Company's Diverse Supply Chain Credited for Avoiding U.S. Tariffs
SHANGHAI, Nov. 9, 2012 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced that its solar PV modules sold in the United States are not subject to tariffs on PV modules made with Chinese-manufactured solar cells, as the Company sources its cells from countries other than China. This week, the U.S. International Trade Commission ("ITC") upheld higher tariffs that had been imposed last month by the U.S. Department of Commerce and ruled that U.S. manufacturers had been negatively impacted as a result of state subsidies for PV modules exported from China.
"As a result of our international supply chain, and insightful planning on the part of our global management team, ReneSola will not be negatively impacted by the ITC's recent ruling," said Mr. Xianshou Li, chief executive officer of ReneSola. "While we question how this ruling will ultimately benefit U.S. consumers and the overall U.S. solar industry, we will continue to work diligently to make solar more affordable and widely available through our economies of scale and by manufacturing modules of the highest quality."
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.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
Mr. Tony Hung
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Mr. Brian Armentrout
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd.