|Bid||0.0000 x 1000|
|Ask||0.0000 x 900|
|Day's Range||1.5700 - 1.6000|
|52 Week Range||0.8600 - 2.1100|
|Beta (3Y Monthly)||2.08|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 25, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.53|
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterEskom Holdings SOC Ltd., South Africa’s biggest polluter, is struggling to curb its highest particulate emissions in two decades after its Kendal power plant was damaged during a strike.The emissions, which cause respiratory disease, were about 0.5 kilograms per megawatt hour sent out in the six months to Sept. 30, Eskom said in its interim results presentation on Thursday. The 2018 strike resulted in damage to the plant’s anti-pollution equipment.“The last two years has been the worst we have seen in 20 years and it’s just from one power station,” Deidre Herbst, Eskom’s environmental manager, said in an interview. “It’s not acceptable, but all the other power stations are reporting well.”Air pollution is becoming a key issue in South Africa. Residential areas near Eskom’s 15 coal-fired power stations have pollution levels that rival the most contaminated cities on the planet. Environmental activists are suing the government over breaching the constitutional right to clean air because of emissions from Eskom and chemicals company Sasol Ltd.Efforts are being made to repair the equipment, Herbst said. The plant cannot be taken off line in its entirety because the utility is struggling to supply South Africa with sufficient power. Repairs will probably be completed and lower particulate emissions achieved from March next year, said Herbst.Kendal is designed to produce about 4,000 megawatts of electricity.(Updates with comments on timing in fifth paragraph.)To contact the reporters on this story: Loni Prinsloo in Johannesburg at email@example.com;Antony Sguazzin in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: John McCorry at email@example.com, Karl Maier, Gordon BellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterFirstRand Ltd., Africa’s biggest bank by market value, has committed to disclosing its fossil fuel-related assets and lending but said it can’t meet a deadline requested by some investors.A resolution to produce that information by October next year wasn’t passed at the Johannesburg-based company’s annual general meeting on Thursday. However, shareholders backed FirstRand’s decision to publish its policy for lending to fossil-fuel projects. FirstRand became the second South African company to table climate risk-related resolutions after Standard Bank Group did so in April.“It’s a big step forward,” said Tracey Davies, director of South African shareholder activist organization Just Share. “We appreciate that it’s complex and that a lot of work needs to be done and that works takes time, but we are saying you have to start somewhere.”Pressure is growing on South African companies to take action on climate change in a country that generates almost all of its electricity from coal. That means the nation’s greenhouse gas emissions almost match those of the U.K., which has an economy eight times larger.On Wednesday Sasol Ltd., a chemicals producer that’s the country’s second-biggest polluter, refused to table a resolution at its annual general meeting demanding more clarity on its climate change strategy.FirstRand was included in a survey of South Africa’s biggest polluters and banks regarding their attitude toward climate change matters. The survey, conducted by Cape Town‘s Centre for Environmental Rights, criticized the measures FirstRand and other banks have taken to detail their exposure to climate change matters.Of South Africa’s five biggest banks, only Nedbank Group Ltd. discloses the proportion of its assets exposed to carbon-related assets, the CER said.After being quick to recognize the risks of climate change almost a decade ago, Just Share said FirstRand’s progress has stalled. It wants the bank to clarify the extent to which its lending and investing hinders the transition to a low-carbon economy and to disclose whether it’s financing new coal-fired power stations.(Updates with Standard Bank’s resolution in second paragraph)To contact the reporters on this story: Roxanne Henderson in Johannesburg at firstname.lastname@example.org;Antony Sguazzin in Johannesburg at email@example.comTo contact the editors responsible for this story: John McCorry at firstname.lastname@example.org, Dylan Griffiths, Vernon WesselsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ReneSola (SOL) sells development rights of its Polish solar utility projects. Monetization of these projects should boost its operating results.
ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading solar project developer, today announced its unaudited financial results for the third quarter ended September 30, 2019. ReneSola's third quarter 2019 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of ReneSola's website at: http://ir.renesolapower.com.
ReneSola Ltd ("ReneSola" or "the Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, announced today that Mr. Yumin Liu was appointed Chief Executive Officer of the Company, effective December 4, 2019. Ms. Shelley Xu, who served as Chief Executive Officer since July 2019, left ReneSola to pursue other opportunities. Additionally, ReneSola announced that Mr. Ke Chen was appointed to serve as Chief Financial Officer, effective immediately. Mr. Chen will continue to serve on the Company's Board of Directors. Mr. Xiaoliang Liang, who had served as Chief Financial Officer since June 2018, also left ReneSola to pursue other opportunities.
ReneSola Ltd ("ReneSola" or "the Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the sale of 13MW of project development rights to SUNfarming Polska Asset 4 sp.z o.o. ("SUNfarming"), a Wroclaw-based investor with in-house project development and EPC provider and a company of the SUNfarming Group Germany.
Is ReneSola Ltd. (NYSE:SOL) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and 20 payment structure, hedge funds have more incentives and resources than the average investor. The funds have […]
SHANGHAI , Nov. 22, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") ( www.renesolapower.com ) (NYSE: SOL), a leading fully integrated solar project developer, today ...
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterAfter months of speculation and delays, South Africa named Andre de Ruyter as chief executive officer of its debt-crippled state power utility, surprising investors with an unexpected choice and angering a key union.De Ruyter, 51, has considerable corporate experience in the country, though not at state-owned companies. His appointment comes at a time when Eskom Holdings SOC Ltd. is undergoing a transformation that will require technical and financial knowledge as well as an ability to deal with the government and labor unions.The appointee, currently CEO of packaging firm Nampak Ltd., will take up the post on Jan. 15, the Department of Public Enterprises said in a statement Monday. The state-owned power company has been looking for a new CEO since Phakamani Hadebe in July became the 10th person to vacate the post in as many years.“The market is going to have to know him better and understand what qualities he is to bring to the table,” said Jones Gondo, a credit research analyst at Nedbank Group Ltd. in Johannesburg. “The market had not anticipated him to be one of the slated candidates. At least now we can possibly move on to the substantive issues.”Yields RiseThe 2028 yields climbed five basis points on Tuesday to 7.09%, the highest on a closing basis since Sept. 12, after rising nine basis points yesterday. Its 2021 debt jumped 20 basis points to 5.35% on Tuesday morning.The loss-making utility has 450 billion rand ($30 billion) of debt and is struggling to fix aging power stations and correct defects at new ones. Saving the business is a key goal of the government, which is sustaining it with 138 billion rand of bailouts over the next three years alone.The government had shortlisted three candidates for the position of CEO, including former LNG Canada CEO Andy Calitz and Jacob Maroga, who was Eskom CEO from 2007 to 2009. Media speculation about who the third person was didn’t include De Ruyter, who may face push back from labor unions that would have preferred a black candidate.“It is a surprise to me, his name was never mentioned,” said David Shapiro, deputy chairman of Sasfin Securities Ltd. in Johannesburg. “Let’s hope he has the courage to do what he has to at Eskom.”De Ruyter has served as Nampak CEO since 2014. His role overlapped with Finance Minister Tito Mboweni’s chairmanship of the company, which began in 2010 and ended in 2018.Prior to his role at Nampak, De Ruyter spent more than two decades at petrochemical giant Sasol Ltd. in a number of senior management roles. He’s overseen work in the U.S., Germany, China and African nations including Nigeria and Angola, the department said.“I would like to thank Mr. De Ruyter for not only accepting this position at a difficult time for Eskom, but, given Eskom’s current financial situation, also agreeing to a lower compensation package than the position currently pays,” the department said.During De Ruyter’s time at Nampak, the value of the company dropped 82% to 5.07 billion rand as it had to contend with weaker growth in South Africa, stranded cash in Angola, Nigeria and Zimbabwe, and delays selling its glass business.Over the five years, De Ruyter pocketed 21.5 million rand of bonuses, according to data compiled by Bloomberg. His compensation last year came to 16.5 million rand, including an 8.8 million rand bonus, even as the company’s share price sank 15%.Given Eskom’s financial difficulties, De Ruyter has accepted a compensation package that is lower than “what the position currently pays,” the department said, without giving details.De Ruyter has “significant” managerial experience in the industrial and energy sectors, as well as familiarity with managing labor unions, another challenge the head of the utility will face, according to Darias Jonker, a London-based director at Eurasia Group Ltd.“His lack of experience at Eskom itself puts him on a steep learning curve, while the absence of political allegiances means he is unlikely to be expected to fight any of the tough political battles the position also demands,” Jonker said in a reply to questions. “It is clear that the Ramaphosa administration wants AdR to focus on management, not politics.”The utility’s biggest labor union said it wasn’t aware that De Ruyter was a candidate and didn’t approve of the appointment.“His credentials are questionable,” said Paris Mashego, the energy coordinator at the National Union of Mineworkers. “He has destroyed Nampak and as such he will not receive our support.”(Updates bond yields in fifth paragraph)\--With assistance from Loni Prinsloo and Antony Sguazzin.To contact the reporters on this story: Robert Brand in Cape Town at email@example.com;Paul Burkhardt in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: Justin Carrigan at email@example.com, ;James Herron at firstname.lastname@example.org, Paul Richardson, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterSouth Africa appointed Andre de Ruyter as chief executive officer of cash-strapped power utility Eskom Holdings SOC Ltd.De Ruyter will start on Jan. 15, the Department of Public Enterprises said in an emailed statement Monday. He spent more than 20 years at Sasol Ltd. and is currently the CEO of Nampak Ltd.To contact the reporter on this story: Ana Monteiro in Johannesburg at email@example.comTo contact the editors responsible for this story: Rene Vollgraaff at firstname.lastname@example.org, Hilton ShoneFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Dubai, November 07, 2019 -- Moody's Investors Service ("Moody's") has today taken rating actions on five South African corporates. These rating actions follow Moody's sovereign outlook change, on 1 November, of the Government of South Africa's ratings to negative from stable and affirmation of the Baa3 long-term foreign-currency and local-currency issuer ratings.
SHANGHAI , Nov. 5, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") ( www.renesolapower.com ) (NYSE: SOL), a leading fully integrated solar project developer, announced ...
SHANGHAI, Oct. 31, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer, today announced that its annual general meeting (the "AGM") will be held at the office of Kirkland & Ellis International LLP at 11th Floor, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong New District, Shanghai, China at 2:00 p.m. (Beijing time) on December 16, 2019. Copies of the notice of the AGM, proxy form, poll card and annual report are available on ReneSola's investor relations website at http://ir.renesolapower.com. As a resolution of shareholders, to receive, consider and approve the consolidated financial statements of the Company for the year ended 31 December 2018, together with the reports of the auditors thereon.
California's wildfire and power cuts have encouraged residents to look at solar power as an alternative. Tesla's Solar Glass roof seems to be perfectly timed, will it outshine?
JOHANNESBURG , Oct. 28, 2019 /PRNewswire/ -- Financial performance in context Headline earnings per share (HEPS) up 12% to R30,72 Core headline earnings 1 per share (CHEPS) up 5% to R38,13 Earnings Before ...
JOHANNESBURG, Oct. 28, 2019 /PRNewswire/ -- Following the publication of revised guidance for the Lake Charles Chemicals Project (LCCP) on 22 May 2019, the Board of Directors (Board) of the Company commissioned an independent review (the Review), which was conducted by global consulting firms at the direction of external legal counsel. The Board also remains comfortable that the principal factors for the cost increase as identified in the 22 May 2019 market guidance are sound, and that criminal conduct is not one of those factors.