Solar project developer and operator ReneSola Ltd (NYSE:SOL) said today it has agreed to repurchase USD 13.2 million (EUR 12.5m) worth of American Depositary Share (ADS) from ReneSola Singapore Pte Ltd.
Under the terms of the newly-signed securities repurchase agreement, the company will buy back 3 million ADSs at a price of USD 4.4 apiece from ReneSola Singapore. In addition, ReneSola’s major shareholder Shah Capital will purchase the remaining 2.05 million ADSs held by ReneSola Singapore at the same price, which is a roughly 25% discount to SOL's Net Asset Value as of September 30, 2022.
The two privately-negotiated transactions are expected to close within three business days. After that, ReneSola Power's primary shareholders will all be domiciled outside of China, the company said.
"This share repurchase and ownership independence from ReneSola Singapore is a positive step forward for both ReneSola Power and its shareholders. With a proven track record, ReneSola Power continues to expand its global footprint and is well-positioned to capitalize on accelerating solar adoption across the world and making a positive impact on our environment,” commented Himanshu Shah, chairman of ReneSola’s board and founder and CIO of Shah Capital.
(USD 1 = EUR 0.948)
Choose your newsletter by Renewables Now. Join for free!