ReneSola rallied on news that it has been granted the exclusive right in a letter of intent with the Taiyangshan Development Zone in Wuzhong city, China, to develop a $706m, 150 megawatt on-grid solar power project.

The project, which is subject to a feasibility study and government permits and approvals, has a four-year, four-phase construction period that is expected to begin in 2010.

'We are pleased to announce our new 150 MW on-grid solar project in Wuzhong, which adds to our track record of partnering with local governments to develop sustainable solar projects,' said chief executive Xianshou Li.

'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.'

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