ReneSola quits solar manufacturing, Completes Disposition of Manufacturing and LED Distribution Businesses

“The Buyer beneficially owned, directly or indirectly through SGP and other intermediaries, approximately 57.3% of the total issued and outstanding Shares of  ReneSolar.”

ReneSola has announced the completion of the closing of the transactions contemplated by the previously announced share purchase and subscription agreement (the “SPA”) with Xianshou Li, Chairman and Chief Executive Officer of the Company and the Buyer.

Xianshou Li noted that the transaction transformed ReneSola into a pure-play solar downstream player with very little debt.

In accordance with the terms of the SPA, (i) the Company has transferred to the Buyer substantially all of the Company’s assets and liabilities related to its manufacturing business (including polysilicon, solar wafer, solar cell and solar module manufacturing) and LED distribution business through a transfer of all the share capital in ReneSola Singapore Pte. Ltd. (“SGP”) to the Buyer, as a result of which bank borrowings in excess of RMB 3 billion related to the Transferred Businesses will no longer be consolidated on the Company’s balance sheet, (ii) SGP has agreed to cancel approximately $217.3 million of accounts and other payable owed by the Company, and (iii) the Company has issued 180 million shares of no par value per share of the Company to SGP.  Immediately following the Closing, the Buyer beneficially owned, directly or indirectly through SGP and other intermediaries, approximately 57.3% of the total issued and outstanding Shares of the Company.