ReneSola Ltd. has closed its $70 million securities offering. The company says the net proceeds it receives are intended to be used for polysilicon production optimization and as working capital for general corporate purposes.
‘With the global solar market continuing to expand, the proceeds from this offering will provide ReneSola with important working capital as we continue to grow our worldwide business,’ says ReneSola's CEO Xianshou Li. ‘The proceeds will also be used for the optimization of ReneSola's polysilicon plant, which will help us strengthen our supply source and control our raw material cost, thus putting us in a more advantageous position overall as we follow through on our longer-term business development strategy.’
