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Vertically integrated solar products manufacturer, ReneSola of China, has signed a letter of consent with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region to develop a 150MW grid-connected solar power project.

The project has a total budgeted investment of RMB4.8 billion, which is approximately US$706 million; it has a four-year, four-phase construction period that is estimated to begin in 2010, however it will be subject to a feasibility study and government permits and approvals.

"We are pleased to announce our new 150MW on-grid solar project in Wuzhong, which adds to our track record of partnering with local governments to develop sustainable solar projects," Xianshou Li, ReneSola's chief executive officer. "Our vertically integrated solar manufacturing capabilities continue to position us to capture opportunities presented by the government's increased focus on establishing alternative energy sources."

Xianshou Li also that the 150MW grid-connected solar project "bolsters" the company's downstream project portfolio as it strengthens its position as a vertically integrated solar company in China.

The Ningxia Hui Autonomous Region is one of the sunniest regions in China, and this project is "strategically located to fully take advantage of the abundance of natural sunlight in the local area", he said.