ReneSola Power Announces $250 Million Registered Direct Offering of ADSs

1/25/21

ReneSola Ltd (NYSE: SOL), a leading fully integrated solar project developer, today announced that it entered into securities purchase agreements with several institutional investors for the purchase and sale of 10,000,000 of American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $25.00 per ADS, in a registered direct offering. The registered direct offering is expected to close on or about January 27, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the registered direct offering are expected to be $250.0 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds to expand its solar project pipeline (including combined solar/storage initiatives), to fund possible strategic acquisitions, and to meet general working capital needs.

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

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