Exhibit 99.1

ReneSola Power Reports Third Quarter 2021 Financial Results and
Responds to Misleading Short Report

-- Revenue of $15.5 million, up 59% y/y

-- Sixth consecutive quarter of profitability

Stamford, CT, December 7, 2021 – 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 third quarter ended September 30, 2021. ReneSola Power’s third quarter 2021 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. During the conference call, the Company will respond to the false and misleading report published last week by an obscure short-selling firm.

Conference Call Details

ReneSola Power will hold a conference call today, December 7, 2021 at 4:30 p.m. U.S. Eastern Time (5:30 a.m. China Standard Time on December 8, 2021) 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/1598668

A replay of the conference call may be accessed by phone at the following numbers until December 13, 2021. To access the replay, please reference the conference ID 1598668.

A webcast of the conference call will be available on the ReneSola Power 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 Power

Mr. Adam Krop

+1 (347) 577-9055 x115

IR.USA@renesolapower.com

The Blueshirt Group

Mr. Gary Dvorchak, CFA

+1 (323) 240-5796

gary@blueshirtgroup.com

In China:

ReneSola Power

Ms. Ella Li

+86 (21) 6280-9881x 8004

ir@renesolapower.com

Exhibit 99.2

December 7, 2021

Fellow Shareholders,

Before we review third quarter results, we need to start by addressing the false and misleading report about us published last week by an obscure short-selling firm. After studying the Grizzly report, we conclude that the author has very limited knowledge of how solar project development works and has manipulated facts that are readily available to the public to create an impression of nefarious activity that is false, inappropriate, and misleading. We encourage all our stakeholders to read the report and listen to our response, which will be presented on the earnings conference call taking place today. We believe reading the report with a critical eye and keeping in mind the author’s financial incentives (they have a previously established short position in our stock), will enable readers to fully understand the deeply flawed and purposefully misleading narrative created by that firm.

Turning to third quarter results, we are comfortable with our performance. Revenue was below our guidance, while gross margin was at the high end of our guidance range. Most importantly, we were profitable despite the lower-than-expected revenue. Our highest financial priority is the bottom line, and all our decisions and actions are focused on profit as opposed to revenue. We sustained our profitability by two means: the strong gross margin, which reflects this profit focus, and tight control of expenses. We sustained gross margin through our strategy of selling projects at their most profitable point, NTP, and through the support of our recurring, high margin IPP electricity sales. Operating expenses declined sequentially, reflecting our discipline.

The revenue miss does not concern us and should not bother you either. We often point out that project sales are lumpy with uncertain timing. On an annual basis, the lumpiness is smoothed out and we can more accurately forecast our level of activity. On a quarterly basis, sales can easily move between periods, skewing the results for a quarter but having no impact on the economics of our business. This was the case in the third quarter. Two project sales we expected did not close. One was a project in Spain that we have discussed before. Our original buyer backed out of the sale, but we found a new buyer (at a somewhat higher price!) and this deal should close in December. Revenue from the Spain project is around $2 million. Similarly, around $6 to $7 million of projects in Pennsylvania were delayed for administrative reasons and should close either in Q4 or Q1 2022.

We are bullish on our prospects and that of our industry. Demand is strong around the world, and project pricing is firm, as rising PPA prices offset headwinds such as supply shortages, material cost inflation, and tariffs. Our pipeline is robust and growing rapidly, exceeding our expectations. At the start of the year, we established a goal of growing the quality mid-to-late stage pipeline to 2 GW. We achieved 1.8 GW in the third quarter and expect to end the year close to 2.2 GW. Furthermore, we are still in the early stages of exploiting the many opportunities in storage. Storage is quickly becoming a critical element of larger projects in the U.S. and Europe, and we intend to build a substantial pipeline of solar plus storage and independent storage projects in the quarters ahead.

With that overview, we will now review the details of our third quarter operating and financial performance.

Q3 2021 Financial Highlights: Sustained Profit Despite Revenue Shortfall

Revenue was composed as follows:

“IPP” consists mainly of the sale of electricity in China.

“Other” refers to operations and maintenance.

Achieving Pipeline Growth Goal

At the start of the year, we planned to grow our mid-to-late stage pipeline to over 2 GW before year end. Due to outstanding execution in the face of many challenges in our industry, we ended the quarter with a high quality project pipeline² of approximately 1.8 GW, with about 15 MW under construction. In Q3 we sold 6 MW of projects in Poland and 5.5 MW of solar projects in Maine. (Since entering the downstream business, ReneSola Power has completed ~850 MW of projects. We retain 173 MW of operating assets, which generate our recurring IPP revenue.)

¹ Attributable to ReneSola Power common shareholders, removes net attributable to non-controlling interests

² Mid-to-late stage project pipeline includes 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 ReneSola Power.

The following table details our mid-to-late stage project pipeline by location:

In our year-end letter, we will present a new and attractive pipeline growth goal for 2022.

Detailed Review of Pipeline by Region

Our performance is strong across most regions of the world, as reflected in our pipeline.

United States

Our mid-to-late-stage projects total 464 MW, of which 76MW are community solar projects in Minnesota, Maine, and New York. Additionally, we have projects under development in Florida, Pennsylvania, Illinois, and California. Meanwhile, we operate 24.1 MW of utility projects in North Carolina.

Solid Operating Asset Portfolio with Attractive Long-term Growth Plan

We currently own 173 MW of operating projects, of which we operate 148.5 MW of rooftop projects in China, and 24.1 MW in the U.S. In the third quarter, we connected about 3MW of newly developed projects in China. The China rooftop solar projects are concentrated in attractive eastern provinces with Commercial and Industrial (C&I) off-takers.

Looking ahead, our new asset development pipeline is 113 MW, located in various provinces across China. All projects in China are intended to be owned and operated by us as IPP assets. During 2021, we significantly slowed our pace of development, because target projects could not meet our IRR goals due to high material costs and other burdens. We intend to build our asset portfolio in China but will do so in a disciplined manner that ensures we meet our profit goals.

Q3 2021 Financial Results: Sixth Consecutive Profitable Quarter

All figures refer to the third quarter of 2021, unless stated otherwise.

Revenue

Revenue was $15.5 million, down sequentially and up year-over-year. Revenue from Project Development was largely driven by the sale of solar projects in the USA and Poland. Energy sales came from the 49.4 million KWh generated by our rooftop DG projects in China and the U.S.

By their nature, project sales are large with unpredictable timing, and quarterly revenue will often fluctuate significantly. The Company measures its success in project development by 1) focusing on profit performance, and 2) achieving attractive rates of quality pipeline growth. Some revenues are delayed to 4Q 2021 and 2022.

Gross Profit and Gross Margin

Gross profit was $6.1 million in the third quarter of 2021, yielding a gross margin of 39.2%. Gross margin was at the high end of guidance due to the mix of project sales at NTP, which are higher margin than COD sales. The lower gross margin versus the previous quarter and year-ago quarter was due to comparisons with exceptionally high gross margins in the prior periods.

Gross profit and margin compare to a gross profit of $11.3 million and gross margin of 61.0% in the second quarter of 2021, and a gross profit of $5.9 million and gross margin of 60.6% in the third quarter of 2020.

Operating Expense and Operating Income

Operating expenses were $3.4 million, down sequentially and up year-over-year. Sales and marketing expenses of $48,000 were down both sequentially and year-over-year. General and administrative expenses of $3.4 million were up both sequentially and year-over-year, as we built staff in anticipation of further growth. Other operating income was $76,000, reflecting the reversal of warranty cost related to a project in China that was sold.

Operating income was $2.7 million, compared to $7.3 million in Q2 2021 and $2.9 million in the third quarter of 2020. Non-GAAP operating income was $3.2 million, compared to non-GAAP operating income of $8.8 million in the second quarter of 2021 and $4.5 million in the third quarter of 2020.

Net Income

ReneSola Power achieved its sixth consecutive quarter of profitability.

Net income attributed to ReneSola Power common shareholders was $0.7 million, compared to $7.0 million in the second quarter of 2021 and $2.1 million in the third quarter of 2020. Net income per ADS was $0.01, compared to $0.10 in the second quarter of 2021 and $0.04 in the third quarter of 2020.

Non-GAAP net income attributed to ReneSola Power was $1.7 million, compared to $7.5 million in the second quarter of 2021 and $2.5 million in the third quarter of 2020. Non-GAAP net income per ADS was $0.02, compared to $0.11 in the second quarter of 2021 and $0.05 in the third quarter of 2020.

Cash Flow

Cash flow used in operating activities was $5.1 million; cash flow used in investing activities was $3.0 million, and cash flow used in financing activities was $2.2 million.

Financial Position

All figures are as of quarter-end, September 30, 2021.

Cash and equivalents were $275.8 million, compared to $286.0 million at the end of Q2 2021. Total current assets (as disclosed in appendix 2) were $351.2 million, compared to $357.1 million at quarter-end of Q2. Long-term borrowings were $65,000, flat when compared to June 30, 2021. Our long-term failed sale-lease back and finance lease liabilities associated with the financial leasing payables for rooftop projects in China were $31.7 million, compared to $36.0 million at the end of the previous quarter as we paid down some high interest borrowing in China. Short-term borrowings were nil.

We consider our debt-to-asset ratio to be attractive at 15.8%.

Cash per ADS is now $3.95. Book value (or NAV) equals $6.06 per ADS. This compares to our current ADS price of $5.59, as of the date of this letter.

Our Board of Directors recently authorized a $50 million share repurchase program. The program is effective immediately with no expiration date. The authorization reflects high confidence in our growth prospects and strong financial position.

Robust Outlook for Q4 2021 and 2022

For the fourth quarter of 2021, we expect revenue to be in the range of $21 to $27 million and gross margin in the range of 36% to 40%. This results in full year 2021 revenue guidance of $77 to $83 million, and full year gross margin over 40%.

Our preliminary goal for 2022 is to achieve the net profit growth of at least 30% compared to 2021. This outlook is based on the broad-based societal interest in clean energy that is driving increased government support and a high level of private developer interest. We will offer detailed guidance for 2022 pipeline growth, revenue, and bottom line results in our year-end shareholder letter.

Conclusion

We believe broad social and governmental support for renewable energy will create a robust environment supporting the growth of solar projects, which in turn should drive exciting growth for us in the quarters ahead. Our strategy is sound, and our track record of execution is strong. We have never been more excited about the future.

We would like to thank our employees for their hard work and dedication. We also want to thank our customers, partners and shareholders for their continued support and confidence in ReneSola Power.

Third Quarter 2021 Earnings Results Conference Call

We will host a conference call today to discuss our third quarter 2021 business and financial results. The call is scheduled to begin at 4:30 p.m. U.S. Eastern Time on Tuesday, December 7, 2021 (5:30 a.m. China Standard Time on Wednesday, December 8, 2021).

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/1598668

A replay of the conference call may be accessed by phone at the following numbers until December 13, 2021. To access the replay, please reference the conference passcode 1598668.

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://ir.renesolapower.com.

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:

ReneSola Power

Mr. Adam Krop

+1 (347) 577-9055 x115

IR.USA@renesolapower.com

The Blueshirt Group

Mr. Gary Dvorchak, CFA

gary@blueshirtgroup.com

Appendix 1: Unaudited Consolidated Income Statement

*Each American depositary shares (ADS) represents 10 common shares

Appendix 2: Unaudited Consolidated Balance Sheet