Renesola announces Q2 results; signs 4.6MW module sales agreement
PRNEWSWIRE - ReneSola Ltd, today announced it has agreed to sell 4.6 megawatts of its 255 watt poly modules to Solar Planet Power Inc. Friday the company announced its unaudited financial results for the second quarter ended June 30, 2012.
ReneSola Signs 4.6 MW Module Sales Agreement with Solar Planet
ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar modules and wafers, today announced it has agreed to sell 4.6 megawatts ("MW") of its high-quality, high-efficiency 255 watt ("W") poly modules to Solar Planet Power Inc. ("Solar Planet"), a U.S. company specializing in photovoltaic ("PV") system solutions for commercial properties, including system due diligence, financing, design and installation.
Under the terms of the agreement, ReneSola will ship a total of 4.6 MW of its high-efficiency 255 W poly modules to Solar Planet in the third quarter of 2012. Solar Planet intends to order up to 15 MW of additional solar modules within six months following the initial delivery.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "This contract win reflects our deep commitment to the U.S. market, as well as the recognized quality of our high-efficiency modules. Over the past six months, our Americas sales team has worked hard to establish on-the-ground relationships with key solar power players and prospective customers in the United States, as well as to raise brand awareness of our products. Our full line of 60-cell and 72-cell multicrystalline and monocrystalline modules has become increasingly known for their superior technology and performance. We are pleased and proud to deliver these modules to Solar Planet for use in their PV systems. Moreover, we hope to develop a long-term relationship with Solar Planet as we build our business in the Americas and capitalize on the region's growing solar market."
"This strategic partnership with ReneSola will help us reach our big growth plans much faster and smoother," said Siyd Tawana, president of Solar Planet. "We are shooting for about $200 million in solar projects at schools and other public and private sites over the next two years. We have contracts to do installations for more than 30 major school districts, more than 20 municipals and many hospitals, airports and universities in the state of Ohio. We will later expand to other geographic markets in the United States and abroad, and we look forward to completing several new projects using ReneSola modules."
ReneSola Ltd. Announces Second Quarter 2012 Results
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.
"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."
