ReneSola updates production capacity plans

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Chinese solar wafer manufacturer ReneSola Ltd. has announced its completion and commission of 90MW of multicrystalline ingot and wafer capacity and 35MW of monocrystalline ingot and wafer capacity to schedule. The company’s aim of reaching an annual capacity expansion of 645MW in ingot production by the end of 2008 is expected to be reached with the help of the delivery of an extra 70MW of multicrystalline furnaces in the fourth quarter.

The company’s annual monocrystalline ingot and wafer production capacity now stands at 325MW, while annual multicrystalline ingot and wafer production capacity rises to 250MW. From a total wafer capacity perspective, the company is expected to reach its target of 585MW in wafer production capacity.

“The recent increase in our ingot and wafer production capacity, together with the additional capacity scheduled for installation during the rest of the year, will ensure that we achieve our targeted capacity for 2008,” said Xianshou Li, ReneSola’s CEO. “While our capacity expansion for 2008 is fully financed and our cash position remains healthy, the additional credit lines committed to us by two leading Chinese banks demonstrate their strong recognition and confidence in ReneSola notwithstanding the current volatility of the financial markets.”

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