Renesola Ltd.
ReneSola Ltd. (ReneSola) is a manufacturer of solar wafers, which are thin sheets of crystalline silicon material primarily used in the production of solar cells. The Company's customers include some of the global manufacturers of solar cells and modules, such as JA Solar Co., Ltd., Motech Industries Inc., Solarfun Power Holding Ltd. and Suntech Power Co., Ltd. As of December 31, 2007, it offered monocrystalline wafers in sizes of both 125 millimeter by 125 millimeter and 156 millimeter by 156 millimeter. The Company possesses one of the solar wafer manufacturing plants in China based as of December 31, 2007. As of December 31, 2007, it had annual ingot manufacturing capacity of approximately 378 megawatt, consisting of monocrystalline ingot manufacturing capacity of approximately 218 megawatt and multicrystalline ingot manufacturing capacity of approximately 160 megawatt, and solar wafer manufacturing capacity of approximately 305 megawatt.
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Renesola to acquire solar manufacturer Dynamic Green Energy
ReneSola Ltd (NYSE:SOL; LON:SOLA), a Chinese manufacturer of solar products, said it signed an agreement to buy Dynamic Green Energy Ltd for 26.787 million newly issued ReneSola ordinary shares and US$10 million in convertible promissory notes.
Dynamic Green, through its wholly-owned subsidiary Jiawei Solarchina Co Ltd Ltd and other Chinese operating subsidiaries, manufactures solar products ranging from ingots to photovoltaic modules and provides original equipment manufacturing services for leading solar manufacturers.
Dynamic Green owns and operates several manufacturing facilities in different cities in China, including ingot and wafer manufacturing facilities in Sanhe, Hebei province, an upgraded metallurgical grade silicon manufacturing facility in Guiyang, Guizhou province, module and cell manufacturing facilities in Wuhan, Hubei province, and OEM facilities in Shenzhen, Guangdong province.
"ReneSola's acquisition of Dynamic Green will significantly increase our OEM capabilities and will accelerate the implementation of our strategy to become a fully integrated solar company," said SeneSola CEO Xianshou Li.
In 2007 and 2008, Dynamic Green had net revenues of US$18.1 million and US$53.3 million, respectively, and gross profit of US$6.1 million and US16.8 million, respectively. Dynamic Green posted an operating loss of US$9.6 million in 2007 and profit of US$9.9 million in 2008.
In a separate statement, ReneSola announced it plans to offer, subject to market and other conditions, 14.4 million American Depositary Shares (ADSs), each representing two ordinary shares, and also plans to grant the underwriters an option to purchase up to an additional 2.16 million ADSs.
ReneSola plans to use the money from the ADS offering for general corporate purposes including capital expenditure, working capital and repurchases and redemptions of the company's US dollar settled 1 percent convertible bonds due 2012. Management will retain broad discretion over the use of proceeds, and the company may ultimately use the proceeds for different purposes.
Other Renesola Ltd. news
- HansonWesthouse increases full year revenue target for Renesola
2009-11-18 - ReneSola's acquisition of Dynamic Green accelerates company transformation - Hanson Westhouse
2009-09-25
