ReneSola Power Seeks Shovel-ready Projects in Poland

--Intends to Launch a New Round of PV Farm Development--

PVTIME - 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 Przedsińôbiorstwo 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."

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