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."