ReneSola Power Announces Closing of $40.0 Million Registered Direct Offering

ReneSola Ltd ("ReneSola Power" or the "Company") (NYSE: SOL) today announced that it has closed its previously announced registered direct offering of 2.50 million of American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $16.00 per ADS.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. Raymond James and Roth Capital Partners acted as financial advisors in the offering.

The gross proceeds were $40.0 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for expanding new solar project pipeline and general working capital needs.

The securities described above were offered pursuant to a "shelf" registration statement (File No. 333-240293) filed with the Securities and Exchange Commission (SEC) on August 3, 2020 and declared effective on August 11, 2020. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the securities were filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of the securities may be obtained, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: placements@hcwco.com or by telephone: (646) 975-6996.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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