SHANGHAI, Sept. 29, 2017 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesolapower.com) (NYSE:
SOL), a leading fully-integrated solar project developer and
operator, today announced the completion of the closing (the
"Closing") of the transactions (the "Transactions") contemplated by
the previously announced share purchase and subscription agreement
(the "SPA") with Mr. Xianshou Li, Chairman and Chief Executive
Officer of the Company (the "Buyer").
In accordance with the terms of the SPA, (i) the Company has
transferred to the Buyer substantially all of the Company's assets
and liabilities related to its manufacturing business (including
polysilicon, solar wafer, solar cell and solar module
manufacturing) and LED distribution business (the "Transferred
Businesses") through a transfer of all the share capital in
ReneSola Singapore Pte. Ltd. ("SGP") to the Buyer, as a result of
which bank borrowings in excess of RMB 3
billion related to the Transferred Businesses will no longer
be consolidated on the Company's balance sheet, (ii) SGP has agreed
to cancel approximately $217.3
million of accounts and other payable owed by the Company,
and (iii) the Company has issued 180 million shares of no par value
per share of the Company ("Shares") to SGP. Immediately
following the Closing, the Buyer beneficially owned, directly or
indirectly through SGP and other intermediaries, approximately
57.3% of the total issued and outstanding Shares of the
Company.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer and operator. Leveraging its global
presence and solid experience in the industry, ReneSola is well
positioned to develop green energy projects with attractive return
around the world. For more information, please
visit www.renesolapower.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, and Section 21E of the U.S. Securities Exchange Act of
1934, as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Among other things, the
quotations from management in this press release and the Company's
operations and business outlook, contain forward-looking
statements. Such statements involve certain risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Further information regarding these
and other risks is included in the Company's filings with the U.S.
Securities and Exchange Commission, including its annual report on
Form 20-F. Except as required by law, the Company does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
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SOURCE ReneSola Ltd.