Benzinga | Jan 28, 2021 09:43AM EST

ReneSola Takes Advantage Of High Price And Raises $250 Million From Institutional Investors

* ReneSola Ltd (NYSE: SOL) has raised $250 million in a secondary direct offering of 10 million shares at $25 per ADS from several institutional investors.

* Two weeks ago, ReneSola had raised $40 million by offering shares at $16 per ADS.

* President Biden's focus on climate change has boosted renewable energy stocks.

* As of September 2020 quarter, ReneSola had a paltry $15.6 million cash on its balance sheet. It has used the advantage of the 1,713% gain in share price in the last one year to bolster its balance sheet by raising capital.

* ReneSola intends to use the net proceeds to expand its solar project pipeline, financing of strategic acquisitions, and working capital requirements.

* H.C. Wainwright was the placement agent for the offering. Roth Capital Partners and Raymond James were the financial advisors.

* Price Action: ReneSola shares are lower by 10.1% at $21.28 on the last check Thursday.