Company Signs New Contract with NIPPON STEEL & SUMIKIN BUSSAN MATEX CO., LTD. for 3MW of Additional Modules
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 in Japan 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.