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's acquisition of Dynamic Green accelerates company transformation - Hanson Westhouse
Hanson Westhouse issued a note on ReneSola Ltd (NYSE: SOL; AIM: SOLA) a day after the Chinese manufacturer of solar products announced a deal to buy Dynamic Green Energy Ltd for 26.787 million newly issued ReneSola ordinary shares and US$10 million in convertible promissory notes.
In the broker's view, this move accelerates ReneSola's transformation into a fully integrated player following the acquisition of JC Solar in May. "Although we have downgraded our Q3 and full year forecasts in line with management guidance, we believe that ReneSola will recover in 2010 as the group benefits from a full year of its higher margin, fully integrated production model," it said.
The broker noted the separate announcement by ReneSola it plans to offer 14.4 million American Depository Shares (ADS), each representing two ordinary shares. The net proceeds, which Hanson Westhouse expects to be in excess of US$80 million, will be used for capital expenditure, working capital and for buying back convertible bonds due in 2012. "This is a good move for ReneSola as it is likely to strengthen the balance sheet to a moderate extent," it added.
Hanson Westhouse retains its ‘buy' recommendation for ReneSola.
Other Renesola Ltd. news
- HansonWesthouse increases full year revenue target for Renesola
2009-11-18 - Renesola to acquire solar manufacturer Dynamic Green Energy
2009-09-24
