ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) today announced that it has closed its previously announced $70 million securities offering. The net proceeds received by the Company are intended to be used for polysilicon production optimization and as working capital for general corporate purposes.
Mr. Xianshou Li, ReneSola's chief executive officer, commented, "With the global solar market continuing to expand, the proceeds from this offering will provide ReneSola with important working capital as we continue to grow our worldwide business. The proceeds will also be used for the optimization of ReneSola's polysilicon plant, which will help us strengthen our supply source and control our raw material cost, thus putting us in a more advantageous position overall as we follow through on our longer-term business development strategy."
The securities were offered by ReneSola pursuant to a shelf registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC"). A final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.