SHANGHAI, Sept. 26, 2016 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a
leading fully-integrated solar project developer and provider of
energy-efficient products, today announced that its Board of
Directors has authorized the Company to extend its original stock
repurchase program, under which the Company may repurchase up to
$20 million in aggregate value of its
outstanding American depositary shares ("ADSs"), for another 12
months ending September 2017.
Under the program, the Company may, from time to time, depending
on market conditions, share price and other factors, make one or
more purchases, on the open market or in privately negotiated
transactions, of up to $20 million in
aggregate value of the Company's outstanding ADSs. Such purchases
under the program will be made in accordance with the applicable
laws and subject to any required regulatory approvals.
On September 23, 2015, the
Company's Board of Directors authorized the original share
repurchase program for a term of 12 months, under which the Company
has purchased in aggregate over 1.48 million ADSs.
"Our share buyback program continues to demonstrate our
commitment to our shareholders," said Xianshou Li, ReneSola's
Chairman and Chief Executive Officer. "We remain focused on
generating cash flow and directing it toward value-enhancing uses,
including debt repayment, reducing our share count and growing our
downstream project business. We expect to continue to make
significant progress on all three fronts within the next 12
months."
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand and
technology provider of energy efficient products. Leveraging its
global presence and expansive distribution and sales network,
ReneSola is well positioned to provide its highest quality green
energy products and on-time services for EPC, installers, and green
energy projects around the world. For more information, please
visit www.renesola.com.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Ms. Rebecca Shen
+86 (21) 6280-9180 x106
ir@renesola.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.