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Unassociated Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of November 2010

Commission File Number: 001-33911

RENESOLA LTD

No. 8 Baoqun Road, YaoZhuang

Jiashan, Zhejiang 314117

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

82- NA

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	RENESOLA LTD

	By:	/s/ Xianshou Li
	Name:	Xianshou Li
	Title:	Chief Executive Officer

Date: November 10, 2010

Exhibit Index

Exhibit No.		Description
99.1		Press release regarding third quarter 2010 results

Unassociated Document

Exhibit 99.1

ReneSola Ltd Announces Third Quarter 2010 Results

Company achieves record results with revenues of US$358.7 million, quarterly solar wafer and module shipments of 324.9 MW and net income of US$60.1 million

JIASHAN, China, November 5, 2010 – ReneSola Ltd (“ReneSola” or the “Company”) (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer (“OEM”) services, today announced its unaudited financial results for the third quarter ended September 30, 2010.

Third Quarter 2010 Financial and Operating Highlights

·	Total solar wafer and module shipments in Q3 2010 were a record 324.9 megawatts (“MW”), an increase of 25.8 % from 258.3 MW in Q2 2010.

·	Q3 2010 net revenues were a record US$358.7 million, an increase of 41.3% from US$253.9 million in Q2 2010.

·	Q3 2010 gross profit was US$116.7 million with a gross margin of 32.5%, compared to gross profit of US$76.6 million with a gross margin of 30.2% in Q2 2010.

·	Q3 2010 operating income was US$86.4 million with an operating margin of 24.1%, compared to operating income of US$52.5 million with an operating margin of 20.6% in Q2 2010.

·	Q3 2010 net income was a record US$60.1 million, representing basic and diluted earnings per share of US$0.35 and basic and diluted earnings per American depositary share (“ADS”) of US$0.70.

The Company generated strong operating cash flow of US$118.7 million in Q3 2010, bringing cash and cash equivalents and restricted cash at the end of Q3 2010 to US$286.6 million, compared with US$246.6 million at the end of Q2 2010, while further reducing total debt from US$577.1 million at the end of Q2 2010 to US$542.2 million at the end of Q3 2010.

“Continuous cost reduction efforts coupled with robust market demand has led us to deliver another quarter of impressive financial and operating results,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “As we focus on the production of high-quality wafers supported by module services, our growing in-house polysilicon production capacity will allow us to more effectively hedge our upstream risk and seize opportunities that will further define our company as a leading provider of solar energy.”

Julia Xu, ReneSola’s chief financial officer, added, “Our ongoing emphasis on improving manufacturing efficiencies has led to another quarter of improved margins and a substantial increase in our top and bottom line results. Additionally, our strong cash flow generation and prudent capital expenditures have resulted in a net cash balance of US$286.6 million for the first nine months of 2010, improving our capital structure and positioning us well for further expansion in 2011.”

Results for the Third Quarter 2010

Product Shipments

	3Q10	2Q10	3Q09	Q-o-Q%	Y-o-Y%
Total Solar Wafer and Module Shipments (MW)	324.9	258.3	146.9	25.8%	122.1%
Wafer Shipments (MW)	226.6	206.7	134.3	9.6%	68.7%
Module Shipments (MW)	98.3	50.6	10.8	94.3%	810.2%

Net Revenues

	3Q10	2Q10	3Q09	Q-o-Q%	Y-o-Y%
Net Revenues (US$mln)	$358.7	$253.9	$140.9	41.3%	154.6%

Record revenues in Q3 2010 were driven by a combination of higher average selling prices (“ASP”) and strong growth in our module business.

Gross Profit

	3Q10	2Q10	3Q09	Q-o-Q%	Y-o-Y%
Gross Profit (US$mln)	$116.7	$76.6	$4.7	52.4%	2,383.0%
Gross Margin	32.5%	30.2%	3.4%	-	-

Operating Income (Loss)

	3Q10	2Q10	3Q09	Q-o-Q%	Y-o-Y%
Operating Expenses (US$mln)	$30.3	$24.2	$12.5	25.5%	142.4%
Operating Income (Loss) (US$mln)	$86.4	$52.5	($7.8)	64.7%	-
Operating Margin	24.1%	20.6%	(5.5%)	-	-

Increases in operating expenses were primarily due to AIM delisting fees of US$2.0 million as a result of the cost of conversion of shares into ADSs and an increase in research and development costs of US$1.8 million for the production improvement of wafer processing.

Net Income (Loss) Attributable to Holders of Ordinary Shares

	3Q10	2Q10	3Q09
Net Income (Loss) (US$mln)	$60.1	$36.1	($10.2)
Earnings (Loss) Per Share	$0.35	$0.21	($0.07)
Earnings (Loss) Per ADS	$0.70	$0.42	($0.14)

The Company achieved record net income of US$60.1 million, an increase of 66.7% from US$36.1 million in Q2 2010. Basic and diluted earnings per share were US$0.35, and basic and diluted earnings per ADS were US$0.70.

Business Highlights

Polysilicon Update

The Company will continue to build out its polysilicon production capabilities in the coming quarters in order to mitigate raw material volatility and diversify procurement risk. The Company produced approximately 269 metric tonnes (“MT”) of polysilicon in Q3 2010, an increase of 66.0% from approximately 162 MT in Q2 2010. The Company expects to yield 500 MT to 600 MT of polysilicon during Q4 2010 with production cost reduced to US$45 per kilogram by the end of the quarter. The plant is on target to produce 3,000 MT to 3,500 MT with production cost below US$35 per kilogram by the end of the first half of 2011.

Wafer Business

ReneSola’s wafer business continued to excel in Q3 2010 as wafer processing cost was further reduced to US$0.25/watt (“W”) with average polysilicon input cost of US$50 per kilogram to US$55 per kilogram. The Company’s prudent control over raw material procurement has led to steady polysilicon input prices which has provided protection against rising polysilicon spot prices. For Q4 2010, the Company expects to lower its wafer processing cost to US$0.24/W and achieve average polysilicon cost of US$55 per kilogram to US$60 per kilogram. Year-to-date, the Company has signed 9 new long-term wafer contracts for a period of 1 to 5 years under fixed volume and fixed pricing schedules, totaling 820 MW for 2011, which shall represent 68% of the Company’s expected wafer product shipments.

Module Business

ReneSola continues to advance its downstream module business. The Company delivered record module shipments of 98.3 MW with an ASP of US$1.85/W in Q3 2010. The Company remains confident that its downstream platform will enhance its competitive edge by providing additional value to its customers. The Company expects to achieve similar module shipments and ASP in Q4 2010 and expects module shipments to reach 400 MW in 2011.

Strong Operating Cash Flows and Improved Capital Structure

The Company generated strong operating cash flows of US$118.7 million in the third quarter of 2010, bringing total operating cash flows to US$287.1 million for the first nine months of 2010. Consistently strong operating cash flows and a net cash and cash equivalents and restricted cash position of US$286.6 million at the end of Q3 2010, compared to US$246.6 million at the end of Q2 2010, allowed the Company to steadily reduce its net debt-to-equity ratio to below 50% as of September 30, 2010. The Company expects to continue to generate strong operating cash flows with similar trajectory during the fourth quarter of 2010, placing the Company in a good position to continue increasing its cash while holding its debt level steady for the remainder of 2010.

Capacity Expansion Plans and Related CAPEX

ReneSola spent US$86.7 million on capital expenditures during the first nine months of 2010 and is expected to spend another US$51.1 million in 2010, bringing total capital expenditure in 2010 to US$137.8 million. The Company expects to spend US$150 million in 2011 to expand wafer production capacity from the current 1.2 GW to 1.8 GW while increasing module production capacity from the current 375 MW to 600 MW.

AIM Cancellation

At ReneSola’s annual general meeting on August 20, 2010, the Company passed a resolution to cancel its AIM quotation effective November 30, 2010 or such later date as the Company’s directors may determine. Application has therefore been made to cancel the AIM quotation with effect from November 30, 2010.

Company Appoints New Vice President of Wafer Manufacturing

The Company recently appointed Robin Liu as vice president of wafer manufacturing. Mr. Liu previously served as the Company’s vice general manager and director of its silicon wafer division. Mr. Liu has over 14 years of experience in engineering and operations management having previously served as a senior manufacturing manager at Kemet (Suzhou) Co., Ltd., industrial operations manager at Schneider (Suzhou) Transformers Co., Ltd., a manufacturing center manager and head of production and engineering at Royal Philips Electronic Sound Solutions Beijing, and an engineer with The Waterborne Transportation Institute of The Ministry of Communications. Mr. Liu received a degree in mechanical engineering from Shanghai Tongji University in 1996.

Outlook

Reflecting the robust market demand for solar products, ReneSola increases its Q4 2010 guidance. The Company expects total solar wafer and module shipments to be in the range of 310 MW to 330 MW, revenues to be in the range of US$340 million to US$360 million and gross profit margin to be between 30% to 32% in Q4 2010.

Full year 2010 solar wafer and module shipments are expected to be in the range of 1.13 GW to 1.15 GW. For the full year 2011, the Company expects solar wafer and module shipments to be in the range of 1.6 GW to 1.7 GW, representing an increase of 42% to 48% year-over-year.

Conference Call Information

ReneSola’s management will host an earnings conference call on Friday, November 5, 2010 at 8 am U.S. Eastern Time / 8 pm Beijing/Hong Kong time / 12 pm Greenwich Mean Time.

Dial-in details for the earnings conference call are as follows:

U.S. / International:	+1-857-350-1596
United Kingdom:	+44-207-365-8426
Hong Kong:	+852-3002-1672

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is “ReneSola Call.”

A replay of the conference call may be accessed by phone at the following number until November 12, 2010:

International:	+1-617-801-6888
Passcode:	73941661

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola’s website at http://www.renesola.com.

About ReneSola

ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on proprietary technologies, economies of scale, low-cost production capabilities and technological innovations and know-how, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and OEM services. The Company possesses a global network of suppliers and customers that includes some of the leading global manufacturers of solar cells and modules. ReneSola’s shares are traded on the New York Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA).

Safe Harbor Statement

This press release contains statements that constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it “believes,” “expects” or “anticipates” will occur, what “will” or “could” happen, and other similar statements), you must remember that the Company’s expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company’s situation may change in the future.

For investor and media inquiries, please contact:

In China:

Ms. Feng Qi
ReneSola Ltd
Tel:	+86-573-8477-3903
E-mail: feng.qi@renesola.com

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel:	+86-8520-6284
E-mail: derek.mitchell@ogilvy.com

In the United States:

Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel:	+1-646-460-9989
E-mail: jessica.cohen@ogilvypr.com

In the United Kingdom:

Mr. Tim Feather / Mr. Richard Baty
Westhouse Securities Limited, London
Tel:	+44-20-7601-6100

E-mail:	jessica.cohen@ogilvypr.com
	richard.baty@westhousesecurities.com

			RENESOLA LTD
	Unaudited Consolidated Balance Sheet
			(US dollars in thousands)
	September 30,		June 30,			December 31,			September 30,
	2010		2010			2009			2009
ASSETS
Current assets:
Cash and cash equivalents		211,586		171,208			106,808			95,210
Restricted cash		75,051		75,384			25,266			28,852
Available for sale investment		3,512		4,975			6,207			-
Trade receivable, net of allowances for doubtful receivables		120,366		102,629			107,987			86,780
Inventories, net of inventory provisions		163,629		164,770			137,844			162,196
Advances to suppliers, current portion		41,898		18,917			12,092			39,729
Amounts due from related parties		401		412			440			439
Value added tax recoverable		40,409		44,341			51,843			44,411
Prepaid expenses and other current assets		15,620		10,784			7,412			6,184
Deferred tax assets, current portion		22,155		25,124			24,325			22,799
Total current assets		694,627		618,543			480,224			486,600

Property, plant and equipment, net		786,025		743,079			702,816			618,732
Prepaid land rent, net		25,707		25,351			23,137			23,277
Other intangible assets		553		425			1,349			2,474
Deferred tax assets, non-current portion		18,948		27,723			40,227			36,020
Advances to suppliers, non-current portion		-		7,204			8,072			19,140
Advances for purchases of property, plant and equipment		15,871		13,402			20,840			76,948
Other long-term assets		2,881		2,670			2,840			2,131
Goodwill		5,323		5,323			5,323			5,323
Total assets		1,549,935		1,443,719			1,284,829			1,270,645

LIABILITIES AND EQUITY

Current liabilities:
Short-term borrowings		353,558		388,028			358,634			312,560
Accounts payable		209,409		190,779			93,406			78,414
Advances from customers, current portion		82,356		51,276			53,852			59,682
Amounts due to related parties		24		24			24			40
Other current liabilities		96,861		73,848			71,460			74,116
Derivative liabilities		2,426		-			-			-
Convertible bond payable, current portion		-		-			32,475			-
Total current liabilities		744,634		703,955			609,851			524,812

Convertible bond payable		-		-			-			99,330
Long-term borrowings		188,596		189,073			189,279			170,666
Advances from customers, non-current portion		82,821		90,198			78,578			99,428
Other long-term liabilities		20,660		12,911			10,858			20,880
Total liabilities		1,036,711		996,137			888,566			915,116

Equity
Common shares		415,001		414,585			413,753			345,645
Additional paid-in capital		22,995		21,896			21,065			20,410
Retained earnings/accumulated deficits		47,342		(12,772	)		(60,609	)		(32,483	)
Accumulated other comprehensive income		27,886		23,873			22,054			21,957
Total equity		513,224		447,582			396,263			355,529

Total liabilities and equity		1,549,935		1,443,719			1,284,829			1,270,645

	RENESOLA LTD
	Unaudited Consolidated Statements of Income Data
	(US dollars in thousands, except ADS and share data)

	Three Months Ended
	September 30, 2010			June 30, 2010			September 30, 2009

Net revenues		358,704			253,879			140,945
Cost of revenues		(241,964	)		(177,255	)		(136,207	)
Gross profit		116,740			76,624			4,738

Operating expenses:
Sales and marketing		(2,330	)		(1,815	)		(1,752	)
General and administrative		(15,900	)		(13,371	)		(5,809	)
Research and development		(9,300	)		(7,459	)		(4,800	)
Other general expenses		(2,806	)		(1,529	)		(151	)
Total operating expenses		(30,336	)		(24,174	)		(12,512	)

Income (loss) from operations		86,404			52,450			(7,774	)

Non-operating expenses:
Interest income		438			378			269
Interest expenses		(6,199	)		(5,299	)		(4,152	)
Foreign exchange gain (loss)		582			(7	)		116
Fair value change on derivative liabilities		(492	)		(147	)		-
Investment income		(2,578	)		293			-
Total non-operating expenses		(8,249	)		(4,782	)		(3,767	)
Income (loss) before income tax		78,155			47,668			(11,541	)

Income tax benefit (expense)		(18,041	)		(11,607	)		1,370
Net income (loss) attributed to holders of ordinary shares		60,114			36,061			(10,171	)

Earnings (Loss) per share
Basic		0.35			0.21			(0.07	)
Diluted		0.35			0.21			(0.07	)

Earnings (Loss) per ADS
Basic		0.70			0.42			(0.14	)
Diluted		0.70			0.42			(0.14	)

Weighted average number of shares used in computing earnings per share
Basic		172,767,742			172,706,512			141,624,912
Diluted		172,921,501			172,706,512			141,624,912

	CONSOLIDATED CASH FLOW STATEMENT
	(US dollars in thousands, except ADS and share data)
	Nine Months Ended
	September 30, 2010			September 30, 2009

Operating activities:
Net income (loss)		107,951			(43,779	)
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of investee		-			291
Inventory write-down		(290	)		68,047
Depreciation and amortization		40,301			20,983
Amortization of deferred convertible bond issue costs and premium		327			1,937
Allowances for doubtful receivables and advance to suppliers		6,374			866
Prepaid land use right expensed		551			261
Change in fair value of derivatives		639			-
Gain on early extinguishment of debt, net of inducement charges		-			(5,353	)
Share-based compensation		2,711			2,627
Loss on disposal of long-lived assets		673			6
Changes in operating assets and liabilities:
Accounts receivable		(11,600	)		(41,472	)
Inventories		(22,318	)		(23,955	)
Advances to suppliers		(25,797	)		21,434
Amounts due from related parties		47			(11,783	)
Value added tax recoverable		12,274			(28,093	)
Prepaid expenses and other current assets		(10,124	)		6,914
Prepaid land use right		(1,044	)		(110	)
Accounts payable		112,421			29,582
Advances from customers		30,933			3,432
Other liabilities		15,796			18,398
Deferred taxes		24,292			(43,028	)
Accrued warranty		2,972			255
Net cash provided by (used in) operating activities		287,089			(22,540	)

Investing activities:
Purchases of property, plant and equipment		(94,519	)		(273,751	)
Advances for purchases of property, plant and equipment		2,392			75,911
Purchase of other long-term assets		(433	)		(438	)
Cash received from government subsidy		5,910			5,959
Proceeds from disposal of property, plant and equipment		51			-
Restricted cash		(48,289	)		(22,491	)
Cash consideration for acquisition		-			(16,831	)
Net cash used in investing activities		(134,888	)		(231,641	)

Financing activities:
Proceeds from borrowings		552,595			458,799
Repayment of bank borrowings		(569,012	)		(202,035	)
Cash paid for issuance cost		(252	)		-
Proceeds from exercised stock option		468			-
Cash consideration paid to repurchase convertible bonds		(32,715	)		(19,781	)
Net cash provided by (used in) financing activities		(48,916	)		236,983

Effect of exchange rate changes		1,493			75

Net increase (decrease) in cash and cash equivalents		104,778			(17,123	)
Cash and cash equivalents, beginning of year		106,808			112,333
Cash and cash equivalents, end of year		211,586			95,210