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

Facebook
Twitter
LinkedIn
Reddit
Email
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia