ReneSola Adopts Shareholder Rights Plan

JIASHAN, China, Aug. 22, 2011 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola" or the "Company"), a leading global manufacturer of solar products, today announced that its Board of Directors has adopted a shareholder rights plan (the "Rights Plan") to protect the best interests of the Company and its shareholders. One ordinary share purchase right (a "Right") will be distributed on August 26, 2011, with respect to each ordinary share of ReneSola outstanding at the close of business on such date.

Initially, the Rights will be evidenced by the certificates representing outstanding ordinary shares, and no separate Rights certificates will be distributed. Subject to certain limited exceptions, the Rights will be exercisable if a person or group acquires 15% or more of the Company's voting securities or announces a tender offer for 15% or more of the voting securities ("Trigger Event"). The exercise price is set at US$20.00 per Right to purchase one ordinary share (each American depositary share represents two ordinary shares), subject to adjustment when there is a Trigger Event.  The Company's Board of Directors will be entitled to redeem the Rights at US$0.0001 per Right at any time before a person or group has acquired 15% or more of the Company's voting securities.

The Rights are intended to enable all of the Company's shareholders to realize the long-term value of their investment in the Company. The Rights are designed to ensure that the Company's shareholders receive fair treatment in the event of any proposed takeover of the Company and to encourage anyone seeking to acquire the Company to negotiate with the Board of Directors prior to attempting a takeover. The Rights are not being distributed in response to any specific effort to acquire control of the Company.