ReneSola Raises the Standard for Highly Efficient and Competitively Priced Solar Power Generation at Intersolar Europe 2012
MUNICH, Germany – June 13, 2012 –ReneSola Ltd., a leading global manufacturer of quasi-mono solar wafers and photovoltaic (PV) modules based in Jiashan, China, introduced here today at Intersolar Europe (Booth A4.166) its next-generation Virtus® V-grade wafers and PV modules.
Surpassing the conventional 16.5 percent efficiency for multicrystalline PV modules, ReneSola's Virtus® modules are able to convert photons to electrons at efficiencies above 18 percent – significantly accelerating the rate of return for new utility, commercial and residential solar installations. These new product technologies set a new industry standard for cost and energy effective solar power generation and are commercially available in both Europe and the United States.
"Competition in today's solar industry is fierce and installers are increasingly forced to choose between higher efficiency monocrystalline modules and lower-cost multicrystalline technology," said Jijun Shi, president of ReneSola Europe. "But one basic rule still applies: Any and every improvement to cost-per-watt is very significant. Our advanced quasi-mono wafer technology gives Virtus® module installers a third option versus competitive products by delivering conversion efficiencies approaching monocrystalline modules – but at a much more competitive cost."
"ReneSola is committed to investing aggressively to improve the performance of its Virtus® wafers, rapidly expand manufacturing capacity to streamline production costs and further maximize the competitive cost advantage of Virtus® modules downstream," said Xianshou Li, chief executive officer of ReneSola. "Virtus® products will represent half of the 2 gigawatts total wafer capacity that we plan to have in place by the end of 2012."
ReneSola's quasi-mono wafer technology has combined the high quality of mono and low cost of multicrystalline silicon PV technology. It enables production of high-efficiency monocrystalline wafers through a more cost-efficient casting process – similar to the one used to grow multicrystalline silicon ingots. Moreover, unlike the pulling process of CZ monocrystalline silicon crystal which creates round-cornered silicon ingots, ReneSola's quasi-mono technology produces perfectly square ingots that maximize the effective light-to-electricity conversion area in solar modules and boosts their overall energy output. Lastly, the light-induced degradation of ReneSola's Virtus® cells is 66 percent lower than that of conventional monocrystalline cells, increasing the actual power output of solar modules under illumination.
ReneSola launched its first generation of Virtus® wafers last year to compete with conventional multicrystalline silicon wafers, enabling fabrication of solar cells with efficiencies exceeding 17.5 percent in average, and finished modules with power output of 245watts(W). With the unveiling of its new V-grade wafers at Intersolar Europe 2012, the company's solar cells have achieved average conversion efficiencies of 18.2 percent. The target of ReneSola's new V-grade wafer technology is torealize high-efficiency PV modules with maximum power output above 250W, which will make them suitable for utility, commercial or residential installations.
For more information about Virtus® V-grade wafers and PV modules, please visit ReneSola at Intersolar Europe, Booth A4.166.
About ReneSola Ltd.
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 www.renesola.com.
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