ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading brand and technology provider of solar photovoltaic ("PV") products, today announced it has agreed to provide Vitec Co., Ltd. ("Vitec"), a Japan-based seller of semiconductor and electronic components and provider of energy and environmental consulting services for Mega Solar projects, with 10 megawatts ("MW") of Virtus II modules.
According to the terms of the agreement, ReneSola's solar modules will be used in a number of solar projects, ranging from 0.6 MW to 2.4 MW in size, across Japan.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract with Vitec, a leading electronics company in Japan, reinforces our brand image as a high-efficiency and cost-effective PV product supplier. Since the debut of Virtus II at PV EXPO Japan in February, it has been well received by the Japan market with JET certification. We're confident our modules will enhance Vitec's portfolio and the end-user experience. We hope to continue working with Vitec as we expand our operations to deliver high-quality products and household PV solutions to the strategically important Japan market."
ReneSola Japan began operations in October 2012 to drive sales and business development in Japan. The Company has since been listed by the Japan Photovoltaic Expansion Center ("JPEC") and received certification from the Japan Electrical and Environment Technology Laboratories ("JET"), considered major accomplishments for a foreign company entering Japan's solar market. ReneSola expects its shipments to Japan to grow substantially in the second half of 2013, with Japan to become the Company's third largest market after Europe and United States.