ReneSola yesterday closed a $70 million share offering on the NYSE after successfully raising the proceeds the company needs in order to continue optimizing its polysilicon production and maintain forward momentum in its global growth plans.
The Chinese manufacturer restarted its polysilicon production efforts earlier in the summer after undertaking substantial upgrades of its furnace and hydrochlorination technology in an effort to reduce production costs.
With production costs previously in excess of $30/kg, ReneSola hopes that the recent upgrades will bring that figure to $18/kg. At a second quarter conference, the management board reported that a lower-than-expected performance was the result of production costs above $20/kg for its daily 20MT production.
However, the proceeds raised at this latest share offering will be ploughed into further optimization measures at ReneSolas polysilicon production facilities.
"With the global solar market continuing to expand, the proceeds from this offering will provie ReneSola with important working capital as we continue to grow our worldwide business," said ReneSolas CEO, Xianshou Li.
"The proceeds will also be used for the optimization of ReneSolas 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."
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.