JIASHAN, China, Aug. 10, 2012 /PRNewswire-Asia/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar wafers and solar modules, today 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."
ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, high production quality, and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and processing services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola's ADSs are traded on The New York Stock Exchange (NYSE: SOL). For more information about ReneSola, please visit http://www.renesola.com.
About PowerGuard Specialty Insurance Services
PowerGuard is a specialty renewable energy program manager specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
PowerGuard's PowerClip warranty product is the most comprehensive contractual liability coverage available to renewable energy manufactures, project developers, power generation operators and the financial institutions who invest in them. For more information please visit www.powerguardins.com.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
Mr. Tony Hung
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
SOURCE ReneSola Ltd.