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."