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)