ReneSola Ltd. announces fourth quarter and full year 2012 results

Friday, Mar 15, 2013

JIASHAN, China, March 14, 2013 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2012.

"The fast growth of our solar module business, driven by our proprietary Virtus technology, low production costs and global sales teams, contributed to a positive gross margin of 3.3% in the fourth quarter of 2012," said Mr. Xianshou Li, ReneSola's chief executive officer. "Last year, we leveraged our core competitive strength in wafer manufacturing to greatly expand our solar module business and made inroads in several key markets, including Australia, the United States, India, China and across Europe. In addition, we continued to make progress with downstream products like our Micro Replus microinverter and plan to offer residential PV solutions soon. Although we delivered record shipments in the fourth quarter, the selling prices for solar modules and wafers continued to decline as a result of the global supply-demand imbalance. While we believe prices are beginning to stabilize, we will continue to focus on lowering our costs, an area in which we have excelled, to improve our margins and better position us once conditions improve. Furthermore, we will continue to invest in new technology and expand our solar module business to attract new customers and grow our business in 2013."

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.

SOURCE ReneSola Ltd.

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