ReneSola plunges on plant closure

ReneSola saw six months worth of gains wiped off its share price today after announcing it would shut an uncompetitive polysilicon plant in Sichuan province.

ReneSola swallowed a $194.7m impairment charge associated with the plant – whose discontinuation was decided internally in September – dragging the Chinese PV manufacturer to a net quarterly loss of $200m at a time when many of its rivals have regained profitability.

ReneSola began the year with year with two polysilicon plants in Meishan – known as Phase I and Phase II – and around 10,000 metric tonnes of production capacity.

In addition to its push downstream into modules in recent years, ReneSola, historically a wafer specialist, has also attempted to diversify into upstream polysilicon production, in an attempt Log in to read complete article.

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