Shah Capital to lift stake in ReneSola with USD-11m investment

Solar modules in China. Featured Image: zhu difeng/Shutterstock.com

September 16 (Renewables Now) - Chinese solar projects developer ReneSola Ltd (NYSE:SOL) said on Monday it will get USD 11 million (EUR 9.96m) in fresh capital by selling shares to existing shareholder Shah Capital Opportunity Fund LP.

The fund, which ReneSola says is a major shareholder, has agreed to buy 100 million new ordinary shares at USD 0.11 apiece. This is equal to USD 1.10 per American Depository Share (ADS) and represents a premium of around 12% on the average closing price of ReneSola’s stock in the past 30 trading days. A term sheet on the transaction was inked on September 12, 2019.

ReneSola, which exited manufacturing in 2016 and became a pure-play project developer, said the completion of the transaction depends on customary closing conditions. After its closing, Shah Capital will not be able to transfer the acquired stock without ReneSola’s written consent to other parties except its affiliates for a 180-day period.

(USD 1.0 = EUR 0.906)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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