August 20, 2014 - ReneSola Ltd today announced it will provide 5.4MW in solar modules to Welspun Energy Pvt. Ltd. for a utility-scale project in India.
Under the terms of the agreement, this month ReneSola will provide 240W and 245W versions of its popular Virtus II solar PV modules, which were manufactured at the Company's India-based OEM facilities, thereby satisfying the project's domestic content requirements (DCR), which call for certain solar projects to incorporate locally manufactured components. The companies hope to expand the project, which is subject to regulatory allocation by India's National Solar Mission.
"ReneSola's global OEM capacity of more than 1.1GW allows us to respond quickly to client demand and to shifting trade policies across the major solar markets, which have become problematic for many of our China-based peers," said Mr. Xianshou Li, the Company's chief executive officer. "India is one of our seven OEM locations around the world, and we see high growth potential in the country's DCR market. Moreover, we look forward to working with Welspun Energy, an experienced and fast-growing EPC, to help India reach its green energy goals."