ReneSola wraps up USD 70m share sale

Sep 17, 2013 - Chinese solar products maker ReneSola Ltd (NYSE:SOL) said today it had finalised the previously announced American depositary shares (ADSs) sale of USD 70 million (EUR 52.4m) in total.

The company explained it will use the proceeds to optimise operations at its polysilicon plan, which is to allow it to improve its supply source and to better control raw material expenses.

ReneSola sold the ADS’s at a price of USD 4.67 apiece. According to a previous company announcement, those participating in the offering were to get 35% warrant coverage with an initial warrant exercise price of USD 6.04 per ADS. The warrants will expire four years after issue.

Roth Capital Partners was the placement agent.

At the end of August, ReneSola guided for third-quarter revenues of between USD 360 million and USD 380 million and said its gross margin should be 7%-9%. The forecast compares to second-quarter revenue of USD 377.4 million and a gross margin of 7.3%. The firm expects wafer and module shipments of 730 MW-750 MW in the current quarter, down from 849.3 MW in April-June.

(USD 1 = EUR 0.748)

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