Company's Diverse Supply Chain Credited for Avoiding U.S. Tariffs
ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced that its solar PV modules sold in the United States are not subject to tariffs on PV modules made with Chinese-manufactured solar cells, as the Company sources its cells from countries other than China. This week, the U.S. International Trade Commission ("ITC") upheld higher tariffs that had been imposed last month by the U.S. Department of Commerce and ruled that U.S. manufacturers had been negatively impacted as a result of state subsidies for PV modules exported from China.
"As a result of our international supply chain, and insightful planning on the part of our global management team, ReneSola will not be negatively impacted by the ITC's recent ruling," said Mr. Xianshou Li, chief executive officer of ReneSola. "While we question how this ruling will ultimately benefit U.S. consumers and the overall U.S. solar industry, we will continue to work diligently to make solar more affordable and widely available through our economies of scale and by manufacturing modules of the highest quality."