ReneSola launches USD-50m share buyback

Solar panels. Featured Image: pornvit_v/Shutterstock.com

December 6 (Renewables Now) - The board of directors of downstream solar company ReneSola Ltd (NYSE:SOL) has authorised a buyback programme for up to USD 50 million (EUR 44.3m) worth of American Depositary Shares (ADSs), it was announced on Monday.

ReneSola, which currently has about 70 million ADSs outstanding, said that the authorisation comes with immediate effect and has no expiration date.

"This share repurchase authorisation demonstrates the confidence of our board and management team in the strength of our business and compelling prospects for growth. We believe the valuation of our shares may represent exceptional value from time to time, and this authorisation enables us to make an astute investment in ourselves as market conditions warrant,” commented CEO Yumin Liu.

The announcement comes a few days after Grizzly Research LLC issued a report that describes ReneSola as a fraudulent business with some “non-existent” projects across Europe and the US. The solar company denied the accusations and pledged to provide detailed explanations during its earnings conference call scheduled for December 7.

(EUR 1.0 = USD 0.885)

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