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UPDATE 1-Renesola sees higher prices after strong Q1

LONDON, May 10 (Reuters) - ReneSola, a China-based manufacturer of solar wafers, posted double-digit rises in shipments and revenues and said it expected higher selling prices throughout 2010 after recent improvements in demand. "We anticipate additional cost reductions throughout 2010 which, combined with expected strong market demand for wafers, should help to further increase our profitability," the London-listed company said on Monday. ReneSola shares, which have jumped 47 percent so far this year, were up 10.9 percent at 243.5 pence at 1237 GMT. Many solar companies are experiencing increased demand at the moment as customers rush to place orders ahead of planned cuts to subsidies in Germany, the world's largest solar market. However, many fear plans by lower cost firms in Asia to ramp up production could once again lead to a freefall in prices, as was seen last year. For the first quarter, ReneSola posted earnings per share of $0.07, compared with a loss of $0.10 in the previous quarter on revenues up 14.8 percent at $206.6 million. A number of solar companies including Q-Cells, SolarWorld and JA Solar, are due to report on Tuesday. ($1=.6465 Pound) (Reporting by Victoria Bryan; editing by Simon Jessop) Keywords: RENESOLA/ (victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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