ReneSola Ltd today announced that its Board of Directors has authorized a share repurchase program under which ReneSola may repurchase up to US$20 million in aggregate value of the Company's American depositary shares ("ADSs") within the next 12 months.
Under the program, the Company may, from time to time, depending on market conditions, share price and other factors, make one or more purchases, on the open market or in privately negotiated transactions, of up to US$20 million in aggregate value of the Company's outstanding ADSs. Such purchases under the program will be made in accordance with the applicable laws and subject to any required regulatory approvals.
"We are fully confident in ReneSola's growth strategy and execution capabilities and we believe that the current share price does not fairly reflect our growth prospects," said Mr. Xianshou Li, ReneSola's chief executive officer. "We have already established a track record of success in our transition into a downstream oriented company with numerous projects developed, operated and sold and a deep pipeline of new projects in key markets including the United Kingdom, Japan and the United States. The board's decision on initiating a share repurchase program demonstrates the confidence we have in our business strategy, market position and long-term prospects and reflects our commitment to building sustainable value for our shareholders."