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."