ReneSola Power China DG Projects Approved for Incentive Payments

ReneSola Ltd ("ReneSola Power" or the "Company") ( (NYSE: SOL) announced today that China's Ministry of Finance recently approved ten of the Company's rooftop projects to receive incentive payments. The Company expects to receive payments in 2021.

In late November 2020, the Ministry of Finance proposed to review a backlog of renewable energy projects and qualify them in batches for subsidy payments. All qualified projects, specifically those that completed all necessary filings in or after 2006, will be registered. This indicates that the 25 projects totaling 49 MW —which ReneSola Power completed between August 2017 and May 2018 —can be incorporated into the Ministry's "subsidy catalog".

In early March 2020, the Ministry of Finance proposed to review renewable energy projects and incorporate them into the "subsidy catalog" in batches for projects that were completed before July 31, 2017 or those that had already obtained FIT price in 2019. ReneSola Power has a total of 32 projects in the first batch of qualified projects. Of the 32 projects, 10 projects totaling 28 MW were approved for payments, while the remaining 22 projects of about 62 MW are currently under review.

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, commented, "We applaud the recent decision by the Ministry of Finance in China to accept all qualified renewable energy projects for incentive payments. This decision adds support to China's new policy to get to neutral carbon emissions by 2060. These developments are positive for the solar power industry in China and will benefit project developers and other participants in the solar value chain. Importantly, the payments will enable ReneSola Power to generate strong cash flow, and improve the economics of the operating assets we own in China. We are committed to developing solar projects globally and remain optimistic about the growth prospects for the industry."