ReneSola issues renminbi-denominated convertible

The London-listed solar-power company raises $120 million from a privately placed deal to fund ongoing capacity expansion.

ReneSola, a Chinese manufacturer of wafers and ingots for solar cells, has raised $120 million from a private placement of renminbi-denominated but US-dollar settled convertible bonds which it will use primarily for capital expenditures and working capital.

Barring any other unknown private deals, this is only the second renminbi-linked CB available to international investors after Hong Kong-listed Hopson Development in January issued $225 million worth of bonds denominated in the Chinese currency. Those bonds too were settled in...

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