ReneSola Ltd("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, announced the Company established a Japanese subsidiary, ReneSola Japan Ltd., in October 2012 to drive sales and business development in Japan. In addition, the Company has applied for its products to be listed by the Japan Photovoltaic Expansion Center ("JPEC") for eligibility to receive installation subsidies from the Japanese government.
JPEC listing is considered the biggest hurdle for a foreign company to enter Japan's residential solar market. In addition to eligibility for Japanese solar subsidies, JPEC-listed products give customers the confidence that the products meet Japan's high-quality standards and safety requirements and are fully compatible with the country's electric grid. In order to obtain JPEC listing, ReneSola has partnered with local suppliers to provide a PV home kit solution that includes 125-square and 156-square monocrystalline modules with an inverter, monitor and racking system to the Japan market. The Company expects these products to be JPEC-listed in March 2013. JPEC listing is expected for additional ReneSola products, including the Company's 250 W poly module, in the near future.
ReneSola will introduce its new PV home kit solution at the 6th International Photovoltaic Power Generation Expo ("PV Expo 2013"), which is being held at Tokyo Big Sight from February 27th to March 1st, 2013. The Company's booth will feature a simulated rooftop as well as an energy storage system comprised of 156-square monocrystalline modules and a proprietary energy storage battery.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "Previously, we have focused on developing our solar module business in Europe, but going forward we will also place an emphasis on prospective global markets like Japan. Japan has just begun its energy buy-back program for industrial use, with a particular focus on solar photovoltaics with further market growth. We will capitalize on this opportunity by aggressively promoting our high-efficiency products and household renewable energy solutions, such as our new PV home kit. Partnering with leading local suppliers demonstrates our commitment to developing tailor-made household renewable energy solutions for the Japan market. With JPEC-listed products, we will begin to invest more heavily in the Japan market to place our high-quality products on the grid."