manager of ReneSola Australia.

"SolarMax is delighted to extend our distribution partnership agreement with ReneSola from North America to Australia," said Christoph von Bergen, SolarMax chief executive officer.

"This partnership will raise the visibility of SolarMax's Swiss-made solar inverters through ReneSola's established worldwide sales channels and it offers an extended avenue for SolarMax to reach new customers."

"Our relationship with ReneSola will bring SolarMax's globally renowned inverters to a market where there is growing interest and demand for high quality solar installations in Australia," said Gavin Merchant, key account manager for SolarMax Australia.

JIASHAN, China, September 11, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or "the Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, today announced it will provide 10 megawatts ("MW") of solar modules to Juwi India Renewable Energies Pvt. Ltd. ("Juwi India"), a Bangalore-based engineering, procurement and construction (EPC) firm specializing in solar and wind energy plants. The modules will power a utility-scale project in Rajasthan to be developed by Atha Group, an India-based conglomerate with operations in mining, steel manufacturing, power, and renewable energy.

Under the terms of the agreement, in September and November of this year, ReneSola will deliver a total of 10MW of its Virtus modules manufactured at the Company's India-based OEM facilities, in accordance with India's applicable domestic content requirements (DCR), which call for certain solar projects in the country to incorporate locally manufactured components.

"India continues to be a strong performer for us, in fact this is our second major contract win announcement for this market in as many weeks," said Mr. Xianshou Li, the Company's chief executive officer. "With the increasing demand for DCR modules in the India market, our network of OEM manufacturing and on-the-ground teams enable us to satisfy domestic content requirements while responding to market needs in real time."

JIASHAN, China, September 2, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola", or the "Company") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that it will develop a 13MW solar project in Dorset, England. The Company expects the solar farm to be fully operational and connected to the national energy grid by end of this year.

The Company has identified a number of potential buyers for the project, which received planning consent in January 2014 and is eligible for the United Kingdom's support scheme to promote renewable electricity-generating technologies. The project will feature ReneSola PV modules exclusively, specifically the Company's top-rated Virtus II.

"While we remain focused on our retail and residential-oriented business development, we selectively pursue project opportunities across our key markets when we identify good value and when the projects are in line with our broader strategic objectives," said Mr. Xianshou Li, ReneSola's chief executive officer. "The United Kingdom is one of our best-performing markets, and one of the world's fastest-growing major solar markets, while the new project will further strengthen our leading market position in UK. The 13MW Dorset project will be one of a series of selective projects we plan to build in the coming quarters."

JIASHAN, China, August 20, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, today announced it will provide 5.4 megawatts ("MW") in solar modules to Welspun Energy Pvt. Ltd. ("Welspun Energy"), a New Delhi-based engineering, procurement and construction (EPC) firm, for a utility-scale project in India.

Under the terms of the agreement, this month ReneSola will provide 240W and 245W versions of its popular Virtus II solar PV modules, which were manufactured at the Company's India-based OEM facilities, thereby satisfying the project's domestic content requirements (DCR), which call for certain solar projects to incorporate locally manufactured components. The companies hope to expand the project, which is subject to regulatory allocation by India's National Solar Mission.

"ReneSola's global OEM capacity of more than 1.1 gigawatts allows us to respond quickly to client demand and to shifting trade policies across the major solar markets, which have become problematic for many of our China-based peers," said Mr. Xianshou Li, the Company's chief executive officer. "India is one of our seven OEM locations around the world, and we see high growth potential in the country's DCR market. Moreover, we look forward to working with Welspun Energy, an experienced and fast-growing EPC, to help India reach its green energy goals."

Second Quarter 2014 Financial Results

• Net revenues were US$387.1 million, compared to US$377.4 million in Q2 2013 and US$415.0 million in Q1 2014.
• Net income attributable to holders of ordinary shares was US$0.8 million, representing basic and diluted income per share of US$0.00 and basic and diluted income per American depositary share ("ADS") of US$0.01.

"We are proud to report that ReneSola recorded a profitable second quarter with a gross margin of 14.7%, beating consensus and our guidance," said Mr. Xianshou Li, ReneSola's chief executive officer. "Our quarterly results stemmed from fundamental improvements to our business operations as well as a differentiated and competitive global-centric business model, which we expect will lead to stronger results for the rest of this year."

"The current international business environment for Chinese solar manufacturers is becoming more challenging, with an increasing number of trade cases in different regions around the world. However, having positioned ourselves as a global player, we are able to leverage our differentiated business model, which comprises robust and localized international operations and an extensive international manufacturing network through our OEM partnerships across the globe and generates 1.1 GW of module capacity from 11 factories in 7 countries. Our globalized structure enables us to adapt to demand changes quickly, be they the result of market forces or changes in trade policies. Continued investment in our global network has yielded new client wins and industry recognition for our wide range of solar products."

"Our cost-reduction efforts have been successful in both our internal domestic and international OEM operations, helping us to achieve industry-competitive gross margins during the quarter. This was aided by our fully-operational, in-house polysilicon production capabilities and a more efficient process control. Going forward, we will make efforts to further reduce our production cost and to improve our profitability."

"We continue to see high growth potential in the commercial and retail markets across our international target markets. With our extensive and expanding global network, we expect increasing opportunities among commercial and retail markets with comparatively higher ASPs and better payment terms. With already more than 1,800 clients across 77 countries worldwide, we will continue to aggressively grow this large client base in the second half of this year and to provide a full suite of ReneSola-branded solar and renewable energy products to our rapidly growing and more retail-focused client base."

Mr. Daniel K. Lee, ReneSola's chief financial officer, commented, "The second quarter results demonstrate the effectiveness of our global business infrastructure to deal with the solar industry's increasingly complex trade dynamics and to position ourselves favorably for a sustainable, balanced and diversified revenue mix. Our international strategy is in line with our prudent financial approach and asset-light operating strategy. We expect to continue to expand our international platform and improve our financial metrics in the second half of the year."

Outlook

For Q3 2014, the Company expects its total solar module shipments to be in the range of 530 MW to 550 MW, and its gross margin to be in the range of 15% to 17%.

JIASHAN, China, August 8, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, today announced ReneSola UK will supply 22 megawatts ("MW") of its high-efficiency polycrystalline Virtus I and Virtus II solar modules for use in two ground-mounted, utility-scale projects in the United Kingdom.

The two projects are a 10.8MW Low Carbon project in Bottom Plain, Dorset and a 15.6MW Cofely GDF Suez project in Bilsham Farm, Arundel. The Bilsham solar farm represents the start of a long-term commitment from the area to supply green energy to the national grid. The site is expected to power up to 3,600 homes with renewable energy and to reduce carbon dioxide emissions by up to 1.65 million tons per year.

ReneSola's Virtus I and II solar PV modules are based on a proprietary polycrystalline technology that features the efficiency and effectiveness of a monocrystalline structure. To maximize efficiency, the solar farms will use both 250W and 255W modules, which were manufactured by ReneSola OEM facilities outside of China.

Ian Glover, general manager of ReneSola UK, said, "ReneSola works tirelessly to improve all the cost efficiencies associated with solar power. We are delighted that our commitment to R&D and quality control in our OEM manufacturing has resulted in being the product of choice for these two major solar developers. It's great to work with Low Carbon again and a real pleasure to bring on a new partnership with GDF Suez, while also doing our part to tackle the issues of climate change and UK energy security. We anticipate high demand for our modules over the next two quarters and have been working with our OEM partners to ensure stock will be available for all EPC contractors rushing to complete projects before anticipated changes in UK solar policy."

Dmitry Van Havere, project manager of Cofely GDF Suez said, "Cofely Solar Technics is proud to be working with ReneSola in building this clean, environmentally friendly solar farm which will contribute towards the UK's renewable energy targets and show how agriculture and power generation can work together to develop farm-friendly solar installations."

John Cole, chief investment officer of Low Carbon, said, "Renewable energy technologies have demonstrated substantial performance improvements and efficiency gains and are now being deployed at significant scale. One of the key aspects of all our investments is ensuring high-quality solar technology is used to maintain our drive for reliable performance and ultimately stable returns for investors. We look forward to working with ReneSola on the Bottom Plain project."

JIASHAN, China, July 23, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced the delivery of 30 ReneSola Novaplus 2KW energy storage systems to a national distributor in Chelmsford for onward sale to Essex installation company Think Green Energy. An additional 10 units are on order for use by Think Green Energy customers in the southeast of England.

"At ReneSola we have been expanding our product range to include products that provide additional energy savings and generate value for solar installations, including our Novaplus batteries and LEDs," said Ian Glover, general manager of ReneSola UK. "The Novaplus RFP-2000E5 2KW energy storage system is a plug-and-play device that has become increasingly popular due to its ease of installation and use, along with its superior value for money. We are delighted to be working with Think Green Energy and look forward to developing this partnership further. ReneSola's lithium ion energy storage systems have generated keen interest in the marketplace and will be on display at agricultural trade shows across the UK this summer."

Think Green Energy is an independent installation company based in Battlesbridge that offers its customers the best renewable energy solutions on the market. Kate Chambers, director of Think Green Energy, said, "We've been waiting a long time for a product like this to optimize the installations of our residential customers. A battery storage system that is user-friendly and cost-effective such as the ReneSola Novaplus is the ideal solution. We are happy to offer it to all our customers."

JIASHAN, China, July 21, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has entered a framework agreement (the "Framework Agreement") with China Seven Star Holdings Limited ("China Seven Star"), a Hong Kong listed company, regarding a partnership in potential sales to China Seven Star of no less than 200 megawatts ("MW") of existing and new PV projects within 18 months. The parties subsequently signed a Memorandum of Understanding ("MOU") which stipulates that ReneSola will sell to China Seven Star two utility-scale projects, both of which are completed and connected to the grid, with a total capacity of 9.7 MW in Bulgaria.

Under the terms of the Framework Agreement, China Seven Star seeks to acquire from ReneSola within 18 months no less than 200 MW of PV projects, including but not limited to four existing solar parks in Bulgaria and Romania. The series of PV project cooperation set forth in the Framework Agreement will begin with the sale of two utility-scale projects in Bulgaria by ReneSola to China Seven Star pursuant to the terms of the MOU, where China Seven Star will issue and allocate new shares to ReneSola in exchange for the entire shareholder equity of the project company. For each potential PV project sale under the Framework Agreement, including the Bulgaria projects specified in the MOU, ReneSola and China Seven Star will enter into a separate agreement.

"We are excited to commence our cooperation with China Seven Star," said Mr. Xianshou Li, ReneSola's chief executive officer. "The potential sales of the two utility-scale projects in Bulgaria and additional projects comprising a total of 200 MW represent a continuation of our strategy of selectively developing solar power projects. We wish to be involved in the full cycle of PV project development, while continuing to maintain our capital and debt controls and to improve our overall financial position."

Mr. Xinggua Ni, chairman of China Seven Star, said, "We are delighted to enter into this partnership with ReneSola. We believe ReneSola can bring along its technological expertise and experience in the PV project development, which will accelerate our growth in the downstream solar market. We look forward to further cooperation with ReneSola in the future."

The framework agreement and the MOU do not constitute final agreements. With specific provisions relating to the sales of projects still to be agreed to, there is no assurance that any sale of PV projects will be completed.

JIASHAN, China, June 12, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, today announced that Solar Insurance & Finance ("Solarif"), an international and independent insurance broker specializing in insurance for PV installations, has certified ReneSola modules based on a positive audit of the Company involving relevant technical, financial, environmental, and labor considerations.

As a result, ReneSola customers who choose to insure their PV projects through Solarif are eligible for additional coverage that extends the warranty to include inherent defects. This coverage can be extended up to 20 years and is typically coupled with Solarif's "all-risk" coverage, which covers material damages, labor costs, and loss of production due to external causes. The all-risk insurance, including the additional coverage for inherent defects, remains valid even if the certified manufacturer ceases operations or disputes a warranty claim. The insurance is now available for all ReneSola China-facility made modules, and coverage for modules from the Company's global network of production facilities is expected to be available shortly.

"Solarif certification represents another third-party endorsement of our quality PV products and reflects our commitment to providing long-term value to our customers," said Mr. Xianshou Li, ReneSola's chief executive officer. "The global solar industry has experienced considerable ups and downs over the last two years and buyers of PV products are understandably cautious when choosing among the many options available. ReneSola customers can buy with confidence knowing that warranty protections of up to 20 years are available to them. This type of coverage not only facilitates the financing of a PV installation, it can also boost an installation's resale value."

SAN FRANCISCO, June 9, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (www.renesola.com), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has forged a partnership with SolarMax, a Swiss solar inverter and system monitor manufacturer, and has completed the first order of SolarMax inverters to be delivered to Black Rock Solar.

The nine SolarMax 18kW inverters will be installed along with ReneSola Virtus II 305W modules for a 204kW solar power project at Western Nevada College. With the latest inverter technology from SolarMax, the solar system will produce around 324,000 kWh per year and power numerous classrooms, labs and administrative offices for the college.

"We are delighted to cooperate with SolarMax in providing bundled solutions to our customers with both high quality modules and inverters," said Kevin Chen, President of ReneSola America. "The high-efficiency and durable inverters optimize our solar energy generation, increasing the yield of ReneSola PV modules. We firmly believe that this new partnership will help to make better renewable energy products in the future, which will benefit our customers with more efficient and more advanced solar power systems."

JIASHAN, China, June 5, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, today announced that ReneSola Germany GmbH ("ReneSola Germany"), in cooperation with energy supplier EnBW Energie Baden-Wurttemberg AG ("EnBW Energie"), has built the biggest solar park in Baden-Wurttemberg, Germany with approximately 40,000 polycrystalline photovoltaic ReneSola modules and a total capacity of 10 megawatts ("MW").

Solar Park Konigsbronn, a 19-acre park located on a former military base in Konigsbronn in the district of Heidenheim, began operations on May 23 and is expected to supply electricity to 3,000 local households.

"Solar Park Konigsbronn is one of our biggest projects in Germany," said Jijun Shi, the head of ReneSola's European operations. "The Virtus II modules used in this project feature greater uniformity in the grain size of their silicon crystals and an improved crystal lattice structure. The result is efficiency gains of up to 16%, which means that facilities like Solar Park Konigsbronn can operate profitably despite declines in feed-in tariffs."

SAN FRANCISCO, June 4, 2014 ReneSola Ltd. ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced today that it has finalized an order to deliver nearly 20,000 of its high efficiency Virtus II PV modules to GeoPeak Energy, a leading solar developer and EPC. The order will be the first of its kind for ReneSola America, as the non-Chinese modules are being manufactured by the Company's OEM factory using non-Taiwanese cells.

"ReneSola has been a strong player in the North American PV market over the past three years," said Kevin Chen, president of ReneSola America. "This order exemplifies ReneSola's commitment to the U.S. market and our ability to adjust quickly to changing market dynamics through our OEM strategy. With the recent announcement of preliminary tariffs on modules imported from China to the United States, we are able to take an early initiative to keep our prices competitive by leveraging our global OEM network. We believe this approach is pivotal, and will be a key differentiator between ReneSola and our competitors."

"We chose ReneSola as our strategic partner to supply photovoltaic modules built in their state-of-the-art facility because of their specialized anti-reflective coating that maximizes clean energy production," said AJ Javan, partner of GeoPeak Energy. "Kevin and his team have worked closely with ours to ensure an on-time delivery of modules for this 6 megawatt utility scale solar power plant. The solar energy generated will be supplied directly to the manufacturing site as part of our customer's sustainable operations plan."

Delivery is scheduled to begin in August and the modules will be used as part of a ground-mounted solar project for a manufacturing facility in New Jersey. The project will consist of a mix of ReneSola's 295 and 300 watt, 600 volt Virtus II high-efficiency polysilicon PV modules. Project construction is expected to be completed early in the fourth quarter.

First Quarter 2014 Financial Results

• Net revenues were US$415.0 million, compared to US$438.8 million in Q4 2013.
• Net loss attributable to holders of ordinary shares was US$14.6 million, representing basic and diluted loss per share of US$0.07 and basic and diluted loss per American depositary share ("ADS") of US$0.14.

"Our OEM strategy continues to be the backbone of our worldwide sales and distribution efforts," said Mr. Xianshou Li, ReneSola's chief executive officer. "ReneSola's overseas OEM module capacity now exceeds 1.1GW, with a total of 11 facilities in Europe, Africa, South Asia, and the Asia-Pacific region, and allows us to grow our business with minimal capital expenditure requirements. While we recognize the regulatory uncertainty regarding trade frictions across a number of major solar markets, including the United States and possibly India and Australia, we continue to be well positioned compared to our peers with our OEM facilities around the world, and will look for opportunities to gain market share from resulting market changes. Potential higher ASPs in those markets served by our OEM capacity will also help our profitability. Our OEM manufacturing network continues to play a key role in our business model in becoming a global brand and technology provider with sales channels spread across multiple continents. Additionally, we continue to grow our sales and distribution network worldwide with 22 offices and 37 warehouses. Furthermore, our ever-growing local sales teams provide us with greater adaptability in dealing with changing market conditions and meeting client needs as they emerge.

"We are gradually switching our focus from big-scale utility projects to small-scale projects, specifically commercial and residential rooftop projects. We are seeing stronger and more sustainable growth in these retail markets across different continents and are able to sell at a higher price to such smaller projects. With our brand recognition, local warehouses and on-site technical support, we are providing retail customers with integrated solar services and solutions, which not only allows us to charge a premium but also puts us on the path to becoming a stronger brand and higher-profile technology provider in the industry. We expect that by the end of this year, retail market sales will account for nearly half of our module shipments.

One of our key Q1 highlights was a tremendous sales pick-up in Japan. We expect sales volume to continue through the rest of this year, providing another example of our strong sales and marketing capabilities across international markets. Also, our polysilicon factory, after a brief period of maintenance, has been back to full production since the end of March, and we expect it will contribute positively to our overall profitability from Q2 onward.

"We have made module production cost reduction one of our priorities for 2014, and we have a detailed plan in place that we will implement gradually throughout the year. We expect the cost reduction to come primarily from our in-house polysilicon supply, increased production efficiency, and more efficient sourcing of other materials. We are aiming to be a cost-leading module supplier in the industry, while maintaining the same high level of product quality that the market has come to expect from ReneSola."

Outlook

For Q2 2014, the Company expects its total solar module shipments to be in the range of 480 MW to 500 MW, and its gross margin to be in the range of 12% to 14%.

The Company reiterates its total solar module shipments for full year 2014 to be in the range of 2.3 GW to 2.5 GW.

JIASHAN, China, May 6, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL) (www.renesola.com), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has been contracted to provide 1.6MW in solar modules and 1MW in mounting systems to Consolidated Energy & Economic Engineering Co. ("Consolidated Energy") to power a series of residential and commercial rooftop projects in Jordan.

Under the terms of the agreement, ReneSola will provide 6,400 of its Virtus II 250W modules, along with 1.05MW of roof-mounting structures to Consolidated Energy. 4,400 units will be used for a 1.1MW commercial project to be completed within five months in Amman. The remaining 2,000 units will be used in a number of residential projects.

"This contract win represents ReneSola's biggest sales order in Jordan to date and includes one of the country's largest-ever commercial rooftop projects," said Mr. Xianshou Li, ReneSola's chief executive officer. "We are pleased to provide our high quality modules and mounting systems to Consolidated Energy. This collaboration reflects our steady growth in emerging markets like Jordan and we look forward to expand our market share in the region."

"We chose to work with ReneSola because, in addition to their market-leading module technology, we value the on-the-ground sales and service support that their regional team can provide," said Mansour W. Murad, Consolidated Energy's chief executive officer. "The Jordanian solar market has grown quickly and we look forward to future opportunities to team with ReneSola."

JIASHAN, China, April 28, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola" or "the Company") (NYSE: SOL) (www.renesola.com), a leading brand and technology provider of solar photovoltaic products, today announced it has appointed Mr. Daniel Lee as the Company's chief financial officer, effective May 5, 2014.

Mr. Lee has over two decades of international experience in finance, investment, consulting, and management. Mr. Lee was previously chief financial officer of China Information Technology Inc., a leading integrated display technology and cloud-based solutions provider listed on NASDAQ. Mr. Lee's investment banking experience includes working as a partner at Pine Capital, LLC and as a senior China equity analyst covering five industries at Roth Capital Partners. Mr. Lee started his career as an analyst with two U.S. investment banks, first at Morgan Stanley & Co. and later at Punk, Ziegel & Company, where he covered U.S. and international IT services and outsourcing companies.

Mr. Lee is a CPA and CFA charterholder, with a master's degree in accountancy from the Zicklin School of Business of Baruch College and a bachelor's degree in economics with concentrations in finance and multinational management from the Wharton School of the University of Pennsylvania.

Xianshou Li, ReneSola's chief executive officer, said, "We are happy to welcome Daniel to our management team. Daniel brings a strong financial background, extensive experience in investment banking, and outstanding professional credentials. Daniel's depth of financial, accounting and managerial experience will serve as a great resource for our Company as we expand and strengthen our global sales and distribution network. Furthermore, we are confident that he will help to continue to improve our financial position while strengthening our communications with the market and meeting the informational needs of our investors."

"We greatly appreciate the contributions Henry Wang, our outgoing CFO, made during his tenure at ReneSola. Henry has been an important member of our senior management team. We respect his decision to pursue new opportunities and wish him the very best in his future endeavors," said Mr. Li.

Mr. Wang will step down as chief financial officer on May 4, 2014; he is leaving the Company for personal reasons.

JIASHAN, China, April 2, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (www.renesola.com )(NYSE: SOL), a leading brand and technology provider of solar photovoltaic products, today announced it has completed the sale of three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., Ltd.

The three utility-scale projects are located in China's Qinghai and Xinjiang provinces and are all connected to the grid. The deal was completed on March 31, 2014 and followed a memorandum of intent signed by the two companies on December 30, 2013.

"We are delighted to have successfully completed the sale of our three utility-scale projects in Western China," said Mr. Xianshou Li, ReneSola's chief executive officer. "These projects demonstrated our ability to develop solar power projects in full cycle, while the sale helps to improve our overall financial position. Although we remain cautious in regards to investing in solar projects in China, we remain optimistic about China's market for solar projects over the longer term, and we will continue to participate in China projects and explore related opportunities while keeping our capital expenditures to a minimum."

JIASHAN, China, March 27, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today elaborated on a pending U.S. Department of Commerce ("Department")'s anti-dumping and countervailing duty investigation regarding certain crystalline silicon PV products from China.

On December 31, 2013, a petition was filed with the Department to initiate an anti-dumping and countervailing duty investigation regarding certain Chinese solar products. This is the second investigation initiated since the first petition was filed at the end of 2011. In 2012, petitions against Chinese-made solar products were also filed in European Union.

Anti-dumping and countervailing duty investigations are commonly used to resolve international trade disputes. The 2011 investigation in the United States was settled by setting certain tariffs on solar modules with cell components produced in China. The 2012 investigation in the European Union was resolved by setting a price floor for Chinese-made solar products.

On March 25, 2014, ReneSola received a letter from the Department in which ReneSola was named as one of the mandatory respondents related to the anti-dumping investigation. According to the World Trade Organization rules, the Department has to guarantee the export quantities of the sampled companies accounted for a certain percentage of the total export sales of China. It is common practice for the Department to selects certain companies with relatively large market share in the United States to participate in the investigation. The Company intends to fully cooperate with the investigation proceedings and to pursue the best outcome for ReneSola, as well as the industry. It is estimated the Department will make a preliminary ruling in June of this year.

"This investigation may result in certain retroactive tariffs being applied on products shipped to the United States within the investigation scope, including modules with Chinese and Taiwanese cell elements, if the Department finds sharply increased Chinese shipments to the United States from March to the preliminary ruling date," said Mr. Xianshou Li, chief executive officer of ReneSola. "In the interests of our clients and investors, we are temporarily reducing our U.S. product shipments in question.

"However, as we mentioned in our recent earnings call, we have overseas capacity through our network of OEM facilities that we can use to continue shipping to the United States without any potential tariff risk. While we oppose the petition raised against certain products from China, we are well prepared and well positioned to meet this challenge and will continue to support U.S. consumers with our top quality module products that are not the subject of the trade proceedings. We are confident that we can continue to leverage our well-deployed global OEM resources and capabilities, and optimize our geographic distribution to our advantage.

"Furthermore, we reiterate our full year guidance of module shipments of 2.3GW to 2.5GW."

JIASHAN, China, March 26, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced today that it has been selected as one of the respondents in the United States Department of Commerce's anti-dumping investigation on certain crystalline silicon photovoltaic products from China (DOC Case No. A-570-010).

"We intend to fully cooperate with the investigation proceedings," said Mr. Xianshou Li, chief executive officer of ReneSola. "We have temporarily halted shipments to the United States that fall within the scope of the investigation that began this March. At the same time, we continue to deploy our distinctive OEM strategy to meet the increasing demand for solar PV modules in the United States."

Fourth Quarter 2013 Financial Results

• Net revenues were US$438.8 million, representing an increase of 4.7% from US$419.3 million in Q3 2013.
• Net income attributable to holders of ordinary shares was US$0.8 million, representing basic and diluted earnings per share of US$0.00 and basic and diluted earnings per American depositary share ("ADS") of US$0.01.

"We achieved another quarter of record solar module shipments and record revenue, and recognized net profit for the first time in two years. It was a great achievement of which I'm very happy and proud," said Mr. Xianshou Li, ReneSola's chief executive officer. "In a year in which the global solar industry showed real signs of recovery despite persistent challenges, we are happy to have not only endured but to be returning to profitability. In 2013, our module shipments increased dramatically from last year, demonstrating our current position as one of the world's major module providers, and after only 18 months of scale production. Our business performance and financial results underscore the success of our efforts to grow our brand recognition and market share in international markets. Moreover, we have become one of the top module suppliers in the United States, Europe and Japan.

"We started our global OEM initiative two years ago and in 2013 saw remarkable progress in that strategy. We currently have overseas OEM module capacity of approximately 1GW, with facilities in Poland, South Africa, India, Malaysia, South Korea, Turkey, and most recently Japan, which are responsible for an increasing proportion of our module shipments. Our OEM strategy enables us to grow our business with minimum capital expenditure, and also provides us great flexibility in terms of capacity expansion as dictated by actual market conditions. Furthermore, given the potential of extended and additional anti-dumping and countervailing measures regarding Chinese solar products, our global OEM capability puts us in a very favorable position to manage such regulatory obstacles.

"We saw rapid growth in our international business development last year. We now have 15 overseas sales offices, with our most recent openings in established markets like France, and emerging markets like Panama, Turkey and Thailand. We are also in the process of setting up new sales offices in Southeast Asia, Latin America, the UAE, Africa, Russia, and Canada, and we now have 27 warehouses around the globe. With our local teams and distribution centers serving the majority of overseas markets, we are able to provide tailor-made local support and solutions, as well as instant product delivery. Moreover, we are able to extend the reach of our brand image and enhance our reputation for quality, which is key to our goal of becoming an integrated service and solution provider."

Outlook

For Q1 2014, the Company expects total solar module shipments to be in the range of 500MW to 520 MW, and gross margin to be in the range of 9% to 11%.

For full year 2014, the Company expects total solar module shipments to be in the range of 2.3 GW to 2.5 GW.

For year 2014, the Company does not have any plans for internal capacity expansion.

LONDON, March 13, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola") (www.renesola.com) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic (PV) products, today announced that it will deliver 66 Replus string inverters and 100 Micro Replus micro inverters to Enlightened Solar, as part of a larger sale of ReneSola solar products.

Enlightened Solar will install the ReneSola inverters and 2,000 ReneSola 240W and 260W Virtus II modules on a series of new housing projects in the United Kingdom. Geoff Fox, Managing Director of Enlightened Solar said, "We chose ReneSola products because of the long expertise that the company has in supplying top quality equipment. The ease of procurement and full after sales service from the UK office made ReneSola an easy choice."

"We are delighted Enlightened Solar chose our TL-series inverters," said Ian Glover, General Manager of ReneSola UK. "We have received positive feedback on our inverter quality and ease of installation, and expect the use of our inverters to streamline the overall installation process of solar equipment."

The ReneSola products will be installed at housing developments consisting of one thousand new homes located in Crawley Brentwood and Dagenham in southeast England. The homes will be built by Countryside properties and will include a mix of private and social housing. All properties are expected to benefit from the solar installation.

JIASHAN, China, March 3, 2014 /PRNewswire/ -- ReneSola Ltd (www.renesola.com) ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it will begin manufacturing its Virtus II modules in Japan through a joint venture, Vitec Global Solar, in partnership with Vitec Co., Ltd. ("Vitec"), a Japanese trading company that specializes in the sale of semiconductor and electrical products.

"This is an important strategic step for ReneSola as we continue to prioritize our growth in Japan, one of our most important target markets. This joint venture will enable us to meet government requirements for local manufacturing, a core advantage of our OEM model," said Mr. Xianshou Li, chief executive officer of ReneSola. "Our partnership with Vitec will also increase our cost competitiveness in Japan and enable us to provide our customers with an increased level of support. We are confident in our decision to collaborate with Vitec for this joint venture, given Vitec's reputation for offering seamless support to its partners."

The manufacturing plant is located in Otawara City, Tochigi Prefecture, Japan, and will have total annual production capacity of 80MW. Production is scheduled to begin in April 2014

LONDON, February 20, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic (PV) products, today announced it is supplying 13MW of its high-efficiency Virtus and Virtus II polycrystalline solar modules to Low Carbon, a UK-based investor in renewable energy developers and projects. The modules will power a ground-mounted project on 63.5 acres of land in Wiltshire, England.

ReneSola will ship the modules from its warehouse locations in Poland and India to the new solar park in Wiltshire. Delivery of the modules is underway and will continue over a five-week period. The new solar park will generate enough clean energy to power more than 3,800 homes per year, based on estimates by the UK energy regulator Ofgem.

"A key aspect of all of Low Carbon's solar park investments is to ensure that high-quality equipment is used to maintain our drive for high efficiency," said John Cole, chief investment officer of Low Carbon. "We look forward to working with ReneSola on the Wiltshire project."

"We are excited to have been selected to provide our high-efficiency polycrystalline modules to this new solar park project in collaboration with Low Carbon," said Ian Glover, general manager of ReneSola UK. "We are confident that our high-quality solar products will benefit this solar park project, homeowners, and the environment. Our office in the UK and further investment in research and development will better meet energy needs in the UK, which we expect will become the largest solar market in Europe."

JIASHAN, China, January 27, 2014 /PRNewswire/ -- ReneSola Ltd. ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced an agreement to provide Isolux Corsan, a global benchmark in the areas of concessions, energy, construction and industrial services and a leader in engineering, procurement and construction ("EPC") projects for solar PV plants, with 57 megawatts ("MW") of Virtus PV modules for installation in three commercial PV projects in the United Kingdom.

According to the terms of the agreement, ReneSola will deliver 57 MW of Virtus PV modules with an average power output of 250 W. The modules will be installed at projects in Cornwall, Dorset, and Norfolk in the United Kingdom. ReneSola began delivery in December 2013 and the three projects are expected to connect to the grid in March of this year.

"We are proud to deepen our relationship with Isolux Corsan, a leading EPC with stringent requirements for its partners," said Mr. Xianshou Li, ReneSola's chief executive officer. "This collaboration follows our successful partnership with Isolux Corsan regarding another UK solar project at the end of last year, and will help us solidify our local market share while building long-term relationships with leaders across the solar industry. The modules for these projects will be manufactured by OEMs in Poland and India, which follows our strategy of increasing use of OEMs in select markets."

JIASHAN, China, January 16, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has provided Isolux Corsan Servicios, S.A. ("Isolux Corsan"), a global benchmark in the areas of concessions, energy, construction and industrial services and a leader in engineering, procurement and construction ("EPC") projects for solar PV plants, with 31.7 megawatts ("MW") of Virtus PV modules for a commercial PV project in the United Kingdom.

According to the terms of the agreement, ReneSola delivered 9.7 MW of Virtus I modules and 22 MW of Virtus II modules to Isolux Corsan's project site location in Suffolk, England. The project used ReneSola modules exclusively and connected to the grid in December 2013.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This shipment boosts our market share in the region, as we become a top supplier in the UK's growing solar market. Furthermore, working with Isolux Corsan, one of the industry's top constructors of turnkey EPC PV power projects, will open new doors for supplying modules to other large-scale projects. Isolux Corsan's selection of our modules speaks to the quality of our products and our brand image among customers. We will continue to enhance our products and customer relationships to supply additional large-scale products in the UK and worldwide."

Antonio Gonzalez Torralbo, Isolux Corsan's chief executive of EPC activity, added, "This is the fourth solar park we've built in the United Kingdom. We are one of the leading photovoltaic construction firms worldwide, and with this project, we're consolidating our operations in Europe, where we have already amassed a total installed capacity of 340 MWp in more than 50 solar plants located throughout Spain, Italy and the United Kingdom. We're thrilled to work with a top-tier PV supplier like ReneSola. We chose ReneSola modules because of their compliance with relevant anti-dumping measures, strong reputation for quality and comprehensive PowerGuard insurance."

SHANGHAI, January 6, 2014 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has been awarded a contract to supply 420MW of solar panels to a leading solar project developer based in Japan. ReneSola's Virtus II 300W 72-cell high-efficiency polycrystalline PV panels will be installed in over ten ground-mounted power plants in the mountain regions of Japan, and will provide power to the surrounding residential homes.

"We have worked with a number of solar panel providers, and are particularly impressed by ReneSola's product quality and value, and excellent customer service. The ReneSola team provided us with in-depth technical knowledge on the durability and reliability of their solar panels," said chief executive officer of the Japanese solar project developer. "We look forward to developing our relationship with ReneSola and partnering with them on future projects in Japan."

Mr. Xianshou Li, chief executive officer of ReneSola said, "We are pleased that this project enables us to grow our presence in Japan, one of our target markets. Our local sales office is supporting our growth amidst the increasing demand for solar products in Japan. ReneSola is committed to producing high-quality cost-competitive products, and we will continue to expand our presence in new markets in the coming years."

ReneSola will begin delivery of shipments for the project in January 2014, and expects to complete delivery by December 2015.

JIASHAN, China, Dec. 30, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it signed a Memorandum of Intent (MOI) to sell three utility-scale projects in Western China, with a total capacity of 60MW, to Jiangsu Akcome Solar Science & Technology Co., Ltd. ("Jiangsu Akcome") on December 30, 2013.

"Once completed, this deal will enable us to decrease our debt level and increase our cash flow, which will help us improve our financial position. Thus, we will have greater flexibility to further expand our business in new and existing markets," said Mr. Xianshou Li, ReneSola's chief executive officer.

Mr. Chenghui Zou, president of Jiangsu Akcome said, "We have a long-standing relationship with ReneSola and look forward to strengthening our partnership through this acquisition. We respect ReneSola's ability to build top quality solar products, and are confident that this is a win-win deal."

The three utility-scale projects are located in China's Qinghai and Xinjiang provinces and are all connected to the grid.

The proposed transaction does not constitute a final deal, as specific provisions are yet to be determined.

SAN FRANCISCO, December 19, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced collaborative projects with Silicon Valley-based solar integrator Vista Solar.

A 315 kW array is being constructed for Therm-X, a thermal solutions company based in California, and will be powered by ReneSola's 305W polycrystalline panels. Two additional systems totaling nearly 50 kW have been constructed for Our Lady of Peace Church and Saint Justin School. Both sites will host solar systems featuring ReneSola's 255W polycrystalline and 255W monocrystalline modules.

In addition, Vista Solar is testing ReneSola's microinverters and string inverters on a demo rooftop project with DCL, a Silicon Valley-based technology manufacturing, fulfillment, and logistics services provider.

"Our number one goal for all of our clients is to design systems that generate the lowest cost per kilowatt hour and the greatest long-term savings without sacrificing quality of craftsmanship," said Jaymes Callinan, vice president of Vista Solar. "After touring ReneSola's factory, carefully reviewing their financials and installing test systems to confirm output projections, we felt confident in partnering with Renesola on these important Silicon Valley installations. Now that the systems are installed, they look beautiful and are performing excellently."

Kevin Chen, president of ReneSola America added, "We are pleased to have been selected to provide our high-efficiency Virtus II polycrystalline modules to these Silicon Valley projects in collaboration with esteemed solar integrator Vista Solar. The sites for the arrays are Silicon Valley landmarks, and we are thrilled that our high-quality solar products will benefit this sizeable community. We hope to secure future projects in the Bay Area through our ongoing relationship with Vista Solar, given the company's dedication to a quality integration process."

SAN FRANCISCO, December 12, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its collaboration with Community Energy, Inc. ("Community Energy"), a Pennsylvania based developer of clean energy projects. ReneSola provided its high-efficiency PV modules to power the 63KW roof-top solar array installed at Temple University in Philadelphia, PA.

The rooftop system was constructed at Edberg-Olson Hall, Temple University's main football practice facility, and is the first of its kind at a college or university in Philadelphia. The array consists of 268 ReneSola 60-cell high efficiency Virtus II PV modules capable of generating 63KW of photovoltaic power. Power generated by the system is supplied to Community Energy customers.

Mr. Kevin Chen, president of ReneSola America stated, "We are pleased to have partnered with Community Energy and are confident that our products and service will continue to exceed expectations. We are also excited that this opportunity is enabling us to drive growth in the nascent renewable energy sector in Pennsylvania, and expect this project will position us for future growth in the region."

"Long-term reliability is essential to the success of our projects, which is why we choose ReneSola as our module supplier," said Brent Alderfer, president of Community Energy. "We are confident that this project's future revenue streams will lead to a high return on our investment."

Jamie Resor, CEO of groSolar, supplier of technology and equipment to the project said, "We are pleased to have partnered with ReneSola to construct the Temple University solar installation, developed in collaboration with Community Energy. ReneSola lived up to its reputation for providing timely delivery, competitive pricing, and high quality products."

"Temple is proud to contribute to the growth of solar energy in Pennsylvania," said James Creedon, senior vice president of Construction, Facilities and Operations at Temple University. "This partnership with Community Energy enables our university to support the development of renewable energy in our community while avoiding up-front capital costs."

SAN FRANCISCO, December 9, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it will deliver 6.8MW of its high efficiency Virtus II 72-cell 300W polycrystalline photovoltaic (PV) modules to one of California's leading project developers, Pristine Sun.

"Our partnership with Pristine Sun in this multi-array project is another example of our expansion in California this year, and signals the growth of our brand recognition in the region. We have delivered two thirds of the total order of 6.8MW and have received excellent feedback on our products and service from Pristine Sun thus far," said Kevin Chen, president of ReneSola America. "Pristine Sun has a strong reputation in the industry, which has enabled it to receive support from major players."

Panasonic is providing the construction financing and performance guarantee, while Mosaic will provide take-out financing. The 6.8MW order is being installed by several contractors, resulting in a complex project with challenging schedules. This ground-mount project will consist of single-axis trackers, and is part of a portfolio of 75MW of similar projects being developed by Pristine Sun in California.

"We are impressed by ReneSola's outstanding responsiveness and attention to detail when it comes to back-end support. This is a complex project and the ReneSola team has provided high quality support to our two sub-contractors, Progressive Power Group and ArrayCon," said Troy Helming, CEO of Pristine Sun. "We have forged a solid partnership with ReneSola and look forward to developing more projects with ReneSola's Virtus II modules in the future."

SAN FRANCISCO, December 6, 2013 /PRNewswire/ -- ReneSola Ltd. ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that it will partner with LTS Energy to develop a 330 kW solar project for "Ranch 41," a farm in Fallbrook, California. ReneSola will provide its high-efficiency Virtus II 305W polycrystalline modules for this fixed tilt ground mount PV project.

ReneSola and LTS Energy previously collaborated on a 273 kW solar power system for Peppercorn Mutual Water Company in Pauma Valley, California earlier this year. ReneSola and LTS Energy are also discussing plans for additional solar projects in California of several megawatts.

Mr. Kevin Chen, president of ReneSola America stated, "LTS Energy is an experienced developer and holds its PV equipment suppliers to a high standard. "Ranch 41" marks our second project with LTS, and we look forward to partnering with them on additional projects in the future."

Larry Slominski, president of LTS Energy stated, "California farmers recognize the value of solar electric power systems that allow them to "Farm the Sun"� to offset the high energy costs of pumping water. In partnership with ReneSola, we have provided California farmers with significant returns on their investments in solar power. An increasing number of farmers in the region are seeking our support to develop solar projects, and we look forward to partnering with ReneSola to meet this growing demand."

Third Quarter 2013 Results

• Net revenues were $419.3 million, compared to $218.2 million for the same quarter 2012.
• The company reported a loss of $2.23 per ADS, compared to a loss of $0.91 for the same quarter of 2012.

"During the third quarter, we continued to grow our module business while increasing the geographic diversity of our sales, resulting in another quarter of record shipments and revenue that exceeded guidance," said Mr. Xianshou Li, ReneSola's chief executive officer. "We had strong results in our target markets overseas, particularly in the United States, which positively impacted our average selling price. We also explored more extensively our global footprint by adding OEM capacity in more regions and further expanding our overseas sales distribution network to both existing and new markets. Strong overall demand supported growth in our total module shipments and selling prices, a trend we expect to continue in the fourth quarter. In the third quarter, we achieved a gross margin of over eight percent, an improvement from last quarter. We also received certification for a number of our newer products, which may serve as our future business growth driver."

"At the end of September, after carefully assessing the operating status of our polysilicon factory, we came to the conclusion that our efforts to reduce the production cost at the Phase I facility of the polysilicon factory were unsuccessful. We decided to permanently cease production at the Phase I facility in October 2013. As a result, we recognized a significant non-cash impairment charge for the third quarter. We believe the discontinuation of production at the Phase I facility will help reduce our polysilicon production cost, in line with our efforts to achieve a target cost level that would make our in-house polysilicon production cost-efficient compared to the prevailing market price of polysilicon. In addition, we believe the discontinuation will help reduce our power consumption and depreciation and therefore help to enhance our profitability going forward. While the solar sector remains highly competitive and subject to political uncertainties, we are confident our international approach to our module business and continuing investments in new technologies will support our longer-term goals," said Mr. Li.

Business Outlook

For Q4 2013, the Company expects total module shipments to be in the range of 490MW to 510MW, and expects overall gross margin to be in the range of 9% to 11%.

For the full year 2013, the Company expects total solar wafer and module shipments to be in the range of 3.0GW to 3.1GW, with solar module shipments expected to be in the range of 1.70GW to 1.75GW.

SAN FRANCISCO, December 3, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its final expected 2013 module deliveries to SunEnergy1, one of North Carolina's leading solar engineering, procurement, and construction (EPC) firms. By the end of the year, SunEnergy1 will complete 63MW worth of projects consisting of more than 210,000 ReneSola Virtus II high efficiency 300W and 305W 72-cell polycrystalline PV modules

"SunEnergy1 ordered a significant amount of product from ReneSola during our first year working together, due to their high level of confidence in our brand and technology. Our cooperation with SunEnergy1 was a major driver of growth of our U.S. shipments in 2013, after entering the market only two years ago. SunEnergy1's orders will account for a substantial share of our total U.S. deliveries this year, as a number of our U.S. wins in 2013 will be shipped after year-end," said Kevin Chen, president of ReneSola America. 

"This amount of product, ordered by a new customer over the course of a year, should send a clear message to the domestic PV industry that ReneSola provides high-quality, reliable and top performing products. This is underscored by SunEnergy1's reputation as a true force to be reckoned with in utility scale installations in the Southeast. SunEnergy1has become the go-to EPC firm for major PV project developers in the Southeast, and is known for meeting tight construction deadlines and overcoming complicated site challenges," continued Kevin Chen.

"Our business model requires our module supplier to possess nimble logistical capabilities and domestically held inventory, and to consistently provide top quality durable modules," said Kenny Habul, CEO of SunEnergy1. "ReneSola has gone above and beyond our expectations, proving their ability to satisfy our high requirements, resulting in what we expect will be a long-term relationship with one of the nation's leading PV module suppliers. We've worked with a number of other module suppliers in the past, but are more confident dealing with ReneSola due to the high level of service and product quality they deliver."

SAN FRANCISCO, Calif., November 25, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that in collaboration with California solar installer Pickett Solar, it will be contributing over 1.9MW of high-efficiency PV modules to power SunWest Fruit Company's fruit-packing facility in Parlier, California.

More than 1.9MW of ReneSola's high-quality solar panels will be installed for the roof-top mounted system. The offset of the entire collective solar array will be 3,922,600KW hours of energy saved annually, enough to power 490 homes each year. The completed solar array will be one of the largest privately-owned systems in the Central Valley.

Concerning the recent development, Mr. Kevin Chen, president of ReneSola America stated, "We are thrilled to have partnered with Pickett Solar in the implementation of this large-scale California project. We are pleased that this esteemed solar integrator prefers our high-efficiency modules for large-scale developments, given its notable industry expertise and high standards for top-notch solar products."

With regards to working with ReneSola on this project, Mr. Mike Pickett, owner of Pickett Solar stated, "We approached the project keeping in mind long-term stability and power efficiency for the solar system. Given the superior quality of ReneSola products, we are pleased that this supplier's high-efficiency PV modules will help us to achieve this standard of reliability and growth."

SAN FRANCISCO, November 20, 2013 /PRNewswire/ -- ReneSola Ltd. ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has delivered 1MW of its 305W Virtus II PV modules to Hecate Energy, a leading U.S. based developer of power projects. The 3,280 1000V modules will power a project being built by Hecate Energy in Georgia of southeastern U.S.

Mr. Fazli Qadir, Hecate Energy's chief technology officer, said, "We're excited to be building our first utility-scale project in the Southeast, an expanding market in the U.S. with great potential in the coming years. Hecate Energy selects its vendor partners very carefully, particularly when entering a new market. We found that ReneSola offered the best value and quality as the module supplier."

Mr. Kevin Chen, president of ReneSola America, added, "Hecate Energy is pioneering the Georgia market with this project and we're excited to have been selected as the module supplier. We look forward to working with Hecate on more projects in 2014 and beyond."

SHANGHAI, November 19, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that, under its contract with NIPPON STEEL  SUMIKIN BUSSAN MATEX CO., LTD. ("NIPPON STEEL"), a Tokyo-based provider of steel and industrial supply, the Company has successfully completed delivery of 2MW of its highest-efficiency polysilicon modules, Virtusa？？� 260W, in support of a 4MW mega solar project in Uenohara-shi, Yamanashi Prefecture, Japan. Delivery of the modules had commenced in April of this year as assembly of the ground-mounted project began. This Uenohara solar project in the Yamanashi area is operated by MDI-SB Solar Corporation, a joint venture company between Mitsuboshi Diamond Industrial Co., Ltd., an Osaka-based provider of cutting equipment for glass, LCD, and OLED, and NIPPON STEEL and is officially delivering power to the grid. Mayor of Yamanashi prefecture, Eguchi, attended a ceremony to celebrate the completion.

ReneSola has contracted with NIPPON STEEL to provide an additional 3MW of 260W Virtusa？？� modules over the next two months. Further negotiations are under way regarding the supply of 15MW modules to meet NIPPON STEEL's expected demand for 2014. "Our high conversion-efficiency wafers enable us to develop energy-efficient, low-LID, and cost-effective modules such as our Virtusa？？�," said Mr. Xianshou Li, the Company's chief executive officer. "Our advanced technology and in-house production capabilities helped us to become the first PV company to mass-produce 260W polysilicon PV modules."

"The modules we supplied for the Uenohara mega solar project are operating at their highest levels. This project is representative of our continued success in and commitment to the Japanese market, and demonstrates our ability to produce industry-leading modules that yield optimal performance. Our local presence, expertise in large-scale projects, and ability to provide technology-oriented and high-efficiency PV products are the reasons why our international clients continue to choose ReneSola. Moreover, we expect to pursue significant growth opportunities inJapan as we carry out expansion strategies in new markets in Southeast Asia," added Mr. Xianshou Li.

"ReneSola is a very strong player in the solar panels industry and this is the start of our plan to cooperate with them. They have committed their R&D efforts to maximize the durability and performance of their modules. We are confident their modules will be an advantage for our project," said Mr. Masateru Motegi, general manager of NIPPON STEEL.

SAN FRANCISCO, Nov. 13, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced the completion of a 2.5MW solar PV facility near Roswell, New Mexico.

The array, given the name "GSE NM-2", is a 2.5MW solar facility using ReneSola panels. ReneSola was contracted to provide 7,200 of its 250W high-efficiency polycrystalline solar PV module for the project. With extensive pre-planning prior to the execution of this project, the facility was constructed in only three months.

Currently, the Roswell ground-mounted PV system is one of the larger solar arrays in New Mexico and is geared to provide solar power to the site's neighboring communities.

Mr. Kevin Chen, president of ReneSola America, said, "We are pleased to have been selected as the top supplier for this solar project, based on recognition of ReneSola as a high-quality module manufacturer. We look forward to providing power to Roswell'ssurrounding communities and ultimately encouraging greater advocacy for renewable energy throughout New Mexico."

JIASHAN, China, September 17, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) today announced that it has closed its previously announced $70 million securities offering. The net proceeds received by the Company are intended to be used for polysilicon production optimization and as working capital for general corporate purposes.

Mr. Xianshou Li, ReneSola's chief executive officer, commented, "With the global solar market continuing to expand, the proceeds from this offering will provide ReneSola with important working capital as we continue to grow our worldwide business. The proceeds will also be used for the optimization of ReneSola's polysilicon plant, which will help us strengthen our supply source and control our raw material cost, thus putting us in a more advantageous position overall as we follow through on our longer-term business development strategy."

The securities were offered by ReneSola pursuant to a shelf registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC"). A final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

JIASHAN, China, Sept. 11, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) today announced the pricing of a registered direct offering of approximately $70 million in American Depositary Shares ("ADSs"), each representing two shares of the Company, at a price of $4.67 per ADS. Investors will also receive 35% warrant coverage in the offering with an initial exercise price of $6.04 per ADS or $3.02 per share. The warrants will expire four years from the date of issuance.

Roth Capital Partners, LLC, served as the sole placement agent in the offering. After deducting the placement agent fees and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $65.9 million. The offering is expected to close on September 16, 2013, subject to customary closing conditions.

SAN FRANCISCO, September 10, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced that it will supply high-efficiency polycrystalline modules to provide over 3.4 MW of solar power to multiple PV projects developed by Panasonic Eco Solutions North America.

A total of 12,176 high-quality, high-efficiency ReneSola polycrystalline panels in sizes of 255W, 300W, and 305W were purchased by Panasonic to power upcoming solar projects in the Colorado cities of Bellvue, Loveland, Denver, Broomfield, Boulder, and Rifle, as well as in the California city of Fresno. The project installations are designated to begin this coming October.

ReneSola America's president, Mr. Kevin Chen, stated, "We are pleased to be working on a variety of upcoming, large-scale solar PV projects with Panasonic for the first time. We are confident that our high-efficiency modules will allow the Colorado and California project sites to achieve peak power performance, and that the PV arrays installed will flourish with our panels over the long term. We hope to work together with Panasonic going forward on future projects of this scale. Panasonic's high standards for efficiency and market cost advantage reflect the high quality standards we maintain for our own products."

SHANGHAI, September 9, 2013 /PRNewswire/ -- ReneSola Ltd. ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its ReneSola Jiangsu Product Center Laboratory has successfully completed an audit performed by TUV SUD, one of the world's leading providers of testing and certification services. The audit certifies that the Company's laboratory is qualified for potential induced degradation (PID) testing on photovoltaic modules according to International Electrotechnical Commission standards.

The ReneSola Jiangsu Product Center Laboratory is the first lab in China to receive the TUV SUD accreditation for PID testing. ReneSola monocrystalline and high-efficiency polycrystalline (Virtus II) solar panels regularly undergo the rigorous PID testing process. The tests are designed to evaluate the loss of power output of solar panels under severe conditions of high voltage, high temperature and high humidity.

Dr. Bill Hou, ReneSola's product center director, said, "PID is a very important issue and can cause a significant decrease in power generation. ReneSola has always aimed to produce PID-free modules and is leading the industry by optimizing both the solar cells and the encapsulation materials of our panels. Our lab team has done an excellent job in obtaining this accreditation, which signifies our ability to conduct reliable and quality testing of solar panels. Moreover, I am pleased that we are the first lab center in China to receive such recognition. Now we will be able to perform onsite PID tests to obtain TUV SUD accreditation, and we will continue to work with other well-known accreditation organizations to ensure top performance in all aspects of our solar testing."

Second Quarter 2013 Financial Results

• Q2 2013 net revenues were US$377.4 million, representing an increase of 32.8% from US$284.2 million in Q1 2013.
• Q2 2013 gross profit was US$27.4 million with a gross margin of 7.3%, exceeding the Company's guidance and up from a gross loss of US$5.6 million with a gross margin of negative 2.0% in Q1 2013.
• Q2 2013 net loss was US$21.1 million, representing basic and diluted loss per share of US$0.12 and basic and diluted loss per American depositary share ("ADS"), each representing two shares, of US$0.24.

"We made substantial progress in the second quarter of 2013, and we are very pleased to deliver Q2 results that exceeded our guidance with record shipment volume and a much improved gross margin," said Mr. Xianshou Li, ReneSola's chief executive officer. "Our focus on improving our selling prices and enhancing the market profile of our products led to increased shipments and a positive gross margin of over seven percent. In the second quarter, we continued to focus on sales and marketing to build our brand image and introduced our proprietary technology to customers across multiple international markets. We have received positive feedback from customers on the quality of our products and continued to win repeat business. Additionally, we developed new downstream products such as mounting systems and inverters, which have received certification in more than 20 countries so far this year. Despite what remains a challenging macro environment and a fiercely competitive solar industry, we are optimistic our investments will set us up for long-term growth and continued geographic expansion."

Outlook

For Q3 2013, the Company expects total solar wafer and module shipments to be in the range of 730 MW to 750 MW, with solar module shipments expected to be in the range of 430 MW to 450 MW. Q3 revenues are expected to be in the range of US$360 million to US$380 million and gross margin is expected to be in the range of 7% to 9%.

For the full year 2013, the Company expects total solar wafer and module shipments to be in the range of 2.8 GW to 3.0 GW, with solar module shipments expected to be in the range of 1.6 GW to 1.8 GW.

JIASHAN, China, August 29, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has signed a series of agreements to provide Lightsource Renewable Energy Limited ("Lightsource"), the largest solar energy generator in the United Kingdom, with 69.5 megawatts ("MW") of solar modules for installation on solar farms in theUnited Kingdom. Once installed, the modules are expected to generate enough clean electricity to power more than 23,000 U.K. households.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "We have been working with Lightsource for almost three years now, highlighted by this year's significantly large order of modules. We are confident that our high-efficiency modules will enable Lightsource solar farms to operate at peak performance. The quality of our glass allows our modules to reach relatively high electricity production levels, particularly with regard to diffused light, which is characteristic of the cloudy and overcast conditions often seen in the U.K. With our local presence, particularly during what was a time of regulatory uncertainty, we were able to mobilise up to 15 MWp of delivery per week to our U.K. customers, which underscores the value of our global network of local offices."

Ms. Kareen Boutonnat, Lightsource's managing director, said, "We are the largest consumer of Tier 1, bankable Chinese solar PV modules in the U.K. Our solar farms need to perform to the highest standards and we recognise that China is a global leader in the production of the most efficient modules. The scale of investment into facilities, research and carbon reductions by China is currently unrivalled. Such growth and investment into the British PV module manufacturing industry remains to be seen. We are pleased with the quality of ReneSola's solar modules and with the company's proactive support during the period of anti-dumping uncertainty. We are confident their modules will benefit our operations and hope to establish a long-lasting relationship that will help grow the U.K. solar market further."

JIASHAN, China, August 7, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it will provide 29.1 megawatts ("MW") of its high-quality multicrystalline solar modules to Saferay Pte ("saferay"), a large-scale PV power plant installer fromSingapore.

Under the terms of the agreement, ReneSola will deliver to saferay 7.5 MW of solar modules this month and an additional 21.5 MW of solar modules in January 2014 for use in La Huayca II, an unsubsidized 29.1 MW solar power plant with no power purchase agreement ("PPA") or feed-in-tariff ("FIT") support in the Atacama region ofChile. The project will expand the 1.4 MW La Huayca I plant completed last year to 30.5 MW.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "We're pleased to sign another contract with saferay, for whom we provided modules last year for use in several PV power plants in Germany. We pride ourselves on our ability to win repeat business, which illustrates the high quality of our solar modules and our superb customer service. We are also thrilled to supply modules to the Chilean market, one of the few markets that allow PV companies to sell electricity to the local grid at profitable market prices. We will continue to invest in the region to grow our South American business and support the country's growing renewable energy sector."

Dr. Thomas Gnefkow, saferay's managing director, commented, "Our previous experience using ReneSola's modules has led us to order additional modules from the company for use in La Huayca II, which will be the first merchant provider of solar electricity to join Chile's Northern Interconnected Electricity grid. The power plant, which is the first utility-scale PV plant worldwide with no PPA, government subsidies or FIT support, will sell electricity into the spot market just as conventional power plants do. ReneSola's timely delivery, competitive pricing and efficient modules will be key to maintaining our cost position. We look forward to working with the company and hope to continue our relationship as we expand our global network of large-scale PV power plants."

SAN FRANCISCO, July 23, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has been awarded the highest possible credit rating by China Export & Credit Insurance Corporation ("Sinosure"), a leading provider of export credit insurance, including coverage for the export of high value-added goods, and China's largest and only state-backed insurer.

"This upgrade speaks volumes to our credit history, operations and internal risk management," said ReneSola's chief financial officer, Henry Wang. "We pay strict attention to our credit processes and guidelines, which is one of the major reasons we've been able to avoid the bad debt issues that other PV module suppliers in today's global solar industry face. Sinosure operates under stringent standards and we're grateful it has recognized that ReneSola does the same."

Today's announcement comes after ReneSola was upgraded to Tier One status by Bloomberg New Energy Finance (BNEF) earlier this month. "We believe that developers and engineering, procurement and construction (EPC) contractors recognize that achieving these two landmarks isn't easy, so this announcement will play a big part in our growing brand awareness in the U.S. market."

JIASHAN, China, July 22, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has agreed to provide 63 megawatts ("MW") of PV modules to Energy Absolute PCL ("Energy Absolute"), a leader in the research, development and production of alternative energies in Thailand.

(ReneSola will deliver 63 MW of its Virtus II PV modules to Energy Absolute between August and October of this year as part of a project in Nakornsawan, Thailand. The project is of a number of large-scale solar contracts for ReneSola in Southeast Asia.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "We have been a leading provider of PV products in Southeast Asia since last year. This contract demonstrates to our customers that our high-efficiency Virtus modules not only meet the requirements of traditional European and American markets, but also are suited for the high temperatures and tropical conditions of Southeast Asia. As we look ahead, we hope to generate additional business in the emerging solar markets of Southeast Asia."

JIASHAN, China, July 16, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced updates to its second quarter and full year 2013 outlook.

Based on preliminary data, ReneSola provides the following updates to its second quarter 2013 outlook:

• The Company estimates its total solar wafer and module shipments to be in the range of 760 megawatts ("MW") to 770 MW, compared to its previously guided range of 700 MW to 720 MW.
• The Company estimates its solar module shipments to be in the range of 450 MW to 460 MW, compared to its previously guided range of 400 MW to 420 MW.
• The Company estimates its revenues to be in the range of $365 million to $375 million, compared to its previously guided range of $310 million to $330 million.
• The Company estimates its gross margin to be in the range of 5% to 6%, compared to its previously guided range of 3% to 5%.

Based on preliminary data, ReneSola provides the following updates to its full year 2013 outlook:

• The Company estimates its total solar wafer and module shipments to be in the range of 2.8 gigawatts ("GW") to 3.0 GW, compared to its previously guided range of 2.7 GW to 2.9 GW.
• The Company estimates its solar module shipments to be in the range of 1.6 GW to 1.8 GW, compared to its previously guided range of 1.4 GW to 1.6 GW.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "Amid a challenging macro environment, we have transformed our company into a global solar brand and technology leader. Furthermore, we have substantially expanded our solar module business in several key international markets through effective sales and marketing of our leading-edge, proprietary technology while leveraging our efficient manufacturing processes. With the support of our growing downstream businesses, we expect to deliver improved results in the second half of 2013."

SAN FRANCISCO, July 10, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, announced today at the InterSolar North America solar exhibition and conference that the Company has been upgraded to "Tier 1" status on the prestigious Bloomberg New Energy Finance ("BNEF") PV Module Maker Tiering System.  

JIASHAN, China, July 9, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its string inverter, Replus, has formally obtained certification in Australia, Germany, Denmark, the United Kingdom,France, Spain, Greece, the Netherlands, Belgium, Poland, Portugal, Switzerland, Sweden and Romania.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "Along with our Micro Replus certifications, these certifications are key to expanding our downstream business in international markets. They are a testament to the performance, credibility and safety of Replus, a cost-efficient solution for increasing the energy output of solar modules. Compared to microinverters, string inverters tend to have lower costs per peak watt and greater capacity. We plan to capitalize on our quality-certified string and microinverters to provide households and large-scale PV systems worldwide with a variety of solar energy solutions."

ReneSola's Replus 1.5-5kW single-phase and 10-20kW three-phase string inverters, which convert DC electricity from one or more strings of solar panels to AC electricity, received a number of certifications in the first seven months of 2013, including:

• VDE certification from Bureau Veritas, one of the largest worldwide players in testing, inspection and certification of consumer products, for the right to be marketed in Germany;
• Certificates of Approval from SAA Approvals, a third-party certification body accredited by the Joint Accreditation Service of Australia and New Zealand to issue Certificates of Approval for electrical equipment proven to comply with the safety requirements of the applicable Australian Standard, for the right to be exported and sold in Australiaand New Zealand;
• G83 and G59 Compliance Documents from Bureau Veritas confirming compliance with the listed standards in theUnited Kingdom;
• RD1699, C10/11, DIN V VDE V0126-1 and EN50438 certifications from Bureau Veritas for the right to be exported and sold in Spain, Belgium, Greece, the Netherlands, Portugal, Switzerland and other European countries.

The Company expects its Replus string inverter to receive certifications for an additional three countries by August 2013.

JIASHAN, China, July 5, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced its microinverter, Micro Replus, formally obtained certification in the United States, Canada, Australia, New Zealand, Germany, Denmark and the United Kingdom in the first half of this year.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "These certifications are key to expanding our downstream business in international markets like Europe, Australia and the United States. They are a testament to the performance, credibility and safety of Micro Replus, a cost-efficient solution for increasing the energy output of solar modules affected by shade, debris or snow. Microinverters can significantly increase the performance of an entire PV system by enabling panels to operate independently, eliminating the "Christmas light effect" experienced with traditional inverters when the lowest performing module determines the performance of the entire series. We plan to capitalize on our quality-certified inverters to provide households and large-scale PV systems worldwide with smart renewable energy solutions."

ReneSola's Micro Replus microinverter, which converts DC electricity from a solar panel to AC electricity, received a number of certifications in the first half of 2013, including:

• ETL certification from Intertek, a worldwide leader in quality assurance and product safety certification, to enter the United Statesand Canadian markets freely;
• Certificates of Approval from SAA Approvals, a third-party certification body accredited by the Joint Accreditation Service ofAustralia and New Zealand to issue Certificates of Approval for electrical equipment proven to comply with the safety requirements of the applicable Australian Standard, for the right to be exported and sold in Australia and New Zealand;
• Attestations of Conformity from TUV SUD, a globally recognized and leading government-designated certification body responsible for product testing and the certification of electronic products, for the right to be marketed in Germany and other countries including Denmark;
• CE certification, a mandatory conformity certification for products sold in the European Economic Area that verify the products meet EU safety, health and environmental requirements; and
• a G83 Compliance Document from TUV SUD confirming compliance with the listed standards in the United Kingdom.

The Company expects Micro Replus to receive certifications, including grid standard certification, for an additional 11 European countries by August 2013. In the third quarter of 2013, ReneSola expects to sell over 50,000 Micro Replus microinverters worldwide.

TOKYO, May 30, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has agreed to provide Vitec Co., Ltd. ("Vitec"), a Japan-based seller of semiconductor and electronic components and provider of energy and environmental consulting services for Mega Solar projects, with 10 megawatts ("MW") of Virtus II modules.

According to the terms of the agreement, ReneSola's solar modules will be used in a number of solar projects, ranging from 0.6 MW to 2.4 MW in size, across Japan.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract with Vitec, a leading electronics company in Japan, reinforces our brand image as a high-efficiency and cost-effective PV product supplier. Since the debut of Virtus II at PV EXPO Japan in February, it has been well received by the Japan market with JET certification. We're confident our modules will enhance Vitec's portfolio and the end-user experience. We hope to continue working with Vitec as we expand our operations to deliver high-quality products and household PV solutions to the strategically important Japan market."

ReneSola Japan began operations in October 2012 to drive sales and business development in Japan. The Company has since been listed by the Japan Photovoltaic Expansion Center ("JPEC") and received certification from the Japan Electrical and Environment Technology Laboratories ("JET"), considered major accomplishments for a foreign company entering Japan's solar market. ReneSola expects its shipments toJapan to grow substantially in the second half of 2013, with Japan to become the Company's third largest market after Europe and United States.

First Quarter 2013 Financial Results

• Net revenues were US$284.2 million, exceeding Company guidance and representing a decrease of 7.3% fromUS$306.5 million in Q4 2012.
• Gross loss was US$5.6 million with a gross margin of negative 2.0%, compared to a gross profit of US$10.3 millionwith a gross margin of 3.3% in Q4 2012.
• Operating loss was US$33.4 million with an operating margin of negative 11.8%, compared to an operating loss ofUS$23.8 million with an operating margin of negative 7.8% in Q4 2012.
• Net loss was US$39.0 million, representing basic and diluted loss per share of US$0.23 and basic and diluted loss per American depositary share ("ADS") of US$0.45.

"Over the past year, we have worked hard to transform our company into a leading global solar brand and technology leader," said Mr. Xianshou Li, ReneSola's chief executive officer. "With vigorous sales and marketing efforts, we have expanded our module business in several key markets, including the United Kingdom, Germany, France, the United States, Australia, India and Japan. Additionally, we continue to push our R&D with downstream products like our AC module and small-scale storage system, and we plan to offer residential PV solutions soon. Although we are seeing the solar market stabilize, a persistent demand-supply imbalance, coupled with competitive pricing, continues to impact our business and the overall industry. Despite this challenging macro environment, we will continue to invest in technologies that help reduce cost and improve efficiency in order to grow our business and gain new global market share."

Outlook

For Q2 2013, the Company expects total solar wafer and module shipments to be in the range of 700 MW to 720 MW, with solar module shipments expected to be in the range of 400 MW to 420 MW. Revenues are expected to be in the range of US$310 million to US$330 million and gross margin is expected to be in the range of 3% to 5%. Operating cash flow is expected to exceedUS$40 million.

For the full year 2013, the Company expects total solar wafer and module shipments to be in the range of 2.7 GW to 2.9 GW, with solar module shipments expected to be in the range of 1.4 GW to 1.6 GW.

SAN FRANCISCO, May 10, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced it provided modules for use in three community-scale solar power projects in Vermont in the last few months. The solar projects were installed by solar tracker manufacturer and project developer AllEarth Renewables, Inc. ("AllEarth Renewables"), who chose ReneSola panels for each project.

Among the projects is a 150-kilowatt ("kW") solar farm in the Town of Williston, Vermont, which will provide substantial solar power to the town offices, police station and fire station. The 25-tracker solar farm will produce more than 210,000 kilowatt hours (kWh) annually and is installed in a field behind municipal buildings.

ReneSola also supplied panels for a 150 kW project in Bridport, Vermont, that will supply solar energy to the Vermont Hard Cider Company, which produces Woodchuck Hard Cider. This project consists of 26 AllSun Trackers, innovative dual-axis trackers developed by AllEarth Renewables, and will produce more than 210,000 kWh annually.

Lastly, a 35 kW solar installation at New Leaf Organic Farm in Monkton, Vermont, will provide solar energy for nearby Stark Mountain Woodworking, which makes high-end, custom furniture at a 15,000 square-foot facility in New Haven, Vermont.

ReneSola's chief executive officer, Mr. Xianshou Li, said, "We are pleased with the success of these three recent solar power projects in Vermont. We look forward to working with AllEarth Renewables to facilitate the wider use of solar energy through projects that benefit local communities. It's exciting to see our modules used in projects located at high-profile sites, such as Vermont Hard Cider, and municipalities such as that of Bridport, Vermont."

JIASHAN, China, April 18, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced it has agreed to provide Enerparc AG ("Enerparc"), an internationally oriented and dynamically growing provider of solar power plant installation and operation services, with 43.6 megawatts ("MW") of solar modules, 35 MW of which will be delivered through original equipment manufacturers ("OEMs") in Poland andIndia.

"Enerparc places great emphasis on reliability and quality. Their trust in ReneSola reaffirms the value of our solar module business," said Mr. Xianshou Li, ReneSola's chief executive officer. "We're confident our competitively priced, high-efficiency solar modules and excellent delivery track record will help Enerparc achieve its project goals. Furthermore, our strong relationships with a number of OEMs allow us to maximize our international reach while lowering costs. We look forward to working with Enerparc and hope to develop a long-lasting relationship that will facilitate the wider use of renewable energy."

Enerparc is currently No. 6 in the global and No. 1 in the German EPC rankings and proceeds with the construction of PV power plants in Germany and France. "The current market conditions are manageable for companies who are deep in the value chain," mentioned Stefan Mueller, COO of Enerparc. Enerparc operates more than 400 MW as IPP and sees further opportunities in India and the United States.

Under the terms of the agreement, ReneSola and its contracted OEMs will deliver 43.6 MW of solar modules to Enerparc between April and June of this year.

JIASHAN, China, April 18, 2013 /PRNewswire/ -- ReneSola (ReneSola Ltd., NYSE: SOL), a leading global manufacturer of high-performance PV modules and wafers, has signed a sales contract to supply 2 MW of its highest-efficiency polysilicon module, Virtus II^� (260 W), to a mega solar project in Uenohara-shi, Yamanashi Prefecture, Japan.

ReneSola Virtus II^� boasts the highest energy efficiency level of polysilicon PV modules in the industry. With a focus on developing technology and establishing an integrated manufacturing system from pure polysilicon to PV modules, ReneSola is especially proud of its advanced technology and the competitiveness of its wafers, the essential components of solar photovoltaics.

With these revolutionary high conversion-efficient wafers, it is possible to develop energy-efficient, low-LID, and cost-effective cutting-edge modules such as Virtus II^�. With its advanced technology and production capabilities, ReneSola became the first PV company to mass produce 260 W polysilicon PV modules.

The sales contract for the Uenohara mega solar project in Japan reaffirms the status of ReneSola as a technology-oriented and high-efficiency PV product provider.

JIASHAN, China, August 27, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar modules and wafers, today announced it has agreed to sell 4.6 megawatts ("MW") of its high-quality, high-efficiency 255 watt ("W") poly modules to Solar Planet Power Inc. ("Solar Planet"), a U.S. company specializing in photovoltaic ("PV") system solutions for commercial properties, including system due diligence, financing, design and installation.

Under the terms of the agreement, ReneSola will ship a total of 4.6 MW of its high-efficiency 255 W poly modules to Solar Planet in the third quarter of 2012. Solar Planet intends to order up to 15 MW of additional solar modules within six months following the initial delivery.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract win reflects our deep commitment to the U.S. market, as well as the recognized quality of our high-efficiency modules. Over the past six months, our Americas sales team has worked hard to establish on-the-ground relationships with key solar power players and prospective customers in the United States, as well as to raise brand awareness of our products. Our full line of 60-cell and 72-cell multicrystalline and monocrystalline modules has become increasingly known for their superior technology and performance. We are pleased and proud to deliver these modules to Solar Planet for use in their PV systems. Moreover, we hope to develop a long-term relationship with Solar Planet as we build our business in the Americas and capitalize on the region's growing solar market."

"This strategic partnership with ReneSola will help us reach our big growth plans much faster and smoother," said Siyd Tawana, president of Solar Planet. "We are shooting for about $200 million in solar projects at schools and other public and private sites over the next two years. We have contracts to do installations for more than 30 major school districts, more than 20 municipals and many hospitals, airports and universities in the state of Ohio. We will later expand to other geographic markets in the United States and abroad, and we look forward to completing several new projects using ReneSola modules."

Second Quarter 2012 Financial and Operating Highlights

• Q2 2012 net revenues were US$233.0 million, exceeding Company guidance and representing an increase of 10.2% from US$211.5 million in Q1 2012.
• Q2 2012 gross profit was US$1.3 million with a gross margin of 0.6%, compared to a gross loss of US$8.0 million with a gross margin of negative 3.8% in Q1 2012.
• Q2 2012 operating loss was US$34.6 million with an operating margin of negative 14.9%, compared to an operating loss of US$37.8 million with an operating margin of negative 17.9% in Q1 2012.
• Q2 2012 net loss was US$34.8 million, representing basic and diluted loss per share of US$0.20, and basic and diluted loss per American depositary share ("ADS") of US$0.40. 
• Cash and cash equivalents plus restricted cash were $394.2 million as of the end of Q2 2012, compared toUS$388.3 million as of the end of Q1 2012.

"Despite what remained a challenging macro-environment, with lower average selling prices and lingering uncertainty surrounding the solar market, we continued to execute on our overarching strategy in the second quarter of 2012 to grow our module business, lower costs and develop superior technology," said Mr. Xianshou Li, ReneSola's chief executive officer. "We achieved record module shipments in the second quarter, up 76% quarter over quarter and 146% year over year, which is reflected in the number of employees we have added this year, primarily in the area of modules. On top of that, our sales and marketing efforts have enhanced our brand awareness among top solar companies, particularly with respect to our high-efficiency Virtus modules, which utilize our proprietary Virtus wafers. We continue to operate at 100% capacity and have built strong relationships with numerous customers that we are confident will continue to grow."

Mr. Li continued, "While we have invested further in our module business, we still consider wafer manufacturing to be our core competitive strength, as it represents the key stage in determining module efficiency. We continued to invest in R&D in the second quarter to improve our product efficiencies and manufacturing processes, which will help lower our costs. In the second quarter, manufacturing costs decreased between 10% and 15% across each of our key products: modules, wafers and polysilicon. Additionally, our R&D investments have led to horizontal developments, such as microinverters, which we expect will provide us with additional opportunities for growth. We will continue to invest in R&D, while simultaneously expanding our sales and marketing reach, to overcome short-term challenges and to prepare for when market conditions improve."

Outlook

For Q3 2012, the Company expects total solar wafer and module shipments to be in the range of 510 MW to 530 MW and revenues to be in the range of US$200 million to US$220 million. Solar module shipments are expected to be in the range of 150 MW to 170 MW.

The Company maintains its previously announced full year 2012 guidance of 2.2 GW to 2.4 GW of total solar wafer and module shipments.

Highlights for Second Quarter

• Total revenue was RMB528.7 million (US$83.2 million) for the second quarter of 2012, compared to RMB546.4 million for the same period in 2011, representing a decrease of 3.2%. For the first six months of 2012, total revenue was RMB1,016.3 million (US$160.0 million), representing a decrease of 1.2% from RMB1,028.6 million for the same period in 2011.
• Gross margin for the second quarter of 2012 was 83.9%, compared to 84.9% for the same period in 2011. For the first six months of 2012, gross margin was 83.0%, compared to 84.4% for the first six months of 2011.
• Income from operations was RMB41.6 million (US$6.5 million) for the second quarter of 2012, compared to RMB79.9 million for the same period in 2011, representing a decrease of 48.0%. For the first six months of 2012, income from operations was RMB84.8 million (US$13.4 million), which represented a decrease of 22.6% from RMB109.6 million for the same period in 2011.
• Net income attributable to Simcere was RMB27.0 million (US$4.2 million) for the second quarter of 2012, a decrease of 63.4% from RMB73.7 million for the same period in 2011. For the first six months of 2012, net income attributable to Simcere was RMB55.6 million (US$8.8 million), which represented a decrease of 45.3% from RMB101.6 million for the same period in 2011.

Mr. Jinsheng Ren, Chairman and Chief Executive Officer of Simcere Pharmaceutical Group said, "In the second quarter of 2012, Simcere's revenue and gross margin remained largely stable. While sales of edaravone, Endu and Sinofuan continued to grow compared with the first quarter of 2012, year-over-year sales performance was below our expectation. During the quarter, we increased our marketing efforts for branded generic drugs such as Zailin, Yingtaiqing and Biqi which helped drive sales growth in these key products but impacted profitability."

"In the second quarter, we were encouraged by sales of our new Category 1 drug Iremod and Shanghai Celgen's biogeneric drug Qiangke," continued Mr. Ren. "We also received approval to initiate clinical studies for our oncology drug candidate Thiophenib and continue to see strong progress with the four additional new drug candidates currently under clinical trials."

JIANSHAN, China, July 23, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, today announced that it has sold 5.95 MW of its high-quality, high-efficiency Virtus modules to Solargain PV Pty Ltd ("Solargain"), one of the top solar distributors in Australia and one of Australia's largest integrated solar energy and solar hot water suppliers.

Under the terms of the agreement, ReneSola will ship a total of 5.95 MW of its 250 W high-quality, high-efficiency Virtus modules directly to Solargain. ReneSola also expects to ship additional modules to Solargain in the near future.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This is another demonstration of the ever-increasing market recognition of our superior products, including our Virtus products, and the strength of our technology and investments in research and development. We are pleased to be able to supply our Virtus modules to Solargain, which is a solar product leader in the Australian market, and we hope to continue to grow our relationship with Solargain. This deal reflects not only our strong position in Australia, where we have shipped over 40 MW of modules year to date, but also greatly strengthens our worldwide brand recognition and module business. We believe that over time we will continue to improve our position in the market."

JIASHAN, China, July 13, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, today announced it has entered into an exclusive distribution agreement to provide 100 megawatts ("MW") of the Company's high-efficiency Virtus modules to BIG SOLAR S.A. ("BIG SOLAR"), the biggest Greek stockholder and distributor in the field of photovoltaic systems for electricity production through solar energy.

Under the terms of the agreement, ReneSola will ship a total of 100 MW of high-efficiency Virtus modules in the coming 12 months directly to BIG SOLAR.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "We are pleased to be expanding our relationship with BIG SOLAR. This deal reflects not only our strong position in key solar markets like Greece, but also our continued push in global sales. In the first half of 2012, ReneSola delivered 40 MW of our high-efficiency Virtus modules to Greece, becoming one of the country's biggest module suppliers. We are also among the top module suppliers in Australia and Belgium, thanks in part to the technology development and commercialization of ReneSola's high-efficiency Virtus modules, which have an average power generation of 255W."

Mr. Ionnnis Bitros, BIG SOLAR's president, commented, "Our companies have successfully worked together since the beginning of 2011 and our efforts will be strongly reinforced by this exclusive agreement. Through BIG SOLAR, ReneSola is poised to become the leader of the Greek photovoltaic modules market, and we anticipate a long and mutually beneficial partnership for years to come."

ReneSola also announced that it is revising its full year 2012 shipment guidance and estimates its total solar wafer and module shipments for the first half of 2012 to be close to 1 GW. For full year 2012, the Company estimates its total solar wafer and module shipments will be in the range of 2.2 GW to 2.4 GW, compared to the previously guided range of 1.8 GW to 2.0GW.

Mr. Li added, "We expect to maintain our leadership position in wafer manufacturing while at the same time expanding our module business. We believe our industry expertise, low-cost manufacturing, and strong balance sheet position us well for longer-term growth."

First Quarter 2012 Financial and Operating Highlights

• Total solar wafer and module shipments in Q1 2012 were 466.0 megawatts ("MW"), exceeding Company guidance and representing an increase of 37.1% from 339.9 MW in Q4 2011.
• Q1 2012 net revenues were US$211.5 million, exceeding Company guidance and representing an increase of 12.7% from US$187.7 million in Q4 2011.
• Q1 2012 gross loss was US$8.0 million with a gross margin of negative 3.8%, which included a $12.2 million write-down for inventory, compared to a gross loss of US$43.4 million with a gross margin of negative 23.1% in Q4 2011.
• Q1 2012 operating loss was US$37.8 million with an operating margin of negative 17.9%, compared to an operating loss of US$52.7 million with an operating margin of negative 28.1% in Q4 2011.
• Q1 2012 net loss was US$40.2 million, representing basic and diluted loss per share of US$0.23, and basic and diluted loss per American depositary share ("ADS") of US$0.47.
• Cash and cash equivalents plus restricted cash were $388.3 million as of the end of Q1 2012, compared toUS$437.4 million as of the end of Q4 2011.

"We continue to navigate what remains a challenging and substantially oversupplied global solar market by aggressively managing our costs," said Mr. Xianshou Li, ReneSola's chief executive officer. "At the same time, however, we have seen steady improvement in our module sales and have built up a backlog of orders, which we are confident will continue to increase. As such, we are working to leverage our R&D advantages in wafer technology, and specifically our Virtus wafer products, to produce higher-efficiency Virtus modules, which deliver a power output of 245 W to 255 W. Our Virtus modules will use our self-manufactured Virtus wafers, which represent ReneSola's core competitive strengths in wafer R&D and technology. On May 17, we will formally announce and kick-off marketing for our high-efficiency modules and diamond-steel wires at the Shanghai New Exhibition Center (SNEC) PV Power Expo. Additionally, our polysilicon project remains on track, and will give us important flexibility as the market continues to evolve."

Outlook

For Q2 2012, the Company expects total solar wafer and module shipments to be in the range of 460 MW to 480 MW, with module shipments of 150 MW to 170 MW, and revenues to be in the range of US$200 million to US$220 million with positive gross margins.

For the full year 2012, the Company's outlook is unchanged, with total solar wafer and module shipments expected to be in the range of 1.8 GW to 2.0 GW.

Fourth Quarter 2011 Results

• Total solar wafer and module shipments in Q4 2011 were 339.9 megawatts ("MW"), exceeding Company guidance and an increase of 3.5% from 328.5 MW in Q3 2011.
• Q4 2011 net revenues were US$187.7 million, exceeding Company guidance and representing a decrease of 0.7% from US$189.1 million in Q3 2011.
• Q4 2011 gross loss was US$43.4 million with a gross margin of negative 23.1%, compared to gross loss of US$7.7 million with a gross margin of negative 4.0% in Q3 2011.
• Q4 2011 operating loss was US$52.7 million with an operating margin of negative 28.1%, compared to an operating loss of US$34.5 million with an operating margin of negative 18.2% in Q3 2011.
• Q4 2011 net loss was US$36.7 million, representing basic and diluted loss per share of US$0.21, and basic and diluted loss per American depositary share ("ADS") of US$0.43.
• Cash and cash equivalents plus restricted cash were $437.4 million as of the end of Q4 2011, compared to US$450.3 million as of the end of Q3 2011.

"Challenging market conditions continued to impact our business in the fourth quarter of 2011," said Mr. Xianshou Li, ReneSola's chief executive officer. "The continuing uncertainty surrounding Europe's economy and proposed austerity measures exacerbated the supply-demand situation, negatively impacting our revenues and margins for the quarter, despite near-record shipments including significantly increased module shipments. Although we achieved our year-end cost-reduction targets, which placed our cost structure among the lowest in the industry, it was not enough to offset extremely low solar wafer and module prices. We still believe, however, that our low production costs uniquely position us to weather the current downturn. As a result, we were able to achieve positive net income for the full year of 2011."

Mr. Li continued, "For 2012, we will continue to invest in research and development to further reduce our costs and improve efficiency. While we expect to maintain our leadership position in wafer production, we will increasingly focus on our high-margin module business, capitalizing on our reputation, product quality and new regional teams, to increase sales. We will continue to invest heavily in our in-house polysilicon production, which achieved costs close to the record-low spot prices of December and lower than many of our competitor's long-term polysilicon contracts. As part of our cost-reduction strategy, we will also explore horizontal opportunities like our diamond-steel wire production, which began in the fourth quarter of 2011. We are confident our cost-reduction efforts will help us withstand pricing pressures from an oversupplied market, which we expect to persist into 2013, and capitalize on an industry that overall is still growing at a rapid pace."

Outlook

For Q1 2012, the Company expects total solar wafer and module shipments to be in the range of 400 MW to 420 MW and revenues to be in the range of US$180 million to US$190 million.

For the full year 2012, the Company expects total solar wafer and module shipments to be in the range of 1.8 GW to 2.0 GW.

Third Quarter 2011 Results

JIASHAN, China, Aug. 22, 2011 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola" or the "Company"), a leading global manufacturer of solar products, today announced that its Board of Directors has authorized a share repurchase program under which ReneSola may repurchase up to US$100 million in aggregate value of the Company's outstanding ordinary shares.

Under the program, the Company may, from time to time, for a limited period of time, depending on market conditions, share price and other factors, make one or more purchases, on the open market or in privately negotiated transactions, of up to US$100 million in aggregate value of the Company's outstanding common shares. Such purchases under the program will be made in accordance with the applicable laws and subject to any required regulatory approvals. Mr. Xianshou Li, ReneSola's chief executive officer, and Mr. Henry Wang, ReneSola's chief financial officer, are granted full discretion to act on behalf of the Company to acquire shares of the Company under the share repurchase program.

Mr. Xianshou Li, ReneSola's chief executive officer and director, commented, "At present, we believe our shares are undervalued. Despite relatively weak capital markets and a challenging solar market, we are confident in the long-term prospects of our business and the industry as a whole. With a healthy cash position, we believe the share repurchase program will generate value for our shareholders while we leverage our new Virtus wafer technology, our increasing in-house polysilicon production and our strong leadership position in wafer production to capitalize on new opportunities."

JIASHAN, China, July 12, 2011 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar products, today announced that it has revised its second quarter 2011 guidance primarily due to declines in wafer prices and a challenging solar module market.

For the second quarter of 2011, the Company estimates its total solar wafer and module shipments to be in the range of 290 MW to 300 MW, compared to its previously guided range of 330 MW to 350 MW; revenues to be in the range of US$235 million to US$245 million, compared to its previously guided range of US$280 million to US$300 million; and gross profit margin to be in the range 17% to 19%, compared to its previously guided range of 25% to 27%.

Mr. Xianshou Li, ReneSola's chief executive officer, commented, "We experienced greater-than-expected price declines in both our core wafer business and supporting module business in the second quarter of 2011. Although the decline in wafer prices will impact our second quarter margins, we believe our low manufacturing costs will continue to decrease with our in-house polysilicon production expansion and proprietary technology advances in manufacturing and will help ease margin pressure. Additionally, our wafers are still selling at a 100% utilization rate."

Mr. Li continued, "We will maintain our focus on our core wafer business, as well as horizontal expansion to reduce costs, and will continue selling modules to our customers. Despite a relatively cautious near-term outlook, we believe our industry expertise, low-cost manufacturing and strong balance sheet position us well for long-term growth."

We have financed our operations primarily through short-term borrowings, long-term borrowings, proceeds from our equity offerings on the NYSE, the proceeds from our convertible bond offering, which we redeemed in the first quarter of 2010, and cash generated from operations.

We believe that our current cash and cash equivalents, anticipated cash flows from our operations and bank borrowings will be sufficient to meet our anticipated cash needs in 2011 based on current capital expenditure and operation plans. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we have decided or may decide to pursue. If our existing cash is insufficient to meet our requirements, we may seek to sell additional equity securities, debt securities or borrow from lending institutions.

First Quarter Results:

• Q1 2011 net revenues were US$328.2 million, in line with Company guidance and a decrease of 15.1% from US$386.4 million in Q4 2010.
  
• Q1 2011 gross profit was US$100.6 million with a gross margin of 30.7%, in line with Company guidance and comparable to 30.9% in Q4 2010.
  
• Q1 2011 operating income was US$75.6 million with an operating margin of 23.0%, an improvement from 22.2% in Q4 2010.
  
• Q1 2011 net income was US$43.3 million, representing basic and diluted earnings per share of US$0.25 and US$0.24, respectively, and basic and diluted earnings per American depositary share ("ADS") of US$0.50 and US$0.49, respectively.
  

"Despite a relatively cautious market in terms of demand, we delivered a good set of results in the first quarter of 2011, especially in terms of gross profit margin and operating margin," said Mr. Xianshou Li, ReneSola's chief executive officer. "We have witnessed a sharp decline in module ASPs but wafer pricing held strong during the quarter and our cost-reduction efforts allowed us to maintain a healthy gross margin of 30.7%. We made significant gains in reducing polysilicon cost during the quarter and are on target to increasing production towards the plant's annual capacity of 3,500 MT. As part of our cost-reduction initiatives, we have also ventured horizontally into wafer consumables and expect to launch steel wire production in the second half of this year. Though we hold a cautious outlook for demand in Europe, particularly due to the uncertainty and policy changes in Italy, we will continue to build out our capacities and are confident in our ability to drive down costs and remain an industry leader in low-cost wafers."

The Company maintains a cautious outlook on market demand as a result of uncertainties in government policies related to the solar industry. In Q2 2010, the Company expects total solar wafer and module shipments to be in the range of 330 MW to 350 MW, revenues to be in the range of US$280 million to US$300 million and gross profit margin to be in the range of 25% to 27%.

Fourth Quarter Highlights:

• Q4 2010 net revenues were a record US$386.4 million, an increase of 7.7% from US$358.7 million in Q3 2010.
• Q4 2010 gross profit was a record US$119.3 million with a gross margin of 30.9%, compared to gross profit of US$116.7 million with a gross margin of 32.5% in Q3 2010.
• Q4 2010 net income was US$61.0 million, representing basic and diluted earnings per share of US$0.35 and US$0.34, respectively, and basic and diluted earnings per American depositary share ("ADS") of US$0.70 and US$0.69, respectively.

"We delivered excellent value to our shareholders for the full year 2010, achieving a record return on equity of 34.4%," said Mr. Xianshou Li, ReneSola's chief executive officer, "Capitalizing on robust market demand, we expanded our capacities and increased our shipments throughout the year to reach record revenues of over US$1.2 billion. We continued to execute on our cost-reduction strategy in the fourth quarter, lowering our non-silicon wafer processing cost to US$0.24/W. Our polysilicon plant also began to contribute to profitability as we continued to ramp up polysilicon production and reduce production cost toUS$45/kg in February against a macro environment of rising polysilicon spot prices."

• For Q1 2011, the Company expects total solar wafer and module shipments to be in the range of 320 MW to 330 MW, revenues to be in the range of US$310 million to US$330 million and gross profit margin to be in the range of 30% to 32%.
• For the full year 2011, the Company expects total solar wafer and module shipments to be in the range of 1.6 GW to 1.7 GW, representing an increase of 35% to 44% year-over-year.

Third Quarter 2010 Financial and Operating Highlights

• Total solar wafer and module shipments in Q3 2010 were a record 324.9 megawatts ("MW"), an increase of 25.8 % from 258.3 MW in Q2 2010.

• Q3 2010 net revenues were a record US$358.7 million, an increase of 41.3% from US$253.9 million in Q2 2010.

• Q3 2010 gross profit was US$116.7 million with a gross margin of 32.5%, compared to gross profit of US$76.6 million with a gross margin of 30.2% in Q2 2010.

• Q3 2010 operating income was US$86.4 million with an operating margin of 24.1%, compared to operating income of US$52.5 million with an operating margin of 20.6% in Q2 2010.

• Q3 2010 net income was a record US$60.1 million, representing basic and diluted earnings per share of US$0.35 and basic and diluted earnings per American depositary share ("ADS") of US$0.70.

"Continuous cost reduction efforts coupled with robust market demand has led us to deliver another quarter of impressive financial and operating results," said Mr. Xianshou Li, ReneSola's chief executive officer. "As we focus on the production of high-quality wafers supported by module services, our growing in-house polysilicon production capacity will allow us to more effectively hedge our upstream risk and seize opportunities that will further define our company as a leading provider of solar energy."

Julia Xu, ReneSola's chief financial officer, added, "Our ongoing emphasis on improving manufacturing efficiencies has led to another quarter of improved margins and a substantial increase in our top and bottom line results. Additionally, our strong cash flow generation and prudent capital expenditures have resulted in a net cash balance of US$286.6 million for the first nine months of 2010, improving our capital structure and positioning us well for further expansion in 2011."

Outlook

Reflecting the robust market demand for solar products, ReneSola increases its Q4 2010 guidance.

• Total solar wafer and module shipments to be in the range of 310 MW to 330 MW

• Revenues to be in the range of US$340 million to US$360 million

• Gross profit margin to be between 30% to 32% in Q4 2010.

Full year 2010

• Solar wafer and module shipments are expected to be in the range of 1.13 GW to 1.15 GW. 

• Expects solar wafer and module shipments to be in the range of 1.6 GW to 1.7 GW, representing an increase of 42% to 48% year-over-year.

Second Quarter 2010 Financial and Operating Highlights

• Total solar product shipments in Q2 2010 were a record 258.3 megawatts 
  ("MW"), an increase of 6.6% from 242.4 MW in Q1 2010. 
  
• Q2 2010 net revenues were a record US$253.9 million, an increase of 
   22.9% from US$206.6 million in Q1 2010.
  
• Q2 2010 net income was a record US$36.1 million, representing basic and 
  diluted earnings per share of US$0.21, and basic and diluted earnings 
  per American depositary share ("ADS") of US$0.42.
  
• The Company generated strong operating cash flow of US$168.4 million in 
   the first half of 2010, bringing cash and cash equivalents at the end 
   of Q2 2010 to US$171.2 million, compared with US$106.8 million at the 
   end of 2009. 
  
  
  "We achieved record results in terms of revenues, net income and shipment volumes in the second quarter of 2010," said Mr. Xianshou Li, ReneSola's chief executive officer. "We delivered a strong gross profit margin of over 30% during the quarter as we continued to lead the industry as a cost-competitive solar manufacturer and executed on our OEM module servicing strategy. Strong market demand coupled with our cost-efficient structure should place ReneSola in a position to increase profitability in the coming quarters."
  
• For the full year 2010, the Company expects revenues to be in the range of US$1.0 billion to US$1.05 billion and gross profit margin to be in the range of 25% to 27%, while maintaining second half gross profit margin in the range of 28% to 30%. 
  
• For Q3 2010, the Company expects total solar product shipments to be in the range of 280 MW to 310 MW and revenues to be in the range of US$300 million to US$320 million.