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ReneSola's Wuzhong project to produce 150MW

Posted: 26 Aug 2009     Print Version  Bookmark and Share

Keywords:solar power  China solar project  alternative energy 

ReneSola Ltd, a China manufacturer of solar products, has been given the exclusive right to develop a 150MW on-grid solar power project for the city.

The letter of intent has been signed with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region. The project, with a total budgeted investment of approximately Rs.3,448.68 crore ($706 million), is subject to a feasibility study and government permits and approvals, and has a four-year, four-phase construction period that is expected to begin in 2010.

"We are pleased to announce our new 150MW on-grid solar project in Wuzhong, which adds to our track record of partnering with local governments to develop sustainable solar projects," said Xianshou Li, CEO of ReneSola. "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."

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. The 150MW on-grid solar project in Wuzhong bolsters our downstream project portfolio as we strengthen our position as one of the leading vertically integrated solar companies in China. The Ningxia Hui Autonomous Region is one of the sunniest regions in China, and this project is strategically located to fully take advantage of the abundance of natural sunlight in the local area."

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