08 August 2006
The London Stock Exchange is delighted to welcome ReneSola to AIM.
ReneSola is a Chinese manufacturer of solar wafers for integration into photovoltaic “PV” cells, the principle component of crystalline solar panels. ReneSola has been profitable and grown rapidly since trading commenced in 2005, with current production at an annual rate of 48 MW or approximately 20 million five inch solar wafers.
Through a placing ReneSola has raised US$50 million before expenses at a placing price of US$1.50 per share, the market capitalisation at the placing price was US$150 million. Proceeds will be invested to increase annual capacity to 80 MW by the end of 2006 and 125 MW by the end of 2007.
Mr. Li Xian Shou, Chief Executive Officer of ReneSola, commented, “We are delighted to see the start of dealings in ReneSola shares on AIM. The market for solar power continues to grow rapidly and ReneSola is well positioned to take advantage of this growth in both domestic and international markets. We now look forward to working with our new institutional shareholders and taking the company to the next stage of its development.”
