ReneSola Ltd (NYSE: SOL; AIM: SOLA), a vertically integrated Chinese solar firm, announced it has been granted the exclusive right to develop a 150 megawatt (MW) on-grid solar power project with a budgeted total investment of RMB 4.8 billion (approximately US$ 706 million).
The project, which is subject to a feasibility study and approval by the Chinese government, has a four-year, four-phase construction period that is expected to begin in 2010.
"We are pleased to announce our new 150 MW on-grid solar project in Wuzhong, which adds to our track record of partnering with local governments to develop sustainable solar projects," said Mr. Xianshou Li, ReneSola’s CEO. "Our vertically integrated solar manufacturing capabilities continue to position us to capture opportunities presented by the government’s increased focus on establishing alternative energy sources."
Mr. Li added, "We are excited by China’s transformation from a manufacturing hub of solar products into an important and increasingly significant end-user market. The emergence of downstream projects in the domestic market represents a significant opportunity for ReneSola to create new revenue streams and expand local market share."
ReneSola’s vertically integrated manufacturing capabilities include virgin polysilicon, monocrystalline and multicrystalline solar wafers, solar cells and solar modules.