ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today introduced its new Virtus II® multicrystalline modules to the Indian market at the 6th Renewable Energy India 2012 Expo, a three-day event held in New Delhi that concludes on November 9. In addition, ReneSola has started providing locally produced PV modules to the Indian market and expects to provide 250 MW of India-made PV modules over a two-year period. The India launch follows the successful introduction of the Virtus II ® solar modules to the U.S. and Australian markets.
ReneSola continues to implement its sales and marketing strategy of "professionalization, internationalization and localization" in India. Given the substantial demand for solar panels in India, ReneSola foresees a total quantity of 250 MW of India-made ReneSola modules over a two-year period. This is the first time the Company has provided locally produced PV modules outside of China, emphasizing the importance of the India PV market. The Company will realize this target through collaborating with local strategic partners in India. In order to import its world-leading technology to India and take advantage of India's local management and talent resources, ReneSola is dedicated to providing localized and customized products and services to the India market.
"Considering the strong and growing demand the India PV market presents for electricity, coupled with the government's strong support and generous subsidies for solar energy, ReneSola considers India to be a key market within Asia," said Mr. Stephen Huang, APMEA president for ReneSola. "We believe traditional PV sales and trading platforms cannot satisfy local demand, so we intend to invest more in India and are determined to establish roots there, ideally joining forces with the India PV industry to provide customized energy solutions."