ReneSola, Solairedirect Sign 120 MW Solar Module Toll Manufacturing Agreement

ReneSola SOL today announced that it has signed a toll manufacturing agreement with Solairedirect SA ("Solairedirect"), a global pioneer of competitive solar power, to produce 120 megawatts ("MW") of solar modules in South Africa. (Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030) Under the terms of the agreement, Solairedirect will manufacture 120 MW of ReneSola-branded modules for a period of three years through its South African-based module manufacturing subsidiary, Solairedirect Technologies (Pty) Ltd. In addition, Solairedirect has committed to purchasing 20 MW of the solar modules for use in projects in South Africa and 34 MW of the solar modules for use internationally. Should Solairedirect expand its module production capacity, which it expects to double as early as sometime this year, it may produce additional solar modules for ReneSola under the current tolling agreement. Mr. Xianshou Li, ReneSola's chief executive officer, said, "We have partnered with Solairedirect to benefit from its module manufacturing capacity and strong market presence in South Africa, as well as to secure low costs through the tolling agreement. As an example of Solairedirect's success in the See full press release