ReneSola (SOL) Secures Additional Credit Lines, Updates Guidance

ReneSola announced that it has secured additional credit lines from two of the largest bank in China, Industrial and Commercial Bank of China and Agricultural Bank of China. This gives ReneSola additional credit of  RMB1.06 billion for total available credit lines of RMB2.8 billion.

ReneSola also released an update on its production capacity expansion. The company recently added 90 MW of production capacity for  multicrystalline ingot and wafers and 35 MW of capacity production capacity for monocrystalline ingots and wafers. Right now, ReneSola is capable of producing 328 MW of monocrystalline ingots and wafers annually and  production capacity to 325 MW and up  to 250 MW of multicrystalline ingots and wafers annually. With a new 70 MW furnace coming online in the fourth quarter, ReneSola "expects to achieve its capacity expansion target of 645 MW in annualized ingot production capacity and 585 MW in annualized wafer production capacity by the end of 2008."

ReneSola also revised its third quarter outlook as follows:

ReneSola estimates revenues for the third quarter of 2008 to be in the range of $210 million to $220 million and production output of between 100 MW to 103 MW. This compares to the Company’s previously issued production output guidance for the quarter in the range of 90 MW to 95 MW. ReneSola will release its third quarter earnings results and management will conduct a conference call before the U.S. market opens on Tuesday, November 18, 2008.

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