ReneSola Power Announces Results of Annual General Meeting

Rhea-AI Summary

ReneSola Power (NYSE: SOL) held its annual general meeting on December 21, 2020, approving key resolutions. Shareholders ratified the consolidated financial statements for the year ending December 31, 2019, and re-elected directors Wee Seng Tan and Martin Bloom. Additionally, an amendment to the 2007 Share Incentive Plan was approved, increasing the share issuance limit from 12.5 million to 22.5 million shares. The company continues to focus on expanding its solar project development across profitable markets in the U.S. and Europe.

Positive

• Approval of consolidated financial statements for 2019 indicates transparency and compliance.
• Re-election of experienced directors may provide stability and continuity in management.
• Amendment of the Share Incentive Plan allows for increased employee stock options, potentially enhancing motivation and retention.

Negative

• None.

STAMFORD, Conn., Dec. 21, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully-integrated solar project developer, today announced the results of its 2020 annual general meeting of shareholders. Specifically, the Company's annual general meeting of shareholders approved the following:

1. The consolidated financial statements of the Company for the year ended December 31, 2019, together with the reports of the auditors thereon.
2. The re-election of Mr. Wee Seng Tan and Mr. Martin Bloom as directors of the Company, who are retiring by rotation and offering themselves for re-election in accordance with the Company's articles of association.
3. The amendment of 2007 Share Incentive Plan (as amended and restated as of January 21, 2009, August 20, 2010 and August 29, 2016) to increase the maximum aggregate number of shares which may be issued under the 2007 Share Incentive Plan from 12, 500,000 shares to 22,500,000 shares.

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

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SOURCE ReneSola Ltd.

FAQ

What were the main outcomes of ReneSola Power's annual general meeting on December 21, 2020?

The meeting approved consolidated financial statements for 2019, director re-elections, and an amendment to increase the share issuance limit under the Share Incentive Plan.

What is the significance of the increase in the Share Incentive Plan for ReneSola Power?

The increase from 12.5 million to 22.5 million shares in the Share Incentive Plan can improve employee motivation and retention through enhanced stock options.

Who were re-elected as directors during ReneSola Power's annual general meeting?

Wee Seng Tan and Martin Bloom were re-elected as directors during the annual general meeting.

What is ReneSola Power's focus in the solar market?

ReneSola Power focuses on solar project development, construction management, and project financing in the U.S. and Europe.

What are the key regions where ReneSola Power is expanding its solar projects?

The company is expanding its projects in regions like Poland, Hungary, Minnesota, and New York.