London-listed solar wafer manufacturer ReneSola lowered its full-year expectations and reported a 13 percent fall in first-quarter net revenues, sending its shares down over 16 percent.

The China-based company said on Thursday it now forecasts 2009 revenue of between $500 million and $550 million, down from guidance of $650 million-$700 million given in March.

It also cut its production estimate to between 450 and 500 megawatts, down from 620-670MW previously expected. Shares in the AIM-listed company, which have lost 81 percent of their value over the last year as credit crunch dries up the funding crucial to the solar industry, were down 13 percent at 111 pence at 1513 GMT, having earlier touched a low of 107 pence.

ReneSola's first-quarter revenues fell to $106.9 million and it swung to a net loss of $30 million from profit of $17.7 million one year previously.

The results stand in contrast to Chinese peer Suntech Power Holdings Inc, which on Thursday posted a surprise first-quarter profit.

Like some German solar companies, such as Conergy and Phoenix Solar, ReneSola said it expects the market to pick up over the course of this year.

We continue to believe there will be a recovery in global demand as the year progresses, said Chief Executive Xianshou Li.

(Reporting by Victoria Bryan; Editing by Andrew Callus)