Diversified Supply Chain Key to Company's U.S. Growth
ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, has announced that, as a result of the Company's diversified supply chain, its products will not be subject to anti-dumping and countervailing duties recently imposed by the U.S. Department of Commerce on a range of solar imports originating in China. Although the U.S. International Trade Commission is expected to make its own determination in November of this year, ReneSola does not expect its products or U.S. customers to be affected.
"The announcement by the Department of Commerce was not a surprise," said Mr. Xianshou Li, ReneSola's chief executive officer. "In fact, we had been preparing for this eventuality for months by diversifying our supply chain to ensure that our prices remain among the most competitive in today's marketplace. The new duties apply only to China-made cells and to modules assembled with such cells. The cells we use in the products we sell in the United States are manufactured outside of China and therefore not subject to these duties.
"These duties, which stem from complaints filed by German and U.S. manufacturers, are being imposed at a time when U.S. regulators should instead focus on the interests of U.S. consumers. Unfortunately, the tariffs will mostly harm thousands of U.S.-based installers and developers who will be forced to raise their prices in order to cover retroactive and anticipated penalties," added Mr. Li. "ReneSola maintains its deep commitment to research and development, and to bringing down the costs of solar power for consumers worldwide."