ReneSola Ltd. ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, today announced it has entered into an exclusive distribution agreement to provide 100 megawatts ("MW") of the Company's high-efficiency Virtus modules to BIG SOLAR S.A. ("BIG SOLAR"), the biggest Greek stockholder and distributor in the field of photovoltaic systems for electricity production through solar energy.
Under the terms of the agreement, ReneSola will ship a total of 100 MW of high-efficiency Virtus modules in the coming 12 months directly to BIG SOLAR.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "We are pleased to be expanding our relationship with BIG SOLAR. This deal reflects not only our strong position in key solar markets like Greece, but also our continued push in global sales. In the first half of 2012, ReneSola delivered 40 MW of our high-efficiency Virtus modules to Greece, becoming one of the country's biggest module suppliers. We are also among the top module suppliers in Australia and Belgium, thanks in part to the technology development and commercialization of ReneSola's high-efficiency Virtus modules, which have an average power generation of 255W."
Mr. Ionnnis Bitros, BIG SOLAR's president, commented, "Our companies have successfully worked together since the beginning of 2011 and our efforts will be strongly reinforced by this exclusive agreement. Through BIG SOLAR, ReneSola is poised to become the leader of the Greek photovoltaic modules market, and we anticipate a long and mutually beneficial partnership for years to come."
ReneSola also announced that it is revising its full year 2012 shipment guidance and estimates its total solar wafer and module shipments for the first half of 2012 to be close to 1 GW. For full year 2012, the Company estimates its total solar wafer and module shipments will be in the range of 2.2 GW to 2.4 GW, compared to the previously guided range of 1.8 GW to 2.0GW.
Mr. Li added, "We expect to maintain our leadership position in wafer manufacturing while at the same time expanding our module business. We believe our industry expertise, low-cost manufacturing, and strong balance sheet position us well for longer-term growth."