ReneSola Closes Follow-on Public Offering, Raises US $70M

Jiashan, China [RenewableEnergyWorld.com] ReneSola Ltd. announced 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 closed on October 5, 2009.

The company received aggregate net proceeds of approximately US $70.7 million, after deducting discounts and commissions but before offering expenses.

Credit Suisse Securities LLC and UBS AG acted as joint bookrunners for the offering, and Lazard Capital Markets LLC acted as 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.

Last month, ReneSola signed a share purchase agreement with Dynamic Green Energy Limited and its shareholders to acquire 100% of the shares in Dynamic Green for 26,787,210 newly issued ReneSola ordinary shares and US $10 million in the form of a convertible promissory note issued by ReneSola.