UPDATE 1-ReneSola signs wafer supply deal with BP Solar

* To supply BP Solar with 120 MW of solar wafers in '09

* BP Solar to supply 700 tonnes of polysilicon

* Shares rise 8 percent (Adds details)

Jan 20 (Reuters) - Chinese solar wafer maker ReneSola Ltd (SOLA.L) said on Tuesday it signed a one-year wafer supply agreement with BP Solar International Inc, a unit of UK oil giant BP Plc (BP.L).

Under the agreement, ReneSola will supply 120 megawatts of solar wafers to BP Solar, while it will get 700 metric tonnes of polysilicon from the BP Solar, it said.

Financial terms were not disclosed. BP Solar, part of BP Alternative Energy, makes, supplies and installs photovoltaic cells.

At 1108 GMT, ReneSola shares were up 8.3 percent at 133.25 pence on the London Stock Exchange. (Reporting by Srikanth Srinivasa in Bangalore; Editing by Gopakumar Warrier)