ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, has announced it has reached an agreement with PowerGuard Specialty Insurance Services ("PowerGuard") to provide a range of long-term insurance and warranty-related coverage for the Company's high-quality solar products. Based in California, PowerGuard manages programs specializing in the design and underwriting of unique insurance and risk management solutions for solar and other alternative energy companies.
Under the terms of the agreement, PowerGuard will provide 25 years of complete global coverage for ReneSola products, which will enable the Company to structure sales offerings to suit a wide range of risk-management profiles among the markets and clients it serves.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "We are happy to be working with PowerGuard and excited about the flexibility their unique coverage options give us in meeting the needs of our clients. These types of insurance products address the difficulties that are often encountered by solar project developers, installers and operators, and will allow ReneSola to focus on our quality and operational excellence."
"PowerGuard is very proud that our PowerClip warranty solution has become the 'gold standard' for leading solar energy producers like ReneSola around the world," said Mike McMullen, managing principal of PowerGuard. "PowerGuard will continue to support the development and success of the global renewable energy industry with unique, industry-leading products and services."