Washington, D.C. 20549










For the month of November 2016


Commission File Number: 001-33911






No. 8 Baoqun Road, YaoZhuang

Jiashan, Zhejiang 314117

People’s Republic of China

(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.


Form 20-F þ       Form 40-F ¨


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨


Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


  By: /s/ Xianshou Li
  Name: Xianshou Li
  Title: Chief Executive Officer


Date: November 29, 2016





Exhibit Index


Exhibit No.   Description
Exhibit 99.1   Press Release




Exhibit 99.1



ReneSola Announces Third Quarter 2016 Results


Shanghai, China, November 29, 2016 – ReneSola Ltd (“ReneSola” or the “Company”) (www.renesola.com) (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy efficient technology products, today announced its unaudited financial results for the third quarter ended September 30, 2016.


Third Quarter 2016 Highlights


   Q3 2016
(in million)
   Q/Q Change   Y/Y Change 
Revenue  $187.0    -25.2%   -49.2%
Gross Profit  $18.9    -54.2%   -68.2%
Operating loss  $(11.9)   N/A    N/A 
Net Loss  $(20.5)   N/A    N/A 


·Revenue was $187.0 million, compared with guidance of approximately $200 million;
·Gross margin of 10.1% was in-line with guidance, compared with 16.5% in Q2 2016 and 16.1% in Q3 2015;
·Net loss was $20.5 million, compared with net income of $5.5 million in Q2 2016 and $8.6 million in Q3 2015;
·Total external module shipments were 191.2 MW while module shipments to the Company’s downstream projects were approximately 6.1 MW;
·Total external wafer shipments were 290.5 MW compared with 423.3 MW in Q2 2016 and 341.6 MW in Q3 2015;
·Successfully sold two utility-scale projects in Japan with total capacity of 2.5 MW and rooftop projects in China with aggregate capacity of 1.3 MW;
·Recognized revenue of $27.8 million from the sale of four utility-scale projects in UK with capacity of approximately 20 MW;
·The Company now has a solar power project pipeline of over 1 GW, of which 448 MW are projects that are “shovel-ready”; and
·LED sales decreased by 8.9% compared to Q2 2016 with gross margin of approximately 30%


Mr. Xianshou Li, ReneSola’s Chief Executive Officer, commented, “Third quarter financial results fell short of expectations, as weak demand led to reduced shipments and significant pricing pressure. While we tackled prevailing market challenges through expense control, we reported our first loss after four consecutive profitable quarters. Nonetheless, we executed on key elements of our strategy. We expanded our downstream project pipeline to over 1 GW, of which over half are late-stage and we plan to monetize them in the next one to two years. We also paid down short-term debt during the quarter, which demonstrates our commitment and ability to improve our balance sheet.”


Li continued, “Looking forward, we anticipate the solar industry headwinds to continue into 2017. As we navigate challenging market conditions, we intend to remain fully focused on project development with rapid monetization, expansion through technology improvements, and streamlined operations with prudent cost control.”





Third Quarter 2016 Financial Results


Revenue of $187.0 million was down 25.2% q/q and down 49.2% y/y. Revenue declined due to lower blended ASP and reduced product shipments to external customers due to decreased market demand. The Company remains committed to using the solar products business as a foundation to drive growth through downstream project development.


Gross profit of $18.9 million was down 54.2% q/q and down 68.2% y/y. Gross margin decreased to 10.1% from 16.5% in Q2 2016 and from 16.1% in Q3 2015. The sequential margin decline was primarily due to lower wafer and module ASPs, as well as an increase in polysilicon cost.


Operating expenses of $30.7 million were down 11.6% q/q and down 35.9% y/y. The decrease in operating expenses reflects efficient expense control. Sequentially, SG&A expense decreased by 16.5% and R&D expense decreased by 15.0%.


Operating loss was $11.9 million, compared to operating income of $6.4 million in Q2 of 2016 and $11.4 million in Q3 of 2015.


Non-operating expenses of $10.6 million include net interest expense of $7.7 million and foreign exchange loss of $3.3 million, partially offset by gains on derivatives of $0.3 million.


Net loss was $20.5 million, compared to a net income of $5.5 million in Q2 of 2016 and $8.6 million in Q3 of 2015. Loss per ADS were $0.20, compared to earnings per ADS $0.05 in Q2 of 2016.


Balance Sheet, Liquidity and Capital Resources


The Company had cash and cash equivalents (including restricted cash) of $139.4 million as of September 30, 2016, compared with $163.4 million at the end of Q2 2016. The decrease of $24.0 million is mainly due to the repayment of our fully pledged loan. Total debt was $699.0 million, down from $716.5 million as of June 30, 2016. Total debt decreased by $17.5 million in the quarter.


Third Quarter Operating Highlights


The Company focused on developing, operating and selling high-quality solar power projects. Activities are centered on building a pipeline of distributed generation and utility-scale projects in attractive geographies worldwide.


Project Sales


In the third quarter, the Company recognized revenue from four utility-scale projects in the United Kingdom sold in the second quarter. These projects had approximately 20.0 MW of generating capacity. Additionally, the Company sold two utility-scale projects in Japan with a total capacity of 2.5 MW and rooftop projects of 1.3 MW in the domestic Chinese market in the third quarter.


Project Sales   Location   Size (MW)
Collacott   UK   5.0
Handley   UK   5.0
Stretton   UK   5.0
Debdale   UK   5.0
Ibaraki   Japan   1.2
Gifu   Japan   1.3
DG   China   1.3





As announced in early November, the Company signed agreements to sell six utility-scale projects in the United Kingdom to a European buyer. These projects have a combined capacity of approximately 26MW. Revenue from the sales of these projects is expected to be recognized in the fourth quarter of 2016.


Project Pipeline


The Company currently has a pipeline of over 1 GW of projects in various stages, of which 448 MW are projects that are “shovel-ready”. The shovel-ready projects include (i) projects that are overseas and that Renesola has the legal right to develop based on definitive agreements, and (ii) projects in China that have been filed with National Development and Reform Commission. The Company identified a number of opportunities in China’s domestic distributed generation market, and now has 187.3 MW of such projects which are in shovel-ready stage in its pipeline. The Company continues to focus on developed markets which are expected to have stable returns and healthy cash flow.


The geographic distribution of our shovel-ready projects pipeline is outlined in the table below.


Project Location  Shovel-ready (MW) 
USA   104.7 
UK   9.3 
Japan   17.5 
Canada   9 
Turkey   116.01
France   4.2 
China DG   187.3 
Total   448 


Modules and Wafers


The Company supplies high quality products at low cost to select customers. The Company considers its competitive advantages to be improving conversion efficiency and supply chain management.


During the third quarter, total external module shipments were 191.2 MW, down 32.3% from the second quarter of 2016 and down 52.9% from the third quarter of 2015. Total wafer shipments were 290.5 MW, down 31.4% from the second quarter of 2016 and down 15.0% from the third quarter of 2015. The reduction in shipments reflected softened demand in the domestic market, as project completions were pulled into the first half in order to qualify for higher FiT.




LED revenue of $7.1 million was down 8.9% from $7.8 million in Q2 2016. Gross margin was approximately 30%. The decline in revenue reflects the temporary slowdown attributable to Ramadan and the summer holidays in Europe.


Despite the sequential revenue decline, ReneSola is optimistic about the growth prospects in LED business. The market for energy efficient products is large and growing rapidly. LED lighting is one of the most effective products for reducing electricity consumption. The Company believes it can leverage its brand name and global distribution footprint to build an attractive, high margin business. The Company expects LED business to grow into a meaningful financial contributor in the years ahead.



1 With the start of operation, the projects will be transferred into a joint venture, in which Renesola is expected to hold 50% of equity interest of the 116MW projects.







For the fourth quarter, the Company expects revenue in the range of $220 million and $240 million and gross margin in the high-single digits. The outlook reflects reduced shipments due to weak domestic demand, high polysilicon prices, and declining wafer prices.


Conference Call Information


ReneSola's management will host an earnings conference call on November 29, 2016 at 8:30 a.m. U.S. Eastern Standard Time (9:30 p.m. China Time).


Dial-in details for the earnings conference call are as follows:


    Phone Number   Toll-Free Number
United States   +1 8456750437   +1 8665194004
Hong Kong   +852 30186771   +852 800906601
Mainland China   +86 8008190121    
    +86 4006208038    
Other International   +65 67135090    


Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is 19425900.


A replay of the conference call may be accessed by phone at the following numbers until December 7, 2016. To access the replay, please again reference the conference passcode 19425900.


    Phone Number   Toll-Free Number
United States   +1 6462543697   +1 8554525696
Hong Kong   +852 30512780   +852 800963117
Mainland China   +86 8008700206    
    +86 4006022065    
Other International   +61 281990299    


Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at http://www.renesola.com.


About ReneSola


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. For more information, please visit www.renesola.com.


Safe Harbor Statement


This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company’s expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company’s situation may change in the future.





For investor and media inquiries, please contact:


In China:


ReneSola Ltd

Ms. Rebecca Shen

+86 (21) 6280-9180 x106



The Blueshirt Group Asia

Mr. Gary Dvorchak, CFA

+86 (138) 1079-1480



In the United States:


The Blueshirt Group

Mr. Ralph Fong

+1 (415) 489-2195







Unaudited Consolidated Balance Sheets

(US dollars in thousands)


   Sep 30,   Jun 30,   Sep 30, 
   2016   2016   2015 
Current assets:               
Cash and cash equivalents   28,834    23,723    86,489 
Restricted cash   110,538    139,645    146,533 
Accounts receivable, net of allowances for doubtful accounts   172,747    185,573    128,143 
Inventories   185,210    165,470    198,857 
Advances to suppliers-current   17,528    23,286    37,889 
Amounts due from related parties   13,252    77    118 
Value added tax recoverable   16,537    5,911    13,310 
Prepaid income tax   1,451    4,338    1,814 
Prepaid expenses and other current assets   12,054    18,288    31,284 
Project assets   53,766    64,756    23,345 
Deferred convertible notes issue costs-current             76 
Derivative assets   624    2,077    224 
Assets held-for-sale             - 
Deferred tax assets-current, net        -    4,504 
Total current assets   612,541    633,144    672,586 
Property, plant and equipment, net   547,748    568,090    667,377 
Prepaid land use right, net   35,491    35,842    38,923 
Deferred tax assets-non-current, net   12,188    14,403    15,699 
Deferred convertible notes issue costs-non-current             - 
Advances for purchases of property, plant and equipment   285    285    677 
Deferred project costs   17,275    17,576    20,874 
Project assets-noncurrent   8,573    9,463      
Other long-lived assets   12,522    9,943    9,747 
Total assets   1,246,623    1,288,746    1,425,883 
Current liabilities:               
Convertible bond payable-current             26,145 
Short-term borrowings   699,035    716,512    685,311 
Accounts payable   281,257    280,609    321,239 
Advances from customers-current   11,193    20,342    58,218 
Amounts due to related parties   1,762    2,831    2,716 
Other current liabilities   69,506    66,536    90,786 
Income tax payable   128    128    128 
Derivative liabilities             - 
Warrant liability        26    263 
Total current liabilities   1,062,881    1,086,984    1,184,806 
Convertible notes payable-non-current             - 
Long-term borrowings             39,008 
Advances from customers-non-current             - 
Deferred revenue   30,101    28,366    30,541 
Warranty   39,614    38,870    37,159 
Deferred subsidies and other   21,904    22,203    23,904 
Other long-term liabilities   375    15    149 
Total liabilities   1,154,875    1,176,438    1,315,567 
Shareholders' equity               
Common shares   477,171    477,171    478,527 
Additional paid-in capital   8,089    7,994    7,516 
Accumulated loss   -444,512    (424,020)   (441,933)
Accumulated other comprehensive income   51,000    51,163    66,206 
Total equity attribute to ReneSola Ltd   91,748    112,308    110,316 
Total  shareholders' equity   91,748    112,308    110,316 
Total liabilities and shareholders' equity   1,246,623    1,288,746    1,425,883 






Unaudited Consolidated Statements of Income

(US dollar in thousands, except ADS and share data)


   Three Months Ended 
   Sep 30, 2016   Jun 30, 2016   Sep 30, 2015 
Net revenues from third parties   171,428    250,038    368,239 
Net revenues from related parties   15,600           
Cost of revenues   (168,160)   (208,886)   (308,901)
Gross profit   18,868    41,152    59,338 
GP%   10.1%   16.5%   16.1%
Operating (expenses) income:               
Sales and marketing   (11,544)   (15,152)   (19,861)
General and administrative   (12,387)   (13,525)   (14,825)
Research and development   (6,311)   (7,424)   (9,803)
Other operating income   (489)   1,324    (3,436)
Total operating expenses   (30,731)   (34,777)   (47,925)
Income (loss) from operations   (11,863)   6,375    11,413 
    -6.9%   2.5%   3.1%
Non-operating (expenses) income:               
Interest income   568    715    656 
Interest expense   (8,235)   (8,477)   (11,047)
Foreign exchange gains (losses)   (3,324)   4,336    5,695 
Gains (losses) on derivatives, net   323    2,869    (620)
Investment gain on disposal of subsidiaries   68           
Gains on repurchase of convertible bonds             1,891 
Fair value change of warrant liability   26    131    788 
Income (loss) before income tax, noncontrolling interests   (22,437)   5,949    8,776 
Income tax (expense) benefit   1,945    (425)   (179)
Net income (loss)   (20,492)   5,524    8,597 
Less: Net income (loss) attributed to noncontrolling interests               
Net income (loss) attributed to holders of ordinary shares   (20,492)   5,524    8,597 
Earnings per share               
Basic   (0.10)   0.03    0.04 
Diluted   (0.10)   0.03    0.04 
Earnings per ADS               
Basic   (0.20)   0.05    0.08 
Diluted   (0.20)   0.05    0.08 
Weighted average number of shares used in computing loss per share               
Basic   201,990,602    201,998,340    204,658,446 
Diluted   201,990,602    201,998,340    204,658,446 





   Three Months Ended 
   Sep 30, 2016   Jun 30, 2016   Sep 30, 2015 
Net income (loss)   (19,465)   5,524    8,597 
Other comprehensive income (loss)               
Foreign exchange translation adjustment   6,654    (7,921)   (13,834)
Other comprehensive income (loss)   6,654    (7,921)   (13,834)
Comprehensive income (loss)   (12,811)   (2,397)   (5,237)
Less: comprehensive loss attributable to non-controlling interest             - 
Comprehensive income (loss) attributable to ReneSola   (12,811)   (2,397)   (5,237)






Unaudited Consolidated Statements of Cash Flow

(US dollar in thousands)


   Nine Months Ended 
   Sep 30, 2016   Sep 30, 2015 
Operating activities:          
Net profit/(loss)   (9,235)   (11,731)
Adjustment to reconcile net loss to net cash provided by (used in) operating activity:          
Inventory write-down        643 
Depreciation and amortization   59,142    68,866 
Amortization of deferred convertible bond issuances costs and premium   33    723 
Allowance of doubtful receivables, advance to suppliers and prepayment for purchases of property, plant and equipment   864    (2,000)
Loss on derivatives   (709)   4,872 
Fair value change of warrant liability   (578)   (1,628)
Gain from settlement of certain payables        (6,159)
Gain from advances from customers          
Share-based compensation   607    4 
Loss on disposal of long-lived assets   5,184    267 
Gain on disposal of solar project   (2,527)   - 
Impairment of goodwill          
Impairment of Intangible assets          
Impairment of  long-lived assets        4,350 
Reversal of firm purchase commitment          
Gain on disposal of  subsidiaries        - 
Gain on CB repurchase   (212)   (13,693)
Changes in assets and liabilities:          
Accounts receivable   (18,360)   (19,663)
Inventories   (21,768)   120,663 
Project assets and deferred project cost   (10,062)   17,524 
Advances to suppliers   (907)   (10,906)
Amounts due from related parties   (13,992)   (4,453)
Value added tax recoverable   7,679    16,471 
Prepaid expenses and other current assets   10,000    12,149 
Prepaid land use rights, net   685    978 
Proceeds from disposal of land use right          
Deferred project costs          
Accounts payable   (8,677)   (135,195)
Advances from customers   (17,092)   (22,651)
Income tax payable   2,165.00    (601)
Other  current liabilities   (5,740)   (10,753)
Deferred revenue   (2,275)   30,541 
Other long-term liabilities   (565)   (855)
Other non-current assets        (2,872)
Other long-term assets          
Accrued warranty cost   4,623    6,241 
Deferred taxes assets   4,313    (1,282)
Provision for litigation   364      
Net cash provided by (used in) operating activities   (17,040)   39,850 
Investing activities:          
Purchases of property, plant and equipment   (6,754)   (5,283)
Advances for purchases of property, plant and equipment        (2,383)
Cash received from government subsidy        - 
Proceeds from disposal of property, plant and equipment   5,131    25 
Changes in restricted cash   25,812    (28,203)
Net cash received (paid) on settlement of  derivatives   108    (3,426)
Purchases of investment securities          
Proceeds from disposal of subsidiaries        20 
Net  cash provided by (used in) investing activities   24,297    (39,250)
Financing activities:          
Proceeds from bank borrowings   766,311    747,166 
Proceeds from issuance of common shares          
Proceeds from related parties          
Repayment of bank borrowings   (752,829)   (701,089)
Proceeds from exercise of stock options        1,761 
Paid for CB repurchase   (25,931)   (54,377)
Share issuance costs          
Repurchace from noncontrolling interests          
Repurchase of convertible notes          
Cash paid for ADS/s repurchase   (981)     
Net cash provided  by (used in) financing activities   (13,430)   (6,539)
Effect of exchange rate changes   (3,038)   (7,420)
Net increase (decrease) in cash and cash equivalents   (9,211)   (13,359)
Cash and cash equivalents, beginning of period/year   38,045    99,848 
Cash and cash equivalents, end of period/year   28,834    86,489