North Coast Solar Stocks

September 30, 2009

ReneSola Announces Pricing of Follow-on Public Offering of 15,500,000 American Depositary Shares

Filed under: SOL — Tags: , , , — Jason @ 9:37 am

Wednesday September 30, 2009, 9:37 am EDT

JIASHAN, China, Sept. 30 /PRNewswire-PRNAsia-FirstCall/ — ReneSola Ltd (“ReneSola” or the “Company”) (SOL), a vertically integrated Chinese manufacturer of solar products, announced today that its follow-on public offering of 15,500,000 American depositary shares, or ADSs, each representing two shares of no par value in the Company, was priced at $4.75 per ADS. The offering is expected to close on October 5, 2009. ReneSola has granted the underwriters a 30-day option to purchase up to an additional 2,325,000 ADSs.

ReneSola intends to use the net proceeds from the offering for general corporate purposes, including capital expenditures, working capital, and repurchases and redemptions of its U.S. dollar settled 1% convertible bonds due 2012, of which $99.0 million in aggregate principal amount was outstanding as of June 30, 2009. ReneSola may repurchase its convertible bonds through tender offers, open market purchases, negotiated transactions or otherwise. The Company’s management will retain broad discretion over the use of proceeds, and the Company may ultimately use the proceeds for different purposes.

Credit Suisse Securities (USA) LLC and UBS AG are joint bookrunners for the offering, and Lazard Capital Markets LLC is a co-manager for the offering.

This offering is being made under ReneSola’s “shelf” registration statement on Form F-3 filed with the Securities and Exchange Commission on June 25, 2009. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Company’s registration statement on Form F-3 and preliminary prospectus supplement are available from the SEC website at: http://www.sec.gov.

Copies of the final prospectus supplement and the accompanying prospectus, when available, may be obtained by contacting Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, New York 10010-3629, U.S.A., or by telephone at 1-800-221-1037, or contacting UBS Investment Bank, Prospectus Department, 299 Park Avenue, New York, NY 10171, U.S.A., or by telephone at 1- 877-827-6444 ext. 561-3884.

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