ReneSola Ltd (“ReneSola” or the “Company”) (NYSE: SOL), a leading brand and technology provider of solar photovoltaic (“PV”) products, today announced it will provide microinverters, string inverters and mounting products to a new client in Pakistan that specializes in the professional management of thermal and renewable power generation assets in Pakistan,India and Africa.
Pakistan, an emerging market, suffers from energy shortages and relies heavily on load shedding, or scheduled blackouts, to conserve electricity. However, areas of the country also receive among the highest amounts of solar radiation in the world, and thus represent a significant opportunity for solar-related investment. ReneSola already provides locally-produced PV modules to Pakistan’s neighbor, India, so the contract reflects the Company’s broader penetration into the South Asian solar market.
Mr. Xianshou Li, ReneSola’s chief executive officer, said, “We look forward to contributing to Pakistan’sdeveloping solar infrastructure. Our microinverters, for instance, can significantly increase the performance of an entire PV system by enabling panels to operate independently, eliminating the ‘Christmas light effect’ experienced by panels connected in series, when the lowest performing unit determines the performance of the entire series. As with our solar modules, we’re confident that our inverters and mounting products will help to raise our corporate profile and drive sales in the emerging markets of South Asia.”