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

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on 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.

Read Next

February 24, 2021
Microinverter supplier to use proceeds to repurchase notes due 2024 and 2025 as well as other corporate purposes
February 23, 2021
The development of Denmark’s grid will be driven by rising electricity demands from consumers rather than the growing renewables sector, a panel of key figures in the country’s green energy sector have suggested.
February 22, 2021
Pathfinder Clean Energy (PACE) has created a new solar development and project acquisition business, PACE Poland, targeting an initial 100MWp in the country.
February 15, 2021
Longroad Energy to acquire ~900MWdc of solar, with battery storage additions also to be considered.
February 15, 2021
Lightsource BP has added another 845MW to its solar development pipeline by acquiring a PV project portfolio from local developer Iberia Solar.
February 15, 2021
US utility Duke Energy should refile its 2020 integrated resource plan (IRP) to effectively allow for the diversity benefits of solar and storage to be captured, it has been argued by energy consulting firm E3.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Solar Media Events
June 15, 2021