ReneSola Power Authorizes $50 million Share Repurchase

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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.

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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.”

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