ReneSola Power Announces a Share Repurchase Transaction

PVTIME – ReneSola Ltd (“ReneSola Power” or the “Company”) ( (NYSE: SOL), a leading fully integrated solar project developer, today announced that the Company has entered into a securities repurchase agreement with ReneSola Singapore Pte. Ltd. (“ReneSola Singapore”), pursuant to which, among other things, the Company will repurchase from ReneSola Singapore 3 million ADSs at a price of $4.4 per ADS, totaling US$13.2 million through a privately negotiated transaction (the “Share Repurchase”). In addition, Shah Capital will purchase the remaining 2.05 million ADSs owned by ReneSola Singapore at a price of $4.4 per ADS, totaling $9.02 million through a privately negotiated transaction. The purchase price represents ~25% discount to SOL’s Net Asset Value as of September 30, 2022. The closing of the Share Repurchase is expected to occur within three business days from January 4, 2023, subject to standard closing conditions. After the completion of the two transactions, ReneSola Power’s primary shareholders will be all domiciled outside of China.

Mr. Yumin Liu, Renesola Power’s Director and Chief Executive Officer said, “We believe this transaction is an important milestone to our Company’s multi-year transformation into a leading global solar project developer, owner, and operator. We look forward to continuing to execute on our strategy and delivering better value for our shareholders. We are also grateful for Shah Capital’s continued backing and unabated conviction in our profitable growth strategy.”

Himanshu H. Shah, Founder and CIO of Shah Capital as well as Chairman of the Company’s Board added, “This share repurchase and ownership independence from ReneSola Singapore is a positive step forward for both ReneSola Power and its shareholders. With a proven track record, ReneSola Power continues to expand its global footprint and is well-positioned to capitalize on accelerating solar adoption across the world and making a positive impact on our environment.”