ReneSola Power Authorizes $50 million Share Repurchase

- Advertisement -

It had announced the launch of a 7 MW ground-mounted solar project in November 2021. The project was developed in collaboration with Emeren

ReneSola Ltd. has announced that its board of directors has authorized the repurchase of up to $50 million of the company’s outstanding American Depositary Shares (“ADS”). The authorization is effective immediately and has no expiration. As of this date, the company had approximately 70 million ADS outstanding.

“This share repurchase authorization demonstrates the confidence of our board and management team in the strength of our business and compelling prospects for growth. We believe the valuation of our shares may represent exceptional value from time to time, and this authorization enables us to make an astute investment in ourselves as market conditions warrant,” said ReneSola Power Chief Executive Officer Yumin Liu.

- Advertisement -

The Company focuses on solar power project development, construction management and project financing services. It had announced the launch of a 7 MW ground-mounted solar project in November 2021. The project was developed in collaboration with Emeren.

This project falls within the framework of the partnership agreement announced by ReneSola Power and Emeren on July 30, 2021, under which the two companies expect to develop projects in a broad range of sizes across Italy, with a target of reaching 110 MW shovel-ready projects by 2022.

“We are delighted to work alongside ReneSola Power on this first project and provide our steady contribution to the clean energy transition,” said Enrico Bocchi, Chief Operating Officer of Emeren, “It will be an exciting opportunity for our local development team, and we are confident that this will be the first of many great achievements in the framework of our partnership.”

- Advertisement -

Most Popular Articles

Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

AI Startup Funding Drops 10% YoY In 2023

0
With total investment falling by 10%, 2023 recorded AI startup backing of $42.5 billion, a decline after hitting the peak in 2021 as per...

Electric 2-Wheelers May Cost Less Than ICE Models in 4-5 Years: Report

0
In a scenario where a subsidy of ₹15,000 per kWh is provided, it is anticipated that the upfront cost parity for short- and mid-range...

Thoughtworks And AWS Unveil SDV Pulse For Industry Megatrend Navigation

0
Global technology consultancy and Amazon Web Services have released their first annual report, designed to assist automakers in quickly maximizing the potential of software-defined...

Buzz

Bharat Electronics Secures Export Worth $2.3 Billion For Fy25

0
Defence Public Sector Unit (DPSU) Bharat Electronics Limited (BEL), a leading aerospace and defence electronics company, announced on Friday that it has secured an...

Systrome Technologies Opens Electronics Manufacturing Facility in Thiruvananthapuram

0
To leverage quality telecom equipment production and local employment, Systrome Technologies recently inaugurated a new factory in the state capital of Kerala. A new manufacturing...

Hybrids Struggle For Incentives In Uttar Pradesh; Only FAME II-Certified Vehicles Eligible

0
Senior industry executives noted that Uttar Pradesh is looking to align hybrid and electric vehicle (EV) incentives with the central government's FAME II guidelines....

Important Sectors

Bharat Electronics Secures Export Worth $2.3 Billion For Fy25

0
Defence Public Sector Unit (DPSU) Bharat Electronics Limited (BEL), a leading aerospace and defence electronics company, announced on Friday that it has secured an...

Systrome Technologies Opens Electronics Manufacturing Facility in Thiruvananthapuram

0
To leverage quality telecom equipment production and local employment, Systrome Technologies recently inaugurated a new factory in the state capital of Kerala. A new manufacturing...

Hybrids Struggle For Incentives In Uttar Pradesh; Only FAME II-Certified Vehicles Eligible

0
Senior industry executives noted that Uttar Pradesh is looking to align hybrid and electric vehicle (EV) incentives with the central government's FAME II guidelines....

Hindustan Zinc Partners With Serentica for RE Solutions

0
Aiming for sustainability, Hindustan Zinc is integrating 450 MW of renewable energy into its operations across Rajasthan through a partnership with RE firm Serentica. Hindustan...

Cyient Announces Establishment Of Semiconductor Subsidiary

0
A new subsidiary acquires Cyient's semiconductor technology business, focusing on designing and selling specialised analogue mixed-signal chips using a fabless model amid India's semiconductor...

Manufacturing

India, Russia Partners To Boost India’s Defence Capabilities

0
Backed by Russia, HAL aims to produce and export Sukhoi Su-30 fighter jets in Nashik to enhance India's aerospace prowess and export potential. India's state-owned...

Zapp And Bounce Infinity Partner On Scooter Production at Bhiwadi Plant

0
The partnership will facilitate the manufacturing and distribution of Zapp's i300 electric urban motorcycles across India. Zapp Electric Vehicles Group Limited has unveiled a strategic...

Empowering Innovation: The Role of MSMEs in India’s Defence Sector

0
If large industries are the “face” of the Indian economy as they provide the most visible aspect, then the MSMEs are surely the “firm...

Quality Control With AI-Driven Optical Inspection

0
This collaboration combines optical inspection technology with high-performance Edge AI hardware, significantly improving printed circuit board assembly efficiency, reducing waste, and enhancing overall process...

River Mobility To Invest INR 1,000 cr In New EV Plant

0
River Mobility is gearing up to invest in the automotive industry with a new INR 1,000 crore plant in Telangana, strategic expansions, and robust...