SHANGHAI — ReneSola announced that since mid-March it has made open market purchases of approximately 606,000 American depositary shares (“ADSs”) under its share repurchase program. Since the inception of the share repurchase program in September 2015, the Company has purchased in aggregate over 1.4 million ADSs.
“The recent high level of buyback activity demonstrates our commitment to our shareholders,” said Xianshou Li, ReneSola’s Chairman and Chief Executive Officer. “We are focused on generating cash flow and directing it toward value-increasing uses, such as debt repayment, reducing our share count and growing our downstream project business. We expect to continue to make significant progress on all three fronts in 2016 and beyond.”
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand and technology provider of energy efficient products. Leveraging its global presence and expansive distribution and sales network, ReneSola is well positioned to provide its highest quality green energy products and on-time services for EPC, installers, and green energy projects around the world.