ReneSola Ltd. announces third quarter 2012 results

Monday, Dec 03, 2012

JIASHAN, China, Nov. 30, 2012 /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 third quarter ended September 30, 2012.

"While we delivered record shipments in the third quarter, declining selling prices and the substantial supply-demand imbalance continued to have a large impact on our margins," said Mr. Xianshou Li, ReneSola's chief executive officer. "Nevertheless, we continued to drive down costs and improve efficiency through strong management and a dedicated R&D team. Over the year, we've leveraged our core competitive strength in wafer manufacturing and technology to develop highly efficient solar modules that have attracted customers in a number of markets, most notably Europe and Australia, and also the United States and China. Despite the difficult market conditions impacting the industry, we are confident in our ability to lower costs and develop superior technology that will grow our solar module business in both the near and long term."

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.