ReneSola Ltd (NYSE:SOL) Doesn’t Have Working Capital?

Posted by Beth Hart September 30, 2013 0 Comment 841 views

On 17 September, ReneSola Ltd (NYSE:SOL) announced the closure of its $70M securities offering that had been previously announced.  The net proceeds of this offering are expected to be used for polysilicon-production optimization. It will also be used as working-capital for other general corporate purposes. ReneSola Ltd (NYSE:SOL) offered the securities pursuant to the shelf-registration statement that had been previously filed with and then declared effective by the SEC.

Friday’s trading

In Friday’s trading session, ReneSola Ltd (NYSE:SOL) stock rose by 8.76%. The opening price of the shares was $4.47 which rose to an intraday high of $4.90 and dropped to a close of $4.84. Approximately 9.69 million shares were traded on Friday and the average volume of shares traded over a 30 day period was $4.83 million. The 52-week low of the shares was $1.08 and the 52-week high was $5.97. The company has a market cap of $418.11 billion.

About the company

ReneSola Ltd (NYSE:SOL) was incorporated on 17 March 2006. It is a global manufacturer of solar-wafers and it also produces solar-power products. It has a network of suppliers and customers across the globe. These include global solar cells and module manufacturers. As of 31 December 2012, it had an annual wafer-manufacturing capacity of around 2,000 MW. This consisted of mono-crystalline wafer-manufacturing capacity of around 400 MW and multi-crystalline wafer-manufacturing capacity of around 1,800 MW.

Manufacturing capacities

As of 31 December 2012, its module and cell-manufacturing capacities were 1,200 MW and 240 MW respectively. As of 31 December 2012, its polysilicon-manufacturing facility in Sichuan Province’s Meishan had an annual manufacturing-capacity of 10,000 metric tons. Its polysilicon manufacturing-facility uses a closed loop modified Siemens process for the production of polysilicon. In addition to this, as of 31 December 2012, ReneSola Ltd (NYSE:SOL) had certain mono-crystalline ingot-manufacturing processing arrangements with 3rd party manufacturers.

About Beth Hart

Beth is from New York. She has two master’s degrees and served as a lecturer in B-School. Her master’s degree is an MBA in Global Management from the University of Phoenix (2010). She has worked for small businesses, public agencies, and large corporations. She does write articles as a freelancer.

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