ReneSola repurchases March 2018 convertible notes

ReneSola Ltd (NYSE:SOL) said today it has repurchased all of its remaining USD 5.6 million (EUR 5m) convertible notes due March 15, 2018 upon exercise of put option by note holders.

"Despite fluctuations in the solar business cycle and macroeconomic conditions in the last few years, we executed our financial strategy, effectively managed our balance sheet and repurchased all of our USD 200 million convertible notes with cash generated from operating activities," said CEO Mr. Xianshou Li.

Renesola closed 2015 in the red with a net loss of USD 5.1 million, yet significantly narrowed from the USD 33.6 million loss a year earlier.

The Chinese photovoltaics (PVs) maker and solar projects developer reported a net profit of USD 6.7 million in the fourth quarter of 2015.

ReneSola guides for a revenue of between USD 260 million and USD 270 million and gross margin of 17% for the first quarter of 2016. For the full year, it expects a revenue ranging from USD 1 billion to USD 1.2 billion.

(USD 1 = EUR 0.902)

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