Exhibit 99.1

ReneSola Announces Second Quarter 2020

Financial Results

-- Q2 Revenue of $26.2 million, up 93% year-over-year

-- Return to Profitable Operations

Stamford, CT, August 27, 2020 – ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced its unaudited financial results for the second quarter ended June 30, 2020. ReneSola Power's second quarter 2020 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of ReneSola Power's website at: http://ir.renesolapower.com.

ReneSola Power will hold a conference call today to discuss results and to provide an update on the business.

Conference Call Details

ReneSola Power's management will hold a conference call today, August 27, 2020 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. China Standard Time) to discuss financial results.

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Participant Online Registration: http://apac.directeventreg.com/registration/event/7846999

A replay of the conference call may be accessed by phone at the following numbers until September 4, 2020. To access the replay, please reference the conference ID 7846999.

A webcast of the conference call will be available on ReneSola Power’s website at http://ir.renesolapower.com.

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

For investor and media inquiries, please contact:

In the United States:

ReneSola Ltd

Mr. Adam Krop

+1 (347) 577-9055 x115

IR.USA@renesolapower.com

The Blueshirt Group

Mr. Ralph Fong

+1 (415) 489-2195

ralph@blueshirtgroup.com

In China:

ReneSola Ltd

Ms. Ella Li

+86 (21) 6280-8070 x102

ir@renesolapower.com

The Blueshirt Group Asia

Mr. Gary Dvorchak, CFA

+86 (138) 1079-1480

gary@blueshirtgroup.com

Exhibit 99.2 

August 27, 2020

Dear Shareholders,

Second quarter results demonstrated solid execution and operational excellence in a challenging environment. We grew revenue by 93% y/y during the quarter, gross margin of 28.4% exceeded the updated guidance we announced on August 6^th, and importantly, we returned to profitability with net income of $3.1 million.

Our solid financial performance was driven by outstanding operating results. First, we announced the sale of a 10.4 MW Minnesota community solar portfolio to Nautilus Solar Energy. Second, we connected 15 MW of “micro projects” in Hungary. Third, we agreed to participate in a consortium to develop a large-scale ground-mounted solar plant in the south of France.

In addition to solid top-line and bottom-line results, we strengthened our financial position through debt reduction and a capital raise. Foremost, we are committed to generating cash and paying down debt. We generated over $5 million in cash from operations and strengthened our balance sheet in the second quarter by reducing total debt by nearly $8 million. This was remarkable considering the challenging macro environment we face as a result of the ongoing COVID-19 global pandemic. Subsequent to quarter end, we further strengthened the balance sheet with a capital raise. We implemented an “at-the-market” (ATM) equity offering program, under which we are selling up to an aggregate of $5 million of ReneSola Power’s common stock. We plan to use the net proceeds to expand our new project pipeline and for general working capital purposes. Additionally, the capital infusion will enable us to execute our long-term strategic growth plan as we further consolidate our transformation into an asset-light solar developer.

Further advancing our growth plan, this week we announced a definitive agreement to acquire certain assets from an undisclosed reputable solar developer in the U.S. The acquisition will also add an experienced solar project development team and should solidify our position as a leading global solar energy developer and operator. We believe that these new project assets being acquired are highly complementary to our existing business. In particular, the new team brings expertise in the development of U.S. distributed generation and small-scale utility projects with battery storage, which should augment our historical strength in U.S. community solar and European DG.

Once completed, the transaction is expected to immediately increase our total solar project pipeline in the U.S. by approximately 200 MW. In addition, the acquisition provides ReneSola Power with access to utility projects and development activities in a number of states, including Pennsylvania, California, New York, Maine, Illinois and Arizona. By leveraging our global reach and experience with the new team's solid track record in the U.S., we are expanding the scale of our solar energy development platform. We look forward to capturing potential market opportunities while driving value for all stakeholders.

We are optimistic about multi-year growth prospects. In the rest of this letter, I will remind you of why we are excited about our future.

Large Market Opportunity

The global solar power project development business is large yet continues to grow. Industry market research estimates that by 2040, the share of renewables in the energy market will increase to around 30% and will become the single largest source globally of power generation. Europe continues to lead the way in terms of penetration of renewables. Renewable energy is expected to account for more than 50% of the European energy market by 2040. Both Europe and the U.S. are expected to be the two key markets driving the growth of renewables in the next several years. With our focus on the U.S. and European markets (primarily Poland, Hungary, Spain, France, and the U.K.), we believe we are strategically positioned for growth.

Our Project Development business benefits from an intense focus on small-scale projects in diverse jurisdictions with a high PPA/FiT price that generate attractive returns. As of June 30, 2020, our total project pipeline was approximately 700 MW, and our late-stage pipeline was approximately 500 MW, up from 423 MW last quarter. We continue to focus on profitable markets, including the U.S. and Europe, where we see tremendous growth opportunities with high-quality projects. Importantly, we intend to add incremental project pipeline in our core markets (the U.S., U.K., Spain, Poland, France, Germany and Hungary) to reach 1GW by the end of 2020. Our teams around the world are dedicated to our success, possessing excellent skills and years of industry experience. In addition, we believe our healthy balance sheet provides a strong foundation to fund growth.

Attractive Profit-Optimized Project Pipeline

The development pipeline is strong at around 700 MW, of which over 500 MW are late-stage projects and about 23 MW are under construction. We believe the profile of this pipeline is attractive due to its broad geographic diversification in Europe.

Late-stage projects include those with the legal right to develop based on definitive agreements, including those held by project Special Purpose Vehicles (“SPVs”) or joint-venture project SPVs whose controlling power belongs to us.

¹ Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Use of Non-GAAP Financial Measures” in Appendix 4.

The following table highlights our late-stage project pipeline by location:

 Strong Performance and Outlook around the World

United States

Our late-stage projects total 168 MW, of which ~53 MW are community solar projects in Minnesota, Maine and New York. Additionally, we have projects under development in Utah, Florida, and Maine. Meanwhile, we operate 24.1 MW of utility projects in North Carolina.

Hungary

In Hungary, we invest in small-scale DG projects. Our late-stage pipeline has multiple “micro projects,” with an average size of 0.5 MW per project, bringing total capacity to 12.3 MW. All of the late-stage projects are under construction and expected to be connected to the grid in the fourth quarter of 2020.

France

In France, we have a project pipeline of 71.5 MW, all of which are ground-mounted projects. Additionally, one of these ground-mounted projects is a 30 MW solar park we are developing with our strategic partner, Green City Energy.

Operating Assets and Completed Projects for Sale

We currently own 204 MW of operating projects. Of the 204 MW of assets, we operate 160 MW of rooftop projects in China, 24.1 MW in the U.S., 15.4 MW in Romania, and 4.3 MW in the United Kingdom. The China rooftop solar projects are concentrated in a few eastern provinces with credit-worthy Commercial and Industrial (C&I) off-takers.

As of June 30, 2020, we had 15.0 MW of completed projects currently for sale.

Second Quarter 2020 Financial Details

Revenue

Second quarter of 2020 revenue was $26.2 million, up sequentially and up year-over-year. Revenue from Project Development was largely driven by the sale of the 14 MW projects in Hungary. Energy sales were mostly from the 36.4 million KWh generated by our rooftop DG projects in China.

Gross Profits and Gross Margin

Gross profit was $7.4 million in second quarter of 2020, yielding a gross margin of 28.4%. This compares to a gross profit of $1.4 million and gross margin of 6.4% in first quarter of 2020, and a gross profit of $10.5 million and gross margin of 77.3% in second quarter of 2019. The sequential increase in gross margin mainly reflects higher revenue contribution from energy sales and the project sales in the second quarter relative to last quarter.

Operating Expense and Operating Income

Second quarter of 2020 operating expenses were $2.9 million, up sequentially and down year-over-year. Marketing expenses of $135,000 were up sequentially and up year-over-year. General and administrative expenses of $1.8 million were down both sequentially and year-over-year. The decrease in general and administrative expenses reflected the Company’s commitment to exercise disciplined expense control.

² Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Use of Non-GAAP Financial Measures” in Appendix 4.

Second quarter operating income was $4.6 million, compared to a loss of $1.1 million in first quarter of 2020 and an income of $7.1 million in second quarter of 2019. Non-GAAP² operating income in second quarter of 2020 was $6.0 million, compared to non-GAAP operating loss of $0.7 million in first quarter of 2020 and non-GAAP operating income of $9.0 million in second quarter of 2019.

Net Income/loss

Second quarter of 2020 net income attributed to ReneSola Ltd was $3.1 million, compared to a loss of $4.4 million in first quarter of 2020 and an income of $5.1 million in second quarter of 2019. Net income per share was $0.06 in second quarter of 2020, compared to net loss per share of $0.09 in first quarter of 2020 and net income per share of $0.13 in second quarter of 2019.

Second quarter of 2020 non-GAAP net income attributed to ReneSola Ltd was $3.6 million, compared to non-GAAP net loss of $2.0 million in first quarter of 2020 and non-GAAP net income of $5.0 million in second quarter of 2019. Non-GAAP net income per share was $0.08, compared to non-GAAP net loss per share of $0.04 in first quarter of 2020 and non-GAAP net income per share of $0.13 in second quarter of 2019.

Financial Position

We had cash and cash equivalents of $11.3 million as of June 30, 2020, compared to $15.5 million as of March 31, 2020 and $8.7 million as of June 30, 2019. Long-term borrowings were $3.0 million as of June 30, 2020, compared to $8.5 million as of March 31, 2020 and $10.5 million as of June 30, 2019. Long-term failed sale-lease back and finance lease liabilities, associated with the financial leasing payables for rooftop projects in China, were $41.8 million as of June 30, 2020, compared to $44.0 million as of March 31, 2020 and $70.7 million as of June 30, 2019. Short-term borrowings were $31.5 million as of June 30, 2020, down from $33.5 million as of March 31, 2020 and $82.8 million as of June 30, 2019.

Outlook

For 2020, we continue to expect revenue in the range of $80 to $100 million and overall gross margin in the range of 18 % to 20%. For the third quarter of 2020, we expect revenue to be in the range of $8 to $10 million and overall gross margin in the range of 38% to 42%.

Conclusion

We remain confident that we have the right strategy, as our strategic focus on the U.S. and Europe positions us as a global leader in project development. We intend to drive down our cost of capital by continuing to strengthen our balance sheet, and through greater visibility and accessibility in the U.S. capital markets. We are focused on operating efficiently and profitably, delivering high returns and generating strong cash flow, which we believe can drive a higher valuation over time. In 2020, we will continue to grow our business globally. With our talented team, diversified geographic coverage and track record of success at every stage of project development, we believe we are well-positioned to deliver profitable growth in the years ahead.

I want to thank the ReneSola Power team for their great efforts and work to address the challenges we face in the current environment. And, I would like to thank our investors and stakeholders for your continued support of ReneSola Power.

Second Quarter 2020 Earnings Results Conference Call

As announced on August 6, 2020, we will host a conference call today to discuss our Q2 2020 business and financial results. The call is scheduled to begin at 8:30 a.m. U.S. Eastern Time (8:30 p.m. China Standard Time).

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Participant Online Registration: http://apac.directeventreg.com/registration/event/7846999

A replay of the conference call may be accessed by phone at the following numbers until September 4, 2020. To access the replay, please reference the conference passcode 7846999.

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

Sincerely,

Yumin Liu

Chief Executive Officer

Safe Harbor Statement

This shareholder letter 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," "plans," "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. Furthermore, the forward-looking statements are mainly related to the Company’s continuing operations and you may not be able to compare such information with the Company’s past performance or results. 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 the United States:

ReneSola Ltd

Mr. Adam Krop

 +1 (347) 577-9055 x115

IR.USA@renesolapower.com

The Blueshirt Group

Mr. Ralph Fong

+1 (415) 489-2195

ralph@blueshirtgroup.com

In China:

ReneSola Ltd

Ms. Ella Li

+86 (21) 6280-8070 x102

ir@renesolapower.com

The Blueshirt Group Asia

Mr. Gary Dvorchak, CFA

+86 (138) 1079-1480

gary@blueshirtgroup.com

*Share refers to our American depositary shares (ADSs), each of which represents 10 ordinary shares

Appendix 4:

Use of Non-GAAP Financial Measures

To supplement ReneSola Ltd’s financial statements presented on a GAAP basis, ReneSola Ltd provides Adjusted EBITDA as supplemental measures of its performance.

To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro-forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA, Adjusted EBITDA, non-GAAP net income/ (loss) attributed to ReneSola Ltd and non-GAAP EPS as non-GAAP financial measures of earnings.

• EBITDA represents net income before income tax expense (benefit), interest expense, depreciation and amortization.

• Adjusted EBITDA represents EBITDA plus discount of electricity subsidy in China, plus share-based compensation, plus bad debt provision, plus impairment of long-lived assets, plus one-time penalty of postponed payables, plus loss on one-time settlement of disputed Turkish receivables, plus loss/(gain) on disposal of assets, plus foreign exchange loss/(gain).

•Non-GAAP net income/ (loss) attributed to ReneSola Ltd represents GAAP net income/(loss) attributed to ReneSola Ltd plus discount of electricity subsidy in China, plus share-based compensation, plus bad debt provision, plus impairment of long-lived assets, plus one-time penalty of postponed payables, plus loss on one-time settlement of disputed Turkish receivables, plus loss/(gain) on disposal of assets, plus foreign exchange loss/(gain).

• Non-GAAP EPS represents Non-GAAP net income/ (loss) attributed to ReneSola Ltd divided by the number of fully diluted shares outstanding.

Our management uses EBITDA, Adjusted EBITDA, non-GAAP net income/ (loss) attributed to ReneSola Ltd and non-GAAP EPS as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to access the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time.

We find these measures especially useful when reviewing pro-forma results of operations, which include large non-cash impairment of long-lived assets and loss on disposal of assets. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.