Leasing Program Now Available to Residential ReneSola Customers

SAN FRANCISCO, March 11, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, announced today that its installer and EPC customers may now offer leases to qualified residential customers without requiring a down payment. Sunnova launched its leasing program in late 2012 and selected ReneSola as one of its approved vendors, based on the Company's superior quality line of high-efficiency solar PV modules.

"Given the volatility of the solar PV industry, we are always very careful when selecting our dealers and suppliers," said Jordan Fruge , Sunnova's senior vice president of sales and marketing. "ReneSola has proven to be an asset not only to our portfolio, but also to the entire industry. We recognize that ReneSola, like Sunnova, is in this business for the long haul. We are excited to bring our leasing product to homeowners in California and Arizona, with more states to be added soon. This provides an affordable option for homeowners to make the switch to solar with ReneSola modules."

Sunnova's residential solar lease is available to homeowners with a number of payment options. Down payments range from zero to $5,000, and monthly lease payments can be structured over 25 years. Moreover, Sunnova's lease is not subject to variable solar investment tax credits or to the U.S. Treasury Department's 1603 Program, which is expected to shield the program from price fluctuations. Homeowners may qualify with a credit score of 650, which offers an entry level below that of a number of competing programs. The Sunnova lease program, it is hoped, will revolutionize the residential solar space, which is why ReneSola proceeded with the approval process.

"There is a tremendous need in the residential solar space for this type of program and we've been planning for this type of opportunity since we first entered the U.S. market," said ReneSola's CEO, Mr. Xianshou Li. "Working with Sunnova will open up a new market of residential solar projects with flexible payment terms and an easier qualification process. With the efficiency of our modules and the benefits of Sunnova's lease programs, homeowners will see higher system lifetime savings and greater annual production at a very competitive price per kilowatt hour. This partnership will be instrumental in helping homeowners hedge against rising utility rates."

About ReneSola

Founded in 2005, ReneSola (NYSE: SOL) is a leading global manufacturer of high-efficiency solar PV modules and wafers. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia. For more information, please visit www.ReneSola.com.

About Sunnova

Sunnova is a leading residential solar financing provider with a management team that has financed solar for more than 3,000 homes and 22 MW of residential solar throughout the United States. With a thorough understanding of the market and deep industry experience, Sunnova is focused on making solar a simple and affordable option for homeowners. Sunnova believes that solar is an integral part of our country's energy supply. We believe electricity prices will continue to increase over time, and we believe solar should be an affordable, straightforward alternative to your electric provider that can help you lock in your electricity rates for years to come. When you lease a system from Sunnova, you make a monthly payment for your power, just like your electric bill. Plus you have the peace of mind that comes with complete coverage, including system monitoring, maintenance, and warranty. Worry free solar power. Homeowners will have the power to choose either a solar lease or power purchase agreement. For more information, please visit www.Sunnova.com.

ReneSola PV Module Shipments to Australia Top 100 MW

JIASHAN, China, Feb. 26, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced that the Company has shipped over 100 megawatts ("MW") of PV modules to customers in Australia since January 2012.

The PV module shipments have been used by leading solar retailers, distributors and project developers in a wide range of installations from domestic rooftops to large-scale commercial applications.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "The number of shipments to Australia has increased substantially in the last year. Since last summer, we have more than doubled our shipments there. This reflects both the pace of the Australian market and our burgeoning solar module business. Our increasing market recognition for high-quality products and leading technology, particularly our Virtus line, has positioned us well in the Australian market. We will continue to focus on improving our products, as well as cultivate long-term relationships with local energy companies, to strengthen our module business and facilitate the growth of Australia's promising solar industry."

About ReneSola

Founded in 2005, ReneSola (NYSE: SOL) is a leading global manufacturer of high-efficiency solar PV modules and wafers. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia. For more information, please visit www.ReneSola.com.

ReneSola Signs 10 MW Solar Module Sales Agreement with saferay

JIASHAN, China, Oct. 15, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced that it has shipped 10 MW of its high-quality solar modules to saferay GmbH ("saferay"), a leading large-scale PV power plant installer in Germany.

Under the terms of the agreement, ReneSola is delivering a total of 10 MW of its 245 W and 250 W multicrystalline solar modules directly to saferay for use in a new PV power plant near Schwarzheide in Brandenburg, Germany.

Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract illustrates the importance we place on the German market and on raising our profile in the solar module industry. Our aggressive sales and marketing efforts have enhanced the brand recognition of our solar module business and have educated customers regarding the superiority of our solar products. We're confident that our multicrystalline modules will make a valuable contribution to saferay's PV power plant and we hope to provide additional modules to saferay in the future to support their growing network of leading large-scale PV power plants."

Dr. Thomas Gnefkow , saferay's managing director, commented, "We are pleased to be using ReneSola's high-quality solar modules in our new PV power plant. ReneSola's reputation for timely delivery and competitive pricing are key to maintaining our typically fast construction time and leading cost position. As we are rapidly expanding our network of some of the world's largest PV power plants, we will continue to cooperate with ReneSola to provide us with high-quality solar modules."

About ReneSola

Founded in 2005, ReneSola (NYSE: SOL) is a leading global manufacturer of high-efficiency solar PV modules and wafers. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar modules have scored top PVUSA Test Conditions (PTC) ratings with high annual kilowatt-hour output, according to the California Energy Commission (CEC). ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, Greece, Spain, China and Australia. For more information, please visit http://www.renesola.com/.

ReneSola Ltd. Announces Second Quarter 2012 Results

JIASHAN, China, Aug. 24, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar modules and solar wafers, today announced its unaudited financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Financial and Operating Highlights

•     Total solar wafer and module shipments in Q2 2012 were 503.7 megawatts ("MW"), exceeding Company guidance and representing an increase of 8.1% from 466.0 MW in Q1 2012.
•     Q2 2012 net revenues were US$233.0 million, exceeding Company guidance and representing an increase of 10.2% from US$211.5 million in Q1 2012.
•     Q2 2012 gross profit was US$1.3 million with a gross margin of 0.6%, compared to a gross loss of US$8.0 million with a gross margin of negative 3.8% in Q1 2012. 
•     Q2 2012 operating loss was US$34.6 million with an operating margin of negative 14.9%, compared to an operating loss of US$37.8 million with an operating margin of negative 17.9% in Q1 2012.
•     Q2 2012 net loss was US$34.8 million, representing basic and diluted loss per share of US$0.20, and basic and diluted loss per American depositary share ("ADS") of US$0.40.
•     Cash and cash equivalents plus restricted cash were $394.2 million as of the end of Q2 2012, compared to US$388.3 million as of the end of Q1 2012.

"Despite what remained a challenging macro-environment, with lower average selling prices and lingering uncertainty surrounding the solar market, we continued to execute on our overarching strategy in the second quarter of 2012 to grow our module business, lower costs and develop superior technology," said Mr. Xianshou Li, ReneSola's chief executive officer. "We achieved record module shipments in the second quarter, up 76% quarter over quarter and 146% year over year, which is reflected in the number of employees we have added this year, primarily in the area of modules. On top of that, our sales and marketing efforts have enhanced our brand awareness among top solar companies, particularly with respect to our high-efficiency Virtus modules, which utilize our proprietary Virtus wafers. We continue to operate at 100% capacity and have built strong relationships with numerous customers that we are confident will continue to grow."

Mr. Li continued, "While we have invested further in our module business, we still consider wafer manufacturing to be our core competitive strength, as it represents the key stage in determining module efficiency. We continued to invest in R&D in the second quarter to improve our product efficiencies and manufacturing processes, which will help lower our costs. In the second quarter, manufacturing costs decreased between 10% and 15% across each of our key products: modules, wafers and polysilicon. Additionally, our R&D investments have led to horizontal developments, such as microinverters, which we expect will provide us with additional opportunities for growth. We will continue to invest in R&D, while simultaneously expanding our sales and marketing reach, to overcome short-term challenges and to prepare for when market conditions improve."

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