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.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.