ReneSola Announces Management Transition

STAMFORD, Conn., Nov. 26, 2019 /PVTIME/ — ReneSola Ltd (“ReneSola” or “the Company”) ( (NYSE: SOL), a leading fully integrated solar project developer, announced today that Mr. Yumin Liu was appointed Chief Executive Officer of the Company, effective December 4, 2019. Ms. Shelley Xu, who served as Chief Executive Officer since July 2019, left ReneSola to pursue other opportunities. Additionally, ReneSola announced that Mr. Ke Chen was appointed to serve as Chief Financial Officer, effective immediately. Mr. Chen will continue to serve on the Company’s Board of Directors. Mr. Xiaoliang Liang, who had served as Chief Financial Officer since June 2018, also left ReneSola to pursue other opportunities.

Furthermore, in order to align the Company’s structure with the new leadership team, its growing focus on global markets, and its U.S. stock listing, the corporate headquarters will be moved to Stamford, Connecticut, USA. Both Mr. Liu and Mr. Chen will be based in the new U.S. headquarters.

Mr. Liu commented, “These changes reflect the logical next steps in our multi-year transformation from a China-centric module manufacturer into a global solar power developer. With an extensive multinational project pipeline and a talented, dedicated, and diverse staff that spans the globe, we are positioned to capture a world of growth opportunities in front of us. Our recent return to profitability, the capital infusion from a major shareholder, and this leadership transition creates a solid foundation to sustain and accelerate profitable growth.” 

Mr. Liu concluded, “We thank both Shelley and Xiaoliang for their years of service to Renesola in various roles, and wish them the best in their next endeavors.”

Incoming CFO Ke Chen commented, “I look forward to expanding my role at Renesola in order to influence our success on a day-to-day basis. My capital markets background and association with our large shareholder Shah Capital position me to contribute to our success, especially in lowering our cost of capital.”

Chen added, “We hope to improve our equity valuation and increase shareholder value by becoming more visible. We have a great story to tell that features our return to sustainable profitability, our attractive global pipeline, and a solid balance sheet with the capital to fund accelerating growth. We have completely transitioned away from a China-centric story to a truly global story and believe all shareholders and new potential investors should have greater confidence in our more transparent corporate governance. We are very excited about entering this new phase in the life of Renesola.”

About Yumin Liu

Mr. Liu brings to ReneSola more than 20 years of experience in energy management, power generation and solar technology. Most recently, Mr. Liu served as Vice President of the EMEA region at Canadian Solar, a leading global manufacturer of solar photovoltaic modules and provider of solar energy solutions. Previously, Mr. Liu was the President of Recurrent Energy, a U.S. subsidiary of Canadian Solar and also a leading solar developer in the U.S. He spearheaded market development in the U.S. and project development across various international markets, and had full P&L responsibility for the EMEA region as well as Recurrent Energy. Prior to Canadian Solar, Mr. Liu served as President at GCL Solar Energy, one of the largest polysilicon and wafer producers in the world. Mr. Liu held various senior leadership positions at GCL, including the management of solar project development activities in overseas markets. Mr. Liu holds a master’s degree in International Commerce from University of Kentucky, and both M.S. and B.S. degrees in Mechanical Engineering from Northeast University in Shenyang, China.

About Ke Chen

Mr. Ke Chen serves on the Board of Directors of Renesola, and is associated with one of its major shareholders, Shah Capital. He has over 13 years of experience in the global capital markets, including investing in solar industry in China. Prior to joining Shah Capital, Ke worked in the pharmaceutical and biotech industries, and was an inventor that holds four patents. Ke holds an MBA from UNC Chapel Hill. He also holds an M.S. in Chemistry from the University of Florida, and earned a B.S. from the University of Science and Technology of China.

SOURCE: ReneSola Ltd.