ReneSola doubles down on pipeline expansion ambitions with US$40m fundraise

Image: ReneSola

A registered direct offering with expected gross proceeds of US$40 million has been unveiled by ReneSola as it looks to continue to expand its pipeline.

Alongside pursuing new solar projects, ReneSola will also use the net proceeds for general working capital needs, with the company expecting to raise gross proceeds of US$40 million, although this is without deducting agent fees and other offering expenses

To raise these funds, ReneSola has entered into securities purchase agreements with several institutional investors for the purchase and sale of 2.5 million American Depository Shares (ADS)– each representing ten ordinary shares – at a purchase price of $16 per ADS.

Last week, the solar firm announced a joint venture with France-headquartered asset management firm Eiffel Investment Group, with the duo looking to establish the entity that will provide financing for ReneSola’s current and future PV projects across Europe.

This comes after another joint venture was formed, this one – revealed in October 2020 – being with subsidy-free solar platform Novergy, with the purpose of continuing to develop an existing 100MW pipeline.

It follows ReneSola taking the decision to refocus on its core markets, including developments in the UK, Spain and the US, having zeroed in on the US as of late, moving its headquarters to Stamford, Connecticut last year.

Tags: us, renesola, finance, share purchase agreement, pipeline, europe, ground mount, solar pv, fundraising