Shah Capital acquires shares worth US11 million in ReneSola

ReneSola Ltd has entered into a definitive share purchase agreement dated as of September 29, 2019 with Shah Capital Opportunity Fund LP, according to which Shah would purchase from ReneSola 100,000,000 newly issued ordinary shares at a price of US$0.11 per share, for a total consideration of US$11 million. The transaction closed today.

The newly issued shares are subject to a 180 day lockup period. Net proceeds from the transaction are intended to be used to expand ReneSola's global project development activities.

In connection with the transaction, ReneSola entered into an investor rights agreement with Shah. Under the Investor Rights Agreement, Shah has the right to appoint directors for two new seats on the Company's Board of Directors.

ReneSola is an international brand in solar project development, construction, operations and asset management. The company has teams in 10 countries, including major solar power markets such as China, the US, Canada, the UK, France, Spain, Turkey, Poland, Japan, and Thailand.