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

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.