ReneSola Reports Framework Deal with China Seven Star Holdings for Sale of Two Utility-Scale Projects in Bulgaria

ReneSola Ltd ("ReneSola")(www.renesola.com) (NYSE: SOL), a leading brand and technology provider ofsolar photovoltaic ("PV") products, today announced it has entered a frameworkagreement (the "Framework Agreement") with China Seven Star Holdings Limited("China Seven Star"), a Hong Kong listed company, regarding a partnership inpotential sales to China Seven Star of no less than 200 megawatts ("MW") ofexisting and new PV projects within 18 months. The parties subsequently signeda Memorandum of Understanding ("MOU") which stipulates that ReneSola will sellto China Seven Star two utility-scale projects, both of which are completedand connected to the grid, with a total capacity of 9.7 MW in Bulgaria.Under the terms of the Framework Agreement, China Seven Star seeks to acquirefrom ReneSola within 18 months no less than 200 MW of PV projects, includingbut not limited to four existing solar parks in Bulgaria and Romania. Theseries of PV project cooperation set forth in the Framework Agreement willbegin with the sale of two utility-scale projects in Bulgaria by ReneSola toChina Seven Star pursuant to the terms of the MOU, where China Seven Star willissue and allocate new shares to ReneSola in exchange for the entireshareholder equity of the project company. For each potential PV project saleunder the Framework Agreement, including the Bulgaria projects specified inthe MOU, ReneSola and China Seven Star will enter into a separate agreement. "We are excited to commence our cooperation with China Seven Star," said Mr.Xianshou Li, ReneSola's chief executive officer. "The potential sales of thetwo utility-scale projects in Bulgaria and additional projects comprising atotal of 200 MW represent a continuation of our strategy of selectivelydeveloping solar power projects. We wish to be involved in the full cycle ofPV project development, while continuing to maintain our capital and debtcontrols and to improve our overall financial position."Mr. Xinggua Ni, chairman of China Seven Star, said, "We are delighted to enterinto this partnership with ReneSola. We believe ReneSola can bring along itstechnological expertise and experience in the PV project development, whichwill accelerate our growth in the downstream solar market. We look forward tofurther cooperation with ReneSola in the future."The framework agreement and the MOU do not constitute final agreements. Withspecific provisions relating to the sales of projects still to be agreed to,there is no assurance that any sale of PV projects will be completed.For more information, please visit www.renesola.com