ReneSola Power Announces $20.0 Million Registered Direct Offering

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ReneSola Ltd (“ReneSola Power” or the “Company”)  (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it entered into securities purchase agreements with several institutional investors for the purchase and sale of approximately 2.105 million of American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $9.50 per ADS, in a registered direct offering.  The registered direct offering is expected to close on or about December 28, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. Roth Capital Partners is acting as financial advisor for the offering.

The gross proceeds from the registered direct offering are expected to be approximately $20.0 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for expanding new solar project pipeline and general working capital need.

The securities described above are being offered pursuant to a “shelf” registration statement (File No. 333-240293) filed with the Securities and Exchange Commission (SEC) on August 3, 2020 and declared effective on August 11, 2020. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the securities will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of the securities may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: placements@hcwco.com or by telephone: (646) 975-6996.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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