JIASHAN, China, Aug. 22, 2011 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola" or the "Company"), a leading global manufacturer of solar products, today announced that its Board of Directors has authorized a share repurchase program under which ReneSola may repurchase up to US$100 million in aggregate value of the Company's outstanding ordinary shares.

Under the program, the Company may, from time to time, for a limited period of time, depending on market conditions, share price and other factors, make one or more purchases, on the open market or in privately negotiated transactions, of up to US$100 million in aggregate value of the Company's outstanding common shares. Such purchases under the program will be made in accordance with the applicable laws and subject to any required regulatory approvals. Mr. Xianshou Li, ReneSola's chief executive officer, and Mr. Henry Wang, ReneSola's chief financial officer, are granted full discretion to act on behalf of the Company to acquire shares of the Company under the share repurchase program.

Mr. Xianshou Li, ReneSola's chief executive officer and director, commented, "At present, we believe our shares are undervalued. Despite relatively weak capital markets and a challenging solar market, we are confident in the long-term prospects of our business and the industry as a whole. With a healthy cash position, we believe the share repurchase program will generate value for our shareholders while we leverage our new Virtus wafer technology, our increasing in-house polysilicon production and our strong leadership position in wafer production to capitalize on new opportunities."