Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ReneSola Ltd |
Entity Central Index Key | 1,417,892 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 203,205,688 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 38,045,225 | $ 99,847,604 |
Restricted cash | 140,337,531 | 121,862,127 |
Accounts receivable, net of allowances for doubtful accounts of $7,638,434 and $5,152,466 as of December 31,2014 and 2015, respectively | 117,552,365 | 112,006,096 |
Notes Receivable | 43,613,485 | 13,737,075 |
Inventories | 193,171,119 | 357,361,169 |
Advances to suppliers-current, net | 18,479,686 | 27,493,901 |
Amounts due from related parties | 110,952 | 452,415 |
Value added tax recoverable | 24,525,347 | 30,514,426 |
Income tax recoverable | 3,609,414 | 1,246,718 |
Prepaid expenses and other current assets | 27,805,783 | 44,913,444 |
Project assets | 20,213,622 | $ 37,039,958 |
Assets held-for-sale | 4,240,878 | |
Derivative assets | 56,253 | $ 1,688,103 |
Deferred tax assets-current, net | 5,988,646 | 11,368,201 |
Total current assets | 637,750,306 | 859,531,237 |
Property, plant and equipment, net | 630,462,070 | 750,297,544 |
Prepaid land use right, net | 37,239,795 | 39,574,063 |
Deferred tax assets-non-current, net | 10,237,718 | 8,461,905 |
Advances for purchases of property, plant and equipment, net | 381,958 | 1,756,051 |
Other non-current assets | 9,373,292 | $ 9,386,726 |
Deferred project costs | 20,874,446 | |
Total assets | 1,346,319,585 | $ 1,669,007,526 |
Current liabilities: | ||
Short-term borrowings | 668,787,546 | $ 654,675,368 |
Convertible bond payable-current | 26,145,000 | |
Accounts payable | 300,176,417 | $ 461,499,180 |
Advances from customers-current | 28,101,183 | 84,411,639 |
Amounts due to related parties | 2,676,614 | 7,569,511 |
Other current liabilities | 77,238,265 | 126,623,253 |
Income tax payable | 129,845 | $ 123,492 |
Derivative liabilities | 29,519 | |
Warrant liability | 577,500 | $ 1,890,000 |
Total current liabilities | $ 1,103,861,889 | 1,336,792,443 |
Convertible notes payable-non-current | 94,599,000 | |
Long-term borrowings | $ 38,776,693 | 43,451,827 |
Advances from customers-non-current | 936,063 | |
Warranty | $ 36,023,946 | $ 31,778,365 |
Deferred revenue | 32,376,386 | |
Deferred subsidies | 23,241,899 | $ 25,347,152 |
Other long-term liabilities | 104,860 | 946,357 |
Total liabilities | $ 1,234,385,673 | $ 1,533,851,207 |
Commitments and contingencies (see Note 19) | ||
Shareholders' equity | ||
Common shares (500,000,000 shares; no par value shares authorized at December 31, 2014 and 2015; 204,846,064 shares issued and 203,777,464 shares outstanding at December 31, 2014; 203,331,288 shares issued and 203,205,688 shares outstanding at December 31, 2015) | $ 477,964,702 | $ 476,765,888 |
Additional paid-in capital | 7,669,350 | 7,512,174 |
Accumulated deficit | (435,276,897) | (430,201,775) |
Accumulated other comprehensive income | 61,576,757 | 81,080,032 |
Total equity | 111,933,912 | 135,156,319 |
Total liabilities and shareholders' equity | $ 1,346,319,585 | $ 1,669,007,526 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts receivable, allowances for doubtful accounts (in dollars) | $ 5,152,466 | $ 7,638,434 |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, shares authorized | 500,000,000 | 500,000,000 |
Common shares, shares issued | 203,331,288 | 204,846,064 |
Common shares, shares outstanding | 203,205,688 | 203,777,464 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenues: | |||
Product sales | $ 1,270,558,771 | $ 1,552,893,052 | $ 1,518,411,235 |
Product sales - related party | 53,538 | 2,898,698 | 3,140,734 |
Processing services | 11,472,675 | 8,603,976 | 1,223,637 |
Total net revenues | 1,282,031,446 | 1,561,497,028 | 1,519,634,872 |
Cost of revenues: | |||
Product sales | 1,086,790,937 | 1,346,151,113 | 1,405,819,889 |
Product sales - related party | 54,756 | 2,733,991 | 3,578,013 |
Processing services | 7,366,665 | 6,062,630 | 709,883 |
Total cost of revenues | 1,094,157,602 | 1,352,213,743 | 1,406,529,772 |
Gross profit | 187,873,844 | 209,283,285 | 113,105,100 |
Operating expenses (income): | |||
Sales and marketing | 72,294,911 | 93,067,159 | 75,594,663 |
General and administrative | 59,290,266 | 67,293,891 | 55,632,109 |
Research and development | 43,905,312 | 52,575,143 | 46,452,032 |
Other operating income | $ (16,919,975) | $ (11,870,403) | (45,885,044) |
Impairment of long-lived assets | 202,756,739 | ||
Total operating expenses | $ 158,570,514 | $ 201,065,790 | 334,550,499 |
Income (loss) from operations | 29,303,330 | 8,217,495 | (221,445,399) |
Non-operating expenses (income): | |||
Interest income | (2,875,075) | (5,009,687) | (8,443,153) |
Interest expense | 43,417,785 | 49,015,802 | 52,108,491 |
Foreign exchange losses | 2,136,980 | 27,009,411 | 367,936 |
Losses (gains) on derivatives, net | $ 6,030,915 | (6,057,941) | $ (633,964) |
Gain on disposal of subsidiaries | (8,253,229) | ||
Gains on repurchase of convertible notes | $ (13,693,269) | (7,048,188) | |
Fair value change of warrant liability | (1,312,500) | (7,455,000) | $ (3,202,500) |
Loss before income tax, non-controlling interests | (4,401,506) | (33,983,673) | (261,642,209) |
Income tax benefit (expense) | (673,616) | 349,880 | 2,722,715 |
Net loss | $ (5,075,122) | (33,633,793) | (258,919,494) |
Less: net loss attributed to non-controlling interests | (3,772) | (3,955) | |
Net loss attributed to ReneSola Ltd | $ (5,075,122) | $ (33,630,021) | $ (258,915,539) |
Loss per share | |||
Basic (in dollars per share) | $ (0.02) | $ (0.17) | $ (1.42) |
Diluted (in dollars per share) | $ (0.02) | $ (0.17) | $ (1.42) |
Weighted average number of shares used in computing loss per share | |||
Basic (in shares) | 204,085,041 | 203,550,049 | 182,167,908 |
Diluted (in shares) | 204,085,041 | 203,550,049 | 182,167,908 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | |||
Net loss | $ (5,075,122) | $ (33,633,793) | $ (258,919,494) |
Other comprehensive income, net of tax of nil: | |||
Foreign currency translation adjustment | (19,503,275) | (2,533,628) | 8,777,439 |
Other comprehensive income (loss) | (19,503,275) | (2,533,628) | 8,777,439 |
Comprehensive loss | $ (24,578,397) | (36,167,421) | (250,142,055) |
Less: comprehensive loss attributable to non-controlling interest | (3,772) | (3,955) | |
Comprehensive loss attributable to ReneSola Ltd | $ (24,578,397) | $ (36,163,649) | $ (250,138,100) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | |||
Other comprehensive income, tax |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Total | Common shares [Member] | Treasury stock [Member] | Additional Paid-in Capital [Member] | Retained earnings (accumulated deficit) [Member] | Accumulated other comprehensive income [Member] | Equity (Deficit) attributable to ReneSola Ltd [Member] | Noncontrolling interest [Member] |
Balance at Dec. 31, 2012 | $ 364,403,485 | $ 421,460,573 | $ 5,250,487 | $ (137,656,215) | $ 74,836,221 | $ 363,891,066 | $ 512,419 | |
Balance (in shares) at Dec. 31, 2012 | 172,773,664 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net loss | (258,919,494) | $ (258,915,539) | (258,915,539) | $ (3,955) | ||||
Other comprehensive income (loss), net of tax | 8,777,439 | $ 8,777,439 | 8,777,439 | |||||
Share-based compensation | 1,626,560 | $ 1,626,560 | 1,626,560 | |||||
Share exercised by employee | 477,829 | $ 1,405,098 | $ (927,269) | 477,829 | ||||
Share exercised by employee (in shares) | 593,800 | |||||||
Issuance of ordinary shares (net of issuance cost of $4,551,958) | 52,950,543 | $ 52,950,543 | $ 52,950,543 | |||||
Issuance of ordinary shares (net of issuance cost of $4,551,958) (in shares) | 30,000,000 | |||||||
Repurchase from non-controlling interest | (299,818) | $ (299,818) | ||||||
Balance at Dec. 31, 2013 | 169,016,544 | $ 475,816,214 | $ 5,949,778 | $ (396,571,754) | $ 83,613,660 | $ 168,807,898 | 208,646 | |
Balance (in shares) at Dec. 31, 2013 | 203,367,464 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net loss | (33,633,793) | $ (33,630,021) | (33,630,021) | $ (3,772) | ||||
Other comprehensive income (loss), net of tax | (2,533,628) | $ (2,533,628) | (2,533,628) | |||||
Share-based compensation | 2,240,126 | $ 2,240,126 | 2,240,126 | |||||
Share exercised by employee | 271,944 | $ 949,674 | $ (677,730) | $ 271,944 | ||||
Share exercised by employee (in shares) | 410,000 | |||||||
Repurchase from non-controlling interest | (204,874) | $ (204,874) | ||||||
Balance at Dec. 31, 2014 | 135,156,319 | $ 476,765,888 | $ 7,512,174 | $ (430,201,775) | $ 81,080,032 | $ 135,156,319 | ||
Balance (in shares) at Dec. 31, 2014 | 203,777,464 | |||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net loss | (5,075,122) | $ (5,075,122) | (5,075,122) | |||||
Other comprehensive income (loss), net of tax | (19,503,275) | $ (19,503,275) | (19,503,275) | |||||
Share-based compensation | 1,527,494 | $ 1,527,494 | 1,527,494 | |||||
Share exercised by employee | $ 640,680 | $ 2,010,998 | $ (1,370,318) | $ 640,680 | ||||
Share exercised by employee (in shares) | 1,043,000 | |||||||
Repurchase of common shares | $ (812,184) | $ 812,184 | ||||||
Repurchase of common shares (in shares) | ||||||||
Cancellation of ADSs | $ (812,184) | $ (812,184) | $ (812,184) | |||||
Cancellation of ADSs (in shares) | (1,614,776) | (1,614,776) | ||||||
Balance at Dec. 31, 2015 | $ 111,933,912 | $ 477,964,702 | $ 7,669,350 | $ (435,276,897) | $ 61,576,757 | $ 111,933,912 | ||
Balance (in shares) at Dec. 31, 2015 | 203,205,688 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY [Abstract] | |||
Issuance cost | $ 4,551,958 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating activities: | |||
Net loss | $ (5,075,122) | $ (33,633,793) | $ (258,919,494) |
Adjustment to reconcile net loss to net cash provided by (used in) operating activities: | |||
Impairment of long-lived assets | 202,756,739 | ||
Inventory write-down | $ 619,858 | $ 808,031 | 740,087 |
Depreciation | 90,112,980 | 90,223,634 | 112,894,150 |
Amortization of deferred convertible notes issuance costs and premium | 764,527 | 933,152 | 784,456 |
Allowance of doubtful receivables, advance to suppliers and prepayment for purchases of property, plant and equipment | 117,520 | 5,710,167 | 3,658,491 |
Losses (gains) on derivatives | 6,030,915 | (6,057,941) | (633,964) |
Share-based compensation | 1,527,494 | 2,240,126 | 1,626,560 |
Loss on disposal of long-lived assets | $ 4,658,023 | $ 1,486,466 | 631,567 |
Customer advance forfeited | (34,706,867) | ||
Provision(reversal) for litigation | (4,017,232) | ||
Gain on disposal of land use right | $ (64,283) | (4,693,760) | |
Fair value change of warrant liability | $ (1,312,500) | $ (7,455,000) | $ (3,202,500) |
Gain from settlement of certain payable | (9,125,954) | ||
Gains on repurchase of convertible notes | $ (13,693,269) | $ (7,048,188) | |
Gain on disposal of subsidiaries | (8,253,229) | ||
Changes in assets and liabilities: | |||
Accounts receivable | $ (28,886,971) | 27,669,692 | $ (18,563,418) |
Notes receivable | (29,876,409) | 17,940,468 | (6,798,635) |
Inventories | 121,765,462 | (19,210,219) | (97,019,340) |
Advances to suppliers | 8,282,514 | (8,237,614) | 10,145,556 |
Amounts due to/from related parties | (432,998) | (1,508,056) | 476,787 |
Value added tax recoverable | 4,279,053 | (2,370,868) | (7,841,886) |
Prepaid expenses and other current assets | 15,169,401 | 40,319,263 | 9,726,118 |
Prepaid land use right | 694,895 | 512,595 | 8,207,466 |
Accounts payable | (158,969,132) | (174,893,352) | 156,692,295 |
Advances from customers | (58,666,118) | (15,231,114) | 67,651,345 |
Income tax payables | (2,423,668) | (3,795,493) | 2,869,657 |
Other current liabilities | (2,951,445) | $ 9,224,022 | $ 3,877,495 |
Deferred revenue | $ 32,376,386 | ||
Other non-current assets | $ (158,952) | ||
Other long-term liabilities | $ (1,728,349) | (2,874,319) | $ (8,689,735) |
Accrued warranty expense | 5,759,388 | 8,043,681 | 9,842,133 |
Deferred tax assets | 2,537,916 | (2,151,417) | (3,832,046) |
Project assets and deferred project costs | 20,655,210 | (33,856,418) | (25,100,741) |
Net cash provided by (used in) operating activities | 2,209,607 | (121,688,959) | 118,561,284 |
Investing activities: | |||
Purchases of property, plant and equipment | (14,437,852) | (51,813,162) | (90,139,831) |
Advances for purchases of property, plant and equipment | $ (2,383,131) | (2,699,262) | (36,098,206) |
Cash received from government subsidy | 12,218,438 | 16,819,424 | |
Proceeds from disposal of property, plant and equipment | $ 5,751,414 | 93,411 | $ 442,134 |
Proceeds from disposal of subsidiaries, net of cash disposed | 18,679,663 | ||
Changes in restricted cash | $ (24,503,612) | $ 134,584,395 | $ (80,916,131) |
Increase in investments | (83,150) | ||
Net cash received (paid) on settlement of derivatives | (4,371,142) | $ 4,397,504 | $ 290,341 |
Net cash provided by (used in) investing activities | (40,027,473) | 115,460,987 | (189,602,269) |
Financing activities: | |||
Proceeds from bank borrowings | 1,100,033,042 | 1,063,769,258 | $ 1,452,032,406 |
Proceeds from related parties | 3,000,000 | $ 4,000,000 | |
Repayment to related parties | (7,000,000) | ||
Repayment of bank borrowings | $ (1,052,642,690) | $ (1,045,904,061) | $ (1,450,351,941) |
Cash paid for issuance costs | (4,551,958) | ||
Proceeds from exercise of stock options | $ 640,680 | $ 993,329 | $ 477,829 |
Repurchase of convertible notes | $ (54,376,600) | $ (9,809,860) | |
Proceeds from issuance of common shares and detachable warrant | $ 70,050,000 | ||
Repurchase from non-controlling interests | $ (36,244) | ||
Cash paid for ADSs repurchase | $ (812,183) | ||
Net cash provided by (used in) financing activities | (11,157,751) | $ 13,048,666 | $ 67,620,092 |
Effect of exchange rate changes | (12,826,762) | 6,254,232 | (3,089,712) |
Net increase (decrease) in cash and cash equivalents | (61,802,379) | 13,074,926 | (6,510,605) |
Cash and cash equivalents, beginning of year | 99,847,604 | 86,772,678 | 93,283,283 |
Cash and cash equivalents, end of year | $ 38,045,225 | 99,847,604 | 86,772,678 |
Supplemental schedule of non-cash transactions | |||
Project assets reclassified to property, plant and equipment, net | 27,127,591 | 16,672,267 | |
Payables for purchase of property, plant and equipment | $ 37,754,500 | 45,377,459 | 12,932,775 |
Bank notes, included in notes receivable, used to purchase equipment | 24,984,882 | 13,321,415 | 18,238,523 |
Supplemental disclosure of cash flow information | |||
Interest paid | 44,833,732 | 42,309,295 | 52,566,232 |
Income tax paid (return) | $ 2,395,594 | $ 5,866,131 | $ (1,343,124) |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
ORGANIZATION AND NATURE OF OPERATIONS [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | 1. ORGANIZATION AND NATURE OF OPERATIONS ReneSola Ltd was incorporated in the British Virgin Island on March 17, 2006. On January 29, 2008, the Company became listed on the New York Stock Exchange (NYSE) in the United States. began entering into arrangements to develop commercial solar power projects, or project assets, which consists primarily of solar power project development, engineering, procurement and construction ("EPC") services. The following table lists major subsidiaries of the Company as of December 31, 2015: Subsidiaries Date of Date of Place of Date of commencement Percentage of ReneSola Zhejiang Ltd. ZhejiangYuhui Solar Energy Source Co., Ltd. N/A August 7, 2003 People's Republic of China July, 2005 100 % ReneSola America Inc. N/A November 12, 2006 United States of America November, 2006 100 % ReneSola Singapore Pte Ltd. N/A March 28, 2007 Singapore May, 2007 100 % Sichuan ReneSola Silicon Material Co., Ltd. (Sichuan ReneSola) * N/A August 25, 2007 PRC July, 2009 100 % ReneSola Jiangsu Ltd. May 31, 2009 November 8, 2005 PRC May 31, 2009 100 % Zhejiang ReneSola System Integration Ltd. Formerly known as Zhejiang ReneSola Photovoltaic Materials Co., Ltd. N/A April 30, 2010 PRC January, 2011 100 % Sichuan Ruiyu New Materials Technology Co., Ltd. N/A August 24, 2010 PRC July, 2011 100 % Sichuan Ruixin Photovoltaic Materials Co., Ltd. N/A November 23, 2010 PRC N/A* 100 % Sichuan SiLiDe Composite Materials Co., Ltd. N/A July 11, 2011 PRC N/A* 100 % ReneSola Deutschland GmbH N/A September 26, 2011 Germany August, 2012 100 % ReneSola New Energy S.A.R.L N/A March 28, 2012 Luxemburg N/A* 100 % NOVE ECO ENERGY EOOD April 9, 2012 November 4, 2009 Bulgaria August, 2012 100 % MG SOLAR SYSTEMS EOOD April 9, 2012 October 27, 2009 Bulgaria August, 2012 100 % ReneSola Australia PTY LTD N/A July 30, 2012 Australia November, 2012 100 % ReneSola Japan Ltd. N/A July 9, 2012 Japan November, 2012 100 % LUCAS EST S.R.L September 13, 2012 December 17, 2008 Romania January, 2014 100 % ECOSFER ENERGY S.R. L September 26, 2012 November 17, 2011 Romania January, 2014 100 % ReneSola India Private Limited N/A November 22, 2012 India December, 2012 100 % Lucas Est Korea Co., Ltd N/A March 12, 2013 Korea N/A* 100 % Ecosfer Energy Korea Co., Ltd N/A March 12, 2013 Korea N/A* 100 % ReneSola UK Limited N/A April 11, 2013 UK July, 2013 100 % ReneSola Shanghai Ltd N/A May 30, 2013 PRC October, 2013 100 % ReneSola South Africa Proprietary Limited N/A July 6, 2013 South Africa February, 2014 100 % ReneSola Panama Inc. N/A December 28, 2013 Panama March, 2014 100 % ReneSola France SAS N/A February 7, 2014 France July, 2014 100 % ReneSola Italy S.R.L. N/A March 28, 2014 Italy June, 2014 100 % ReneSola Thailand Inc. N/A February 24, 2014 Thailand February, 2015 100 % RENESOLA MEXICO,S,de R.L de C.V. N/A April 10, 2014 Mexico July, 2014 100 % RENESOLA TURKEY GüNES ENERJISI TEKNOLOJI HIZMETLERI VE TICARET L N/A April 22, 2014 Turkey August, 2014 100 % PT. ReneSola Clean Energy N/A May 14, 2014 Indonesia February, 2015 100 % RENESOLA DO BRASIL COMERCIO E REPRENTACAO LTDA N/A May 12, 2014 Brazil December, 2015 100 % RENESOLA ENGINEERING INTERNATIONAL GMBH N/A July 22, 2014 Austria December, 2014 100 % RENESOLA Canada Limited N/A June 23, 2014 Canada December, 2014 100 % ReneSola Investment Management Ltd N/A December 2, 2014 British Virgin Island July, 2015 100 % Renesola Energy, INC. N/A December 22, 2014 United States September, 2015 100 Renesola Power, Inc. ("Renesola Power") N/A July 23, 2015 United States N/A* 100 Renesola UK Rooftop Limited (ReneSola UK Rooftop") N/A August 6, 2015 UK N/A* 100 Baynergy, LLC ("Baynergy") N/A July 8, 2015 United States N/A* 100 *: These companies had not commenced operations as of December 31, 2015. |
SUMMARY OF PRINCIPAL ACCOUNTING
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES | 2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (a) Basis of presentation The consolidated financial statements have been prepared and presented in accordance with accounting principles generally accepted in the United States of America (US GAAP). The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company's ability to generate cash flows from operations, and the Company's ability to arrange adequate financing arrangements, including the renewal or rollover of its bank borrowings, to support its working capital requirements. The following factors raise substantial doubt about our ability to continue as a going concern for the foreseeable future. For the year ended December 31, 2015, we incurred a net loss of $ 5,075,122 As of December 31, 2015, our current liabilities exceed our current assets by $ 466,111,583 38,045,225 667,682,811 1,104,735 There is a put option held by the convertible bond holders, whereby on March 15, 2016 they may require the Company to repurchase for cash all or any portion of their notes at a price equal to 100 26,145,000 26,145,000 25.9 These factors are mitigated by the following plans and actions: As of April 2016, the Company has performed a review of its cash flow forecast for the twelve months ending April 2017. The Company believes that its operating cash flow in the forecasted period will be positive. While management believes the forecast is based on reasonable assumptions include: i) the cost to produce modules and wafers is estimated to be marginally lower for the forecasted period ending April 2017, respectively, as a result of continuous cost control effectiveness, and ii) the Company expects the solar project business to generate positive cash inflow in the forecasted period While there can be no assurance that the Company will be able to refinance its short-term bank borrowings as they become due, historically, the Company has rolled over or obtained replacement borrowings from existing credit for most of its short-term bank loans upon the maturity date of the loans.. As of March 31, 2016, the Company has successfully rolled over $ 87.7 As of March 31, 2016, the Company has unused lines of credit of $ 110.4 73.4 In March 2016, the Company received non-binding letters of commitment from four 426.0 299.2 126.8 In 2015, the Company executed sales agreements in connection with the transfer of 13.5 57.5 1.85 24.34 20 Based on the above factors, management believes that adequate sources of liquidity will exist to fund the Company's working capital and capital expenditures requirements, and to meet its short term debt obligations, other liabilities and commitments as they become due. (b) Basis of consolidation The consolidated financial statements include the financial statements of ReneSola and its subsidiaries. All inter-company transactions, balances and unrealized profits and losses have been eliminated on consolidation. (c) Fair value measurement The Company estimates fair value of financial assets and liabilities as the price that would be received from the sales of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants. When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. See Note 8, Fair Value Measurements, for further details. (d) Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Actual results could materially differ from these estimates. Significant accounting estimates are susceptible to changes with the acquisition of the information, which include revenue recognition for sales of solar power projects, allowances for doubtful receivables, advances to suppliers and prepayment for PPE, valuation of deferred tax assets, accruals of warranty expenses, recoverability of the carrying value of long-lived assets and project assets. (e) Cash and cash equivalents Cash and cash equivalents represent cash on hand and held with banks, including demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. (f) Restricted cash Restricted cash represents amounts held by banks, which are not available for the Company's general use, as security for issuance of letters of credit, bank acceptance bills, bank borrowings and bank drafts. Upon maturity of the letters of credit and repayment of bank acceptance bills, bank borrowings and bank drafts which generally occur within one (g) Inventories Inventories are stated at the lower of cost or market. Cost is determined by the weighted-average method for work-in-process and finished goods and by the first-in-first-out method for raw materials. Inventory costs comprise direct materials, direct labor and those overhead costs that have been incurred in bringing the inventories to their present location and condition. Adjustments are recorded to write down the cost of obsolete and excess inventory to the estimated market value based on historical and forecast demand. The estimated market value is measured as the estimated selling price of each class of the inventories in the ordinary course of business less estimated costs of completion and disposal and normal profit margin. The Company outsources portions of its manufacturing process, including cutting ingots into wafers, converting wafers into solar cells and converting solar cells or wafers into modules, to various third-party manufacturers. These outsourcing arrangements may or may not include transfer of title of the raw material inventory (ingots or wafers) sent to the third-party manufacturers. For the outsourcing arrangements in which title does not transfer, the Company maintains such inventory on the Company's balance sheet as raw materials inventory while it is in physical possession of the third-party manufacturer. Upon receipt of the processed inventory, it is reclassified as work-in-process inventory and the processing fees paid are capitalized as cost of inventory. For those outsourcing arrangements in which title (including risk of loss) does transfer to the third-party manufacturer, the Company is contractually obligated to repurchase the processed inventory. To accomplish this, it enters into raw material sales agreements and processed inventory purchase agreements simultaneously with the third-party manufacturer. In such instances, where they are, in substance tolling arrangements, the Company retains the inventory in the consolidated balance sheets while it is in the physical possession of the third-party manufacturer. The cash received from the third-party manufacturer is recorded as a current liability on the balance sheet rather than revenue or deferred revenue. Upon receipt of the processed inventory, it is reclassified from raw materials to work-in-progress inventory and the processing fee paid to the third-party manufacturer is added to inventory cost. Cash payments for outsourcing arrangements which require prepayment for repurchase of the processed inventory are classified as current assets on the balance sheet. If there is no legal right of offset established by these arrangements, the associated assets and liabilities are presented separately on the balance sheet until the processed inventory is returned to the Company. The Company provides solar wafer processing services on behalf of third parties who have their own polysilicon supplies. Under certain of these solar wafer processing service arrangements, the Company purchases raw materials from a customer and agrees to sell a specified quantity of solar wafers produced from such materials back to the same customer. The quantity of solar wafers sold back to the customer under these processing arrangements is consistent with the amount of raw materials purchased from the customer based on current production conversion rates. The Company records revenue from these processing transactions based on the amount received for solar wafers sold less the amount paid for the raw materials purchased from the customer. The revenue recognized is recorded as solar wafer processing revenue and the production costs incurred related to providing the processing services are recorded as solar wafer processing costs within cost of revenue. The Company also provides module processing services on behalf of third parties who have their own cell supplies. Under certain of these module processing service arrangements, the Company purchases cells from a customer and agrees to sell a specified quantity of modules produced from such materials back to the same customer. The quantity of modules sold back to the customer under these processing arrangements is consistent with the amount of cells purchased from the customer based on current production conversion rates. The Company records revenue from these processing transactions based on the amount received for modules sold less the amount paid for the cells purchased from the customer. The revenue recognized is recorded as module processing revenue and the production costs incurred related to providing the processing services are recorded as module processing costs within cost of revenue. On occasion, the Company enters into firm purchase commitments to acquire materials from its suppliers. A firm purchase commitment represents an agreement that specifies all significant terms, including the price and timing of the transactions, and includes a disincentive for nonperformance that is sufficiently large to make performance probable. This disincentive is generally in the form of a take or pay provision which requires the Company to pay for committed volumes regardless of whether the Company actually takes possession of the materials. The Company evaluates these agreements whenever market prices decrease such that the commitment price is significantly higher than market, if any, using a lower of cost or market approach consistent with that used to value inventory (see Note 5). (h) Project assets and deferred project costs In 2012, the Company began entering into arrangements to develop commercial solar power projects ("project assets") for sale upon their completion. Project assets consist primarily of costs relating to solar power projects in various stages of development that are capitalized prior to entering into a definitive sales agreement for the solar power project. During the development phase, these project assets are accounted for in accordance with the recognition, initial measurement and subsequent measurement subtopics of ASC 970- 360, as they are considered in substance real estate. While the solar power projects are in the development phase, they are generally classified as non-current assets, unless it is anticipated that construction will be completed and sale will occur within one Project assets are classified as current assets on the consolidated balance sheets when the criteria in ASC 360-10-45-9 are met. If, not met, the Company reclassifies them to property, plant and equipment, unless the delay in the period required to complete the sale is caused by events or circumstances beyond the Company's control. two 27,127,591 Deferred project costs represents costs that are capitalized as project assets for arrangements that are accounted for as real estate transactions after the Company has entered into a definitive sales arrangement, but before the sale is completed or before all criteria to recognize the sale as revenue is met. The Company classifies deferred project costs as noncurrent if all revenue recognition criteria are not expected within the next 12 months. As of December 31, 2015, the Company entered into a sale transaction for one 20,874,446 25,378,112 The Company reviews project assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers a project commercially viable or recoverable if it is anticipated to be sold for a profit once it is either fully developed or fully constructed. The Company considers a partially developed or partially constructed project commercially viable or recoverable if the anticipated selling price is higher than the carrying value of the related project assets. The Company examines a number of factors to determine if the project will be recoverable, the most notable of which include whether there are any changes in environmental, ecological, permitting, market pricing or regulatory conditions that impact the project. Such changes could cause the costs of the project to increase or the selling price of the project to decrease. If a project is not considered recoverable, the Company impairs the respective project assets and adjusts the carrying value to the estimated recoverable amount, with the resulting impairment recorded within operations. The Company did not recognize any impairment losses on project assets for the years ended December 31, 2014 and 2015, respectively. (i) Investments Investments in marketable equity securities are classified as trading, or available-for-sale. Investments classified as trading are reported at fair value with unrealized gains and losses included in earnings. Investments classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in other comprehensive income. The cost of investments sold is determined by specific identification. Investments are evaluated for impairment at the end of each period. Unrealized losses are recorded to other expenses when a decline in fair value is determined to be other-than-temporary. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company routinely reviews available-for-sale securities for other-than-temporary declines in fair value below the cost basis, and when events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the security is written down to fair value. No other-than-temporary impairment loss was recognized during the years ended December 31, 2013, 2014 and 2015. (j) Advances to suppliers and advances for purchase of property, plant and equipment In order to secure a stable supply of silicon materials and construction materials, the Company makes advance payments to suppliers for raw material supplies and advances for purchases of long-lived assets which are offset against future deliveries. Advances to suppliers for purchases expected within twelve months as of each balance sheet date are recorded as advances to suppliers in current assets and those associated with purchases expected over longer periods of time are recorded in non-current advance to suppliers. As of December 31, 2014 and 2015, advances to suppliers in current assets were $ 27,493,901 18,479,686 nil 1,756,051 381,958 As of December 31, 2014 and 2015, the largest prepayments made to individual suppliers are as follows: At December 31, 2014 2015 Supplier A - $ 6,400,000 Supplier B - $ 1,070,954 Supplier C $ 6,986,882 - As of December 31, 2014 and 2015, advances for purchases of property, plant and equipment in excess of 10% of total advances and prepayments to equipment suppliers are as follows: At December 31, 2014 2015 Supplier A - $ 71,783 Supplier B - $ 66,689 Supplier C $ 265,932 - Supplier D $ 265,126 - Supplier E $ 258,679 - (k) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives: Buildings 40 50 Plant and machinery 10 25 Motor vehicles 4 5 Office equipment 3 5 Solar power projects 25 Construction in progress represents mainly the construction of new facilities in ReneSola Zhejiang, ReneSola Jiangsu, Sichuan ReneSola, and Sichuan Ruiyu. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences. (l) Assets held-for-sale Non-current assets and asset disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the assets are available for immediate sale in their present condition and they are expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets classified as held for sale are measured at lower of their carrying amount and fair value less costs to sell. In December 2015, the company had entered into an agreement to sell property and land use right in Sichuan, China, and the assets have been classified as assets held for sale as of December 31, 2015. This transaction is expected to close in the course of 2016. The company's assets held for sale are summarized below: At December 31, 2015 Property, plant and equipment, net $ 3,530,744 land use right, net $ 710,134 Total $ 4,240,878 (m) Interest capitalization The Company capitalizes interest costs as part of the costs of constructing certain assets during the period of time required to get the assets ready for their intended use. The Company capitalizes interest to the extent that expenditures to construct an asset have occurred and interest costs have been incurred. The interest capitalized for project assets forms part of the cost of revenues when such project assets are sold and all revenue recognition criteria are met. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. (n) Prepaid land use right Prepaid land use right represent payments made to obtain land use rights. Prepaid land use right is recognized as an expense on a straight-line basis over the lease period of 40 50 Expenses recognized were $ 1,086,685 779,703 910,157 (o) Impairment of long-lived assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life is shorter than originally estimated. The Company assesses recoverability of the long-lived assets by comparing the carrying amount of the assets to the estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. The Company recognizes an impairment loss in the event the carrying amount exceeds the estimated future undiscounted cash flows attributable to such assets, measured as the difference between the carrying amount of the assets and the fair value of the impaired assets. The impairment losses of long-lived assets were $ 202,756,739 nil nil (p) Deferred convertible notes issuance costs Debt issuance costs are deferred and amortized using effective interest method through the earliest redemption date. The amortization, recorded in interest expense, was $ 784,456 933,152 764,527 (q) Income taxes Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on the characteristics of the underlying assets and liabilities or the expected timing of their use when they do not relate to a specific asset or liability. (r) Revenue recognition Solar power products The Company sells solar power products including virgin polysilicon, monocrystalline and multicrystalline solar wafers and PV cells and modules. The Company also enters into agreements to process silicon materials into silicon ingots and wafers, and to process PV cells into modules for customers. The Company recognizes revenues when persuasive evidence of an arrangement exists, the products are delivered and title and risk of loss has passed to customers, the price to the buyer is fixed and determinable, and collectability is reasonably assured. Sales agreements typically contain customary product warranties but do not contain any post-shipment obligations nor any return or credit provisions. A majority of the Company's contracts provide that products are shipped under free on board (FOB) terms, cost, insurance and freight (CIF) terms or delivered duty unpaid (DDU) terms. Under FOB, the Company fulfills its obligation when the goods have passed over the ship's rail at the named port of shipment. The customer bears all costs and risks of loss or damage to the goods from that point. Under CIF, the Company must pay the costs, insurance and freight necessary to bring the goods to the named port of destination, and bears the risk of loss or damage to the goods during transit. Under DDU, the Company is responsible for making a safe delivery of goods to a named destination, paying all transportation expenses but not the duty. The Company bears the risks and costs associated with supplying the good to the delivery location. The Company recognizes revenue when the title of goods and risk of loss or damage is transferred to the customers based on the terms of the sales contracts, and if the other recognition criteria are met. Solar power projects The Company recognizes revenue from the sale of project assets in accordance with ASC 360-20, Real Estate Sales. For these transactions, the Company has determined that the project assets, which represent the costs of constructing solar power projects, represent integral equipment and as such, the entire transaction is in substance the sale of real estate and subject to the revenue recognition guidance under ASC 360-20 Real Estate. Under the provisions of real estate accounting, the Company recognizes revenue under full accrual method when all of the following requirements are met: (a) the sales are consummated; (b) the buyer's initial and continuing investments are adequate to demonstrate its commitment to pay; (c) the receivable is not subject to any future subordination; and (d) the Company has transferred the usual risk and rewards of ownership to the buyer. Specifically, the Company considers the following factors in determining whether the sales have been consummated: (a) the parties are bound by the terms of a contract; (b) all consideration has been exchanged; (c) permanent financing for which the seller is responsible has been arranged; and (d) all conditions precedent to closing have been performed, and the Company does not have any substantial continuing involvement with the project. For sales agreements that have energy generation performance guarantees within certain timeframe, if there is an underperformance event, we may incur liquidated damages as a percentage of the EPC contract price. The Revenue recognized is reduced by the maximum amount of the payable liquidated damage, which amount is deferred until the end of the guarantee period. For sales agreements that have conditional repurchase clauses if certain events occur, such as not achieving specified guaranteed performance level within a certain timeframe, we will not recognize revenue on such sales agreements until the conditional repurchase clauses are of no further force or effect and all other necessary revenue recognition criteria have been met. The Company has recognized $ nil nil 110,737,934 (s) Deferred project revenue Deferred project revenue was $ nil 32,376,386 (t) Cost of revenues Cost of revenues consists of production related costs including costs of silicon raw materials, consumables, direct labor, overhead costs, depreciation of plant and equipment, contractor and processing fees. Shipping and handling costs incurred on sale of products and included in sales and marketing expense were $ 36,678,733 55,474,721 34,734,098 (u) Research and development Costs related to the design, formulation and testing of new products or process alternatives are included in research and development expenses. Research and development costs are expensed when incurred. (v) Warranty expenses The Company's solar modules are typically sold with 25 five ten 1.0 From the first quarter of 2014, we reclassified warranty expenses from cost of revenues to selling expenses, to better reflect our global OEM business operations and align our accounting policy to industry peers. Accordingly, beginning from the first quarter of 2014, warranty expenses have been recognized as part of selling expenses. 3,249,623 (w) Government grants Government grants received by the Company consist of unrestricted grants and subsidies and restricted grants. Unrestricted grants that allowed the Company's full discretion in utilizing the funds were recognized as other operating income upon receipt of cash and when all the conditions for their receipt have been satisfied. 4,297,693 4,618,498 3,815,650 Restricted grants related to property, plant and equipment are recorded as deferred subsidies and are amortized on a straight-line basis over the useful life of the associated assets. The Company received government grants related to property, plant and equipment and land use right of $ 16,819,424 12,037,938 nil 25,347,152 23,241,899 988,312 1,455,103 829,668 27,843,170 nil (x) Other operating expense (income) Other operating expense (income) primarily consists of gains or losses on disposal of fixed assets and land use right, subsidies received from the government, and forfeitures of advances from customers. (y) Foreign currency The functional currency of ReneSola Ltd is the United States Dollar (U.S. dollar). The functional currency of ReneSola's subsidiaries in the PRC is Renminbi (RMB). The functional currency of the overseas subsidiaries normally is the local currency the subsidiary domiciles. Foreign currency transactions have been translated into the functional currency at the exchange rates prevailing on the date of transactions. Foreign currency denominated monetary assets and liabilities are remeasured into the functional currency at exchange rates prevailing on the balance sheet date. Exchange gains and losses have been included in the determination of net income. The Company has chosen the U.S. dollar as its reporting currency. Assets and liabilities have been translated using exchange rates prevailing on the balance sheet date. Income statement items have been translated using the weighted average exchange rate for the year. Translation adjustments have been reported as a component of other comprehensive income in the statement of comprehensive income. The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Company's cash and cash equivalents denominated in RMB amounted to RMB 109,951,726 17,721,030 34,604,501 5,342,001 601,482,914 96,941,603 560,065,172 86,458,941 (z) Fair value of financial instruments Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs. When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income or loss. See Note 8, Fair Value Measurements, for further details. (aa) Derivative financial instruments The Company uses foreign exchange forward contracts to hedge the foreign currency exchange risk inherent in the future cash flows associated with forecasted sales denominated in foreign currencies, mainly in U.S. Dollar or Euro. The Company accounts for these forward contracts as derivative instruments and recognizes all derivative instruments as either assets or liabilities at fair value in other financial assets or other financial liabilities in the consolidated balance sheets. The Company does not offset the carrying amounts of derivatives with the same counterparty. The Company's derivative instruments do not qualify for hedge accounting. Accordingly, gains or losses resulting from changes in the values of derivative instruments are recognized as (gain) loss on derivatives, net, in the consolidated income statement. Net (gains) losses recognized on derivative instruments from foreign currency forward exchange contracts were $ (633,964) (6,057,941 6,030,915 22,883,760 (ab) Earnings (loss) per share Basic earnings (loss) per share is computed by dividing income attributable to holders of common shares by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. (ac) Share-based compensation The Company recognizes |
DISPOSITION
DISPOSITION | 12 Months Ended |
Dec. 31, 2015 | |
DISPOSITION [Abstract] | |
DISPOSITION | 3 In 2013, the Company disposed of two underperforming subsidiaries Ningde Hengyang and Zhejiang Ruiyi which were engaged primarily in the development and sale of solar energy related products and materials, none of which were considered a component of the Company. As such, all results of operations were included in operating activities for all periods presented. The disposal loss was not material. In 2014, the Company disposed of Zhejiang Ruixu, together with its eight subsidiaries, and Jiashan Xinlian. Zhejiang Ruixu and Jiashan Xinlian that were primarily engaged in operation of domestic solar power projects. The disposal transactions do not represent a strategic shift that has or will have a major impact on the Company's operations or financial results, thus do not meet the discontinued-operations criteria. There was no retained interest or significant continuing involvement in the operations of the components after the disposal. All results of operations prior to disposal were included in operating activities for all periods presented. The Company recorded a gain on disposal of Zhejiang Ruixu of $ 3,358,127 4,895,102 There was no disposal of subsidiaries during the year ended December 31, 2015. |
ALLOWANCES FOR DOUBTFUL RECEIVA
ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES | 12 Months Ended |
Dec. 31, 2015 | |
ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES [Abstract] | |
ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES | 4. ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES Allowances for doubtful receivables are comprised of allowances for accounts receivable and allowances for other receivables. The Company establishes an allowance for doubtful accounts primarily based on factors surrounding the credit risk of specific customers. The Company made provision for doubtful debts in the aggregate amount of $ 3,658,491 5,710,167 117,520 Analysis of allowances for accounts receivable is as follows: At December 31, 2013 2014 2015 Beginning of the year $ 1,821,755 $ 4,869,942 $ 7,638,434 Allowances made during the year 8,354,950 9,526,878 2,516,554 Reversals made during the year (4,895,549 ) (4,090,855 ) (2,943,154 ) Write off (485,807 ) (2,371,420 ) (1,847,631 ) Foreign exchange effect 74,593 (296,111 ) (211,737 ) Closing balance $ 4,869,942 $ 7,638,434 $ 5,152,466 Analysis of allowances for other receivables is as follows: At December 31, 2013 2014 2015 Beginning of the year $ 8,695,727 $ 8,904,534 $ 9,130,804 Allowances (reversal) made during the year 203,101 234,898 (226,533 ) Foreign exchange effect 5,706 (8,628 ) (21,712 ) Closing balance $ 8,904,534 $ 9,130,804 $ 8,882,559 Analysis of allowances for advances for purchases of property, plant and equipment is as follows: At December 31, 2013 2014 2015 Beginning of the year $ 1,275,355 $ 1,306,139 $ 1,286,046 Allowances (reversal) made during the year (6,640 ) 12,983 769,367 Foreign exchange effect 37,424 (33,076 ) (95,084 ) Closing balance $ 1,306,139 $ 1,286,046 $ 1,960,329 Analysis of allowances for advances to suppliers is as follows: At December 31, 2013 2014 2015 Beginning of the year $ 4,424,649 $ 4,442,627 $ 4,459,487 Allowances made during the year 2,629 26,263 1,286 Write-off - - (49 ) Foreign exchange effect 15,349 (9,403 ) (19,263 ) Closing balance $ 4,442,627 $ 4,459,487 $ 4,441,461 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES [Abstract] | |
INVENTORIES | 5. INVENTORIES At December 31, 2014 2015 Raw materials $ 91,045,461 $ 44,208,096 Work-in-process 39,938,219 27,302,298 Finished goods 226,377,489 121,660,725 Total inventories $ 357,361,169 $ 193,171,119 For the year ended December 31, 2013, 2014 and 2015, inventory was written down by $ 740,087 808,031 619,858 |
PROJECT ASSETS AND DEFERRED PRO
PROJECT ASSETS AND DEFERRED PROJECT COSTS | 12 Months Ended |
Dec. 31, 2015 | |
PROJECT ASSETS AND DEFERRED PROJECT COSTS [Abstract] | |
PROJECT ASSETS AND DEFERRED PROJECT COSTS | 6. PROJECT ASSETS AND DEFERRED PROJECT COSTS Project assets and deferred project costs consisted of the following at December 31, 2014 and 2015, respectively: At December 31, 2014 2015 Project assets - Module cost $ 10,919,092 $ 1,923,114 Project assets - Development $ 10,096,329 $ 13,495,278 Project assets - Others $ 16,024,537 $ 4,795,230 Total project assets $ 37,039,958 $ 20,213,622 Current portion $ 37,039,958 $ 20,213,622 Non-current portion $ nil $ nil Total deferred project costs $ nil $ 20,874,446 Current portion $ nil $ nil Noncurrent portion $ nil $ 20,874,446 Total project assets and deferred project costs $ 37,039,958 $ 41,088,068 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 7. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net, comprise: At December 31, 2014 2015 Buildings $ 199,178,564 $ 218,144,388 Leasehold improvement 129,294 129,294 Plant and machinery 854,152,473 793,331,294 Motor vehicles 3,132,933 2,442,337 Office equipment 12,830,576 11,893,297 Power stations 43,799,858 36,737,149 1,113,223,698 1,062,677,759 Less: Accumulated depreciation 372,874,618 441,165,827 740,349,080 621,511,932 Construction in progress 9,948,464 8,950,138 Property, plant and equipment, net $ 750,297,544 $ 630,462,070 Construction in progress represents new production facilities under construction in ReneSola Zhejiang, ReneSola Jiangsu, Sichuan Renesola and Sichuan Ruiyu. The carrying amount of the power stations is $ 43.8 36.7 Depreciation expense for the years ended December 31, 2013, 2014 and 2015 was $ 112,894,150 90,223,634 90,112,980 During the third quarter of 2013, the Company concluded that it failed to achieve the cost reduction objectives of its ongoing technology improvement project, and as such the Company determined that it was no longer feasible to operate the Phase I facility without continuing to incur losses and recognized an impairment charge in its wafer segment accordingly. All production at the Sichuan Phase I facility was permanently ceased in October 2013. As a result, the Company recognized $ 194,694,559 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 8. FAIR VALUE MEASUREMENTS The Company adopted ASC 820, Fair Value Measurements and Disclosures, which provides a framework for measuring fair value under U.S. GAAP, and expanded disclosure requirements about assets and liabilities measured at fair value. The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs as follows: Level 1-Observable unadjusted quoted prices in active markets for identical assets or liabilities. Level 2-Observable inputs other than quoted prices in active markets for identical assets or liabilities, for which all significant inputs are observable, either directly or indirectly. Level 3-Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. Assets and liabilities carried at fair value as of December 31, 2015 are classified in the categories described above based on the lowest level input that is significant to the fair value measurement in its entirety. Recurring basis The following table displays assets and liabilities measured on the Company's consolidated balance sheet at fair value on a recurring basis subsequent to initial recognition: As of December 31, 2015 Fair Value Measurements at Reporting Date Using Total Fair Value and Quoted Prices Significant Significant Cross currency forward exchange contracts -recorded as derivative assets 56,253 - 56,253 - Cross currency forward exchange contracts -recorded as derivative liabilities (29,519 ) - (29,519 ) - Warrant liability (577,500 ) - (577,500 ) - As of December 31, 2014 Fair Value Measurements at Reporting Date Using Total Fair Quoted Prices Significant Significant Inputs Cross currency forward exchange contracts -recorded as derivative assets 1,688,103 - 1,688,103 - Cross currency forward exchange contracts -recorded as derivative liabilities - - - - Warrant liability (1,890,000 ) - (1,890,000 ) - Derivatives-The Company's use of derivatives primarily consists of foreign currency forward contracts. As quoted prices in active markets for identical assets are not available, the Company uses quotes obtained from professional pricing sources. The Company considers the credit ratings of respective counterparties in determining the impact of risk of defaults on the valuation of derivative assets. These fair value measurements are classified as level 2. Warrant liability-The fair value of the warrant liability (see Note 14) was determined using the Monte Carlo Model, with certain inputs significant to the valuation methodology classified as level 2. Non-recurring basis The Company did not record any non-financial assets measured at fair value during the years ended December 31, 2014 and 2015. The Company also holds financial instruments that are not recorded at fair value in the consolidated balance sheets, but whose fair value is required to be disclosed under U.S. GAAP. Cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accounts due to and from related parties, and short-term borrowings are carried at cost on the consolidated balance sheets and the carrying amount approximates their fair value because of the short-term nature of these financial instruments. The carrying amount of the Company's outstanding convertible notes as of December 31, 2014 and 2015 was $ 94.6 26.1 56.0 24.8 The Company's long-term bank borrowing consists of floating rate loans that are reset annually. The carrying amount of long-term borrowings (including the current portions) was$ 73.3 39.9 71.8 38.6 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 9. INCOME TAXES The tax benefit (expense) comprises: Years ended December 31, 2013 2014 2015 Income (Loss) before income tax PRC $ (244,731,725 ) $ (2,748,982 ) $ 22,416,826 Other jurisdictions (16,910,484 ) (31,234,691 ) (26,818,332 ) Total (261,642,209 ) (33,983,673 ) (4,401,506 ) Current tax benefit (expense) PRC $ (36,084 ) $ - $ - Other jurisdictions (2,850,524 ) 256,071 (218,556 ) Subtotal (2,886,608 ) 256,071 (218,556 ) Deferred tax benefit (expense) PRC $ 3,119,511 $ (4,595,374 ) $ 97,189 Other jurisdictions 2,489,812 4,689,183 (552,249 ) Subtotal 5,609,323 93,809 (455,060 ) Total income tax benefit (expense) $ 2,722,715 $ 349,880 $ (673,616 ) ReneSola is not subject to tax under the laws of British Virgin Islands. ReneSola Zhejiang is a Foreign Invested Enterprise (FIE) incorporated in the PRC. The statutory income tax rate in the PRC is 25 ReneSola Zhejiang obtained the approval of High-New Technology Enterprise (HNTE) status in 2009 and renewed the HNTE status for another 3 15 For PRC entities, the qualified research and development expenses incurred by them for development of new technology, new products and new techniques could have a 50 The Group also has overseas operations in the jurisdiction of the United States, Republic of Singapore, Federal Republic of Germany, Republic of Bulgaria, Commonwealth of Australia, Japan, Republic of India, Grand Duchy of Luxembourg,Republic of Romania, United Kingdom, Republic of South Africa, Republic of Croatia, Republic of Panama and Republic of Korea. The corporate income tax rates range from 10 40 Sichuan Ruiyu, Sichuan Ruixin, Sichuan SiLiDe, Energy-Saving Technology, Zhejiang Academe, ReneSola Shanghai, Beijing Xuyuan, Zhejiang ReneSola PV Materials, ReneSola Kexu, ReneSola Bangsheng, ReneSola Fuyun are incorporated in the PRC. The corporate income tax rate is 25 20 There was no reversal or addition of unrecognized tax benefits during the year ended December 31, 2013, 2014 and 2015, respectively. The Company classifies interest and penalties related to income tax matters in income tax expense. As of December 31, 2013, 2014 and 2015, there were no interests and penalties related to uncertain tax positions. The Company does not anticipate any significant increases or decreases to its liabilities for unrecognized tax benefits within the next twelve months. According to the PRC Tax Administration and Collection Law, the statute of limitations is three five 100,000 15,917 ten The principal components of deferred income tax assets and liabilities are as follows: At December 31, 2014 2015 Deferred tax assets: Property, plant and equipment $ 1,066,226 $ 373,994 Inventories provision 583,642 452,362 Tax losses 95,506,037 81,552,073 Contingent liabilities 880,351 843,219 Bad debts provision 3,213,547 1,603,589 Deferred subsidies 4,580,462 4,123,916 Impairment for long-lived assets 49,995,931 43,366,347 Warranty provision 7,861,035 8,925,955 Silicon income 456,563 262,383 Others 1,495,083 1,557,477 Total gross deferred tax assets $ 165,638,877 $ 143,061,315 Valuation allowance on deferred tax assets (145,288,802 ) (126,550,971 ) Net deferred tax assets $ 20,350,075 $ 16,510,344 Analysis as Current $ 11,437,218 $ 5,988,646 Non-current 8,912,857 10,521,698 $ 20,350,075 $ 16,510,344 Deferred tax liabilities: Property, plant and equipment $ 216,326 $ - Prepaid land use right 303,643 283,980 Derivative assets - - Total deferred tax liabilities $ 519,969 $ 283,980 Analysis as: Current $ 69,017 $ - Non-current 450,952 283,980 $ 519,969 $ 283,980 As of December 31, 2015, the PRC Companies had net operating loss carry forwards of $ 291,025,232 19,482,786 151,854,153 54,176,042 64,368,732 1,143,519 15,048,673 13,114,206 The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Company's experience with tax attributes expiring unused and tax planning alternatives. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible for tax purposes. As a result, the Company has recognized a valuation allowance of $145,288,802 and $126,550,971 as at December 31, 2014 and 2015, respectively. Reconciliation between the applicable statutory income tax rate and the Company's effective tax rate for the years ended December 31, 2013, 2014 and 2015 is as follows: Years ended December 31, 2013 2014 2015 PRC applicable income tax rate 25.0 % 25.0 % 25.0 % Effect of Tax holiday - HNTE 3.1 % 11.3 % - Effect of Tax holiday - non-taxable income 0.3 % 0.8 % - Valuation allowance (26.8 )% (36.1 )% (142.3 )% Expiration of tax loss - (14.0 )% - Effect of different tax rate of subsidiaries (0.9 )% 13.5 % 113.9 % Effect of future tax rate change - - 20.9 % Non-deductible expense (1.7 )% (7.3 )% (65.4 )% R&D super deduction 1.4 % 8.4 % 44.3 % Others 0.6 % (0.6 )% (11.7 )% Effective income tax rate 1.0 % 1.0 % (15.3 )% The aggregate amount and per share effect of the Tax Holiday including effect of timing difference reversed in the year with different rate are as follows: Years ended December 31, 2013 2014 2015 Aggregate $ 8,943,517 $ 4,081,529 $ - Per share effect -basic $ 0.05 $ 0.02 $ - Per share effect-diluted $ 0.05 $ 0.02 $ - In accordance with the EIT Law, dividends, which arise from profits of FIEs earned after January 1, 2008, are subject to a 10% withholding income tax. Under applicable accounting principles, a deferred tax liability should be recorded for taxable temporary differences attributable to the excess of financial reporting basis over tax basis in a domestic subsidiary. However, a deferred tax liability is not recognized if the basis difference is not expected to reverse in the foreseeable future and is expected to be permanent in duration. The Company believes that the PRC entities' undistributed earnings generated after January 1, 2008 will be permanently reinvested in the PRC entities. As such, no deferred taxes have been recorded on these undistributed earnings of the Company's PRC subsidiaries as these differences are not expected to reverse in the foreseeable future and are expected to be permanent in duration. The temporary difference for which no deferred tax liability has been recognized is $ 25.9 34.5 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2015 | |
BORROWINGS [Abstract] | |
BORROWINGS | 10. BORROWINGS The Company's bank borrowings consist of the following: At December 31, 2014 2015 Short-term $ 624,871,434 $ 667,682,811 Long-term, current portion 29,803,934 1,104,735 Subtotal 654,675,368 668,787,546 Long-term 43,451,827 38,776,693 $ 698,127,195 $ 707,564,239 As of December 31, 2014 and 2015, the maximum bank credit facilities granted to the Company were $ 842,670,304 759,673,982 735,786,108 663,519,098 106,884,196 96,154,884 As of December 31, 2014, short-term borrowings of $ 353,549,434 10,532,710 617,467,925 33,466,942 12,948,070 307,558,955 9,294,218 511,097,611 188,471,367 34,555,805 In addition, $ 301,773,840 318,008,380 a) Short-term Interest rates for all short-term borrowings are variable for certain short-term borrowings, and are updated monthly. The weighted average interest rate of short term loans was 5.46 5.75 5.65 one There are financial covenants associated with Renesola Zhejiang, Renesola Jiangsu, Zhejiang Integration, and Sichuan Ruiyu's short-term borrowings of 397,968,894 10,220,651 $ 4,554,004 3,087,460 b) Long-term Interest rates are variable for certain portions of the long-term borrowings, and are updated every three months, once a year or according to a predetermined schedule. The weighted average interest rate of long-term borrowings was 6.82 6.91 6.58 There are financial covenants associated with MG Solar Systems EOOD and NOVE Eco Energy EOOD's long-term borrowings of $ 4,385,890 4,908,268 Future principal repayment on the long-term bank loans are as follows: 2016 $ 1,156,125 2017 31,644,149 2018 1,189,061 2019 and after 5,892,093 $ 39,881,428 c) Interest expense Interest expense incurred for the years ended December 31, 2013, 2014 and 2015 was $ 53,333,912 49,261,829 43,417,785 1,225,421 246,027 nil |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
OTHER CURRENT LIABILITIES [Abstract] | |
OTHER CURRENT LIABILITIES | 11. OTHER CURRENT LIABILITIES The Company's other current liabilities are summarized below: At December 31, 2014 2015 Payable for purchase of property, plant and equipment $ 71,283,739 $ 33,529,239 Other payables 55,339,514 43,709,026 $ 126,623,253 $ 77,238,265 |
CONVERTIBLE SENIOR NOTES
CONVERTIBLE SENIOR NOTES | 12 Months Ended |
Dec. 31, 2015 | |
CONVERTIBLE SENIOR NOTES [Abstract] | |
CONVERTIBLE SENIOR NOTES | 12. CONVERTIBLE SENIOR NOTES On March 15, 2011, the Company issued $ 175,000,000 4.125 two 25,000,000 Interest Redemption at maturity 100 Conversion. 10.5473 2,478,833 Put Options 100 No beneficial conversion feature charge was recognized for the issuance of the Notes as the estimated fair value of the ordinary shares was less than the conversion price on the date of issuance. The embedded conversion option and put options are not bifurcated and recognized as derivatives. Capped call transaction. 15.0675 21,504,779 3,197,500 zero 88,384,000 57,055,127 2,978,934 28,349,939 861,280 For the year ended December 31, 2015, approximately $ 68,454,000 54,376,600 384,131 13,693,269 As of December 31, 2014 and 2015, the carrying value of the Notes was $ 94,599,000 26,145,000 The issuance costs of $ 7,156,101 784,456 933,152 764,527 |
WARRANT LIBILITY
WARRANT LIBILITY | 12 Months Ended |
Dec. 31, 2015 | |
WARRANT LIBILITY [Abstract] | |
WARRANT LIBILITY | 13. WARRANT LIBILITY In connection with the public offering of the Company's common stock that closed on September 16, 2013, the Company issued to its underwriters, a warrant to purchase up to a total of 10,500,000 35 6.04 5,250,000 3.02 three The Company is accounting for the warrant as a derivative liability because the exercise price is subject to adjustment under several special circumstances, including anti-dilution clauses. As a result, the warrant is not considered indexed to the Company's own stock, and as such, all future changes in the fair value of the option are recognized currently in earnings until such time as the warrant is exercised or expired. On September 16, 2013, the issue date of the warrant, the Company recorded this warrant at its fair value of $ 12,547,500 3,202,500 7,455,000 1,312,500 This warrant does not trade in an active securities market, and as such, the Company estimates its fair value using the Monte Carlo Simulation as of the date that the warrant was originally issued and as of December 31, 2014 and 2015 using the following main assumptions: As September16, As December 31, As December 31, 2013 2014 2015 Stock price $ 4.27 $ 1.41 $ 1.70 Exercise price $ 6.04 $ 6.04 $ 6.04 Annual dividend yield - % - % - % Time to maturity 4.0 2.7 1.7 Risk-free interest rate 1.22 % 0.96 % 0.93 % Expected volatility 82.8 % 83.0 % 67.2 % Expected volatility is based on historical volatility. Historical volatility is computed using daily pricing observations for recent periods that correspond to the term of the warrant. The Company believes this method produces an estimate that is representative of future volatility over the expected term of this warrant. The expected life is based on the remaining term of the warrant. The risk-free interest rate is based on U.S. Treasury securities with time to maturity close to the remaining term of the warrant. The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs: As December 31, 2015 Beginning balance $ 1,890,000 Warrants issued - Fair value change of the issued warrants included in earnings (1,312,500 ) Ending balance $ 577,500 |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
SHARE BASED COMPENSATION [Abstract] | |
SHARE BASED COMPENSATION | 14. SHARE BASED COMPENSATION Share Awards to Employees In November 2006, the Company entered into an agreement with Mr. Panjian Li (Mr. Li), Chief Executive Officer of ReneSola America, and with Binghua Huang (Mr. Huang), Chief Technology Officer of the Company, to grant 40,000 20,000 five three 4.47 2007 Share Incentive Plan On September 27, 2007, the Company adopted the ReneSola Ltd 2007 Share Incentive Plan (the Plan) that provides for grant of share options, restricted shares and restricted share units to employees in the Plan. A maximum of 7,500,000 Except as otherwise noted in the award agreements with the employee or consultant, the options can be exercised within six Options to Employees From January to December 2013, the Company granted 800,000 0.74 0.90 2,590,000 0.74 1,150,000 0.74 Options Modification On August 8, 2012, the Board of Directors approved an option modification to reduce the exercise price of all the options granted before August 8, 2012 to the then fair market value of the Company's ordinary shares underlying such options. All other terms of the share options granted remain unchanged. The modification resulted in incremental compensation cost of $ 774,932 444,373 330,559 On March 18, 2014, the Board of Directors approved another option modification to reduce the exercise price of certain options granted between August 8, 2012 and December 31, 2013 to the then fair market value of the Company's ordinary shares underlying such options. All other terms of the share options granted remain unchanged. The incremental compensation cost resulted from modification was not material. The fair value of each option grant, as well as the fair value of option immediately before and after the aforementioned modification, is estimated on the date of grant or modification using the Black-Scholes option pricing model using the assumptions noted below. Average risk-free Weighted average Volatility rate Dividend Granted in 2013 0.65 0.80 4.5 175.69 200.98 0 % Granted in 2014 1.63 1.76 4.5 169.77 173.01 0 % Granted in 2015 1.36 1.76 3.2 140.01 146.02 0 % Expected volatilities based on the average of the standard deviation of the daily stock prices of the Company and other selected comparable companies in the same industry. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free rate of return is based on the US Treasury bond yield curve in effect at the time of grant for periods corresponding with the expected term of the option. A summary of the option activity is as follows: Number of Weighted Weighted Aggregate Options Outstanding on January 1, 2015 7,401,800 0.74 2.00 - Granted 1,150,000 0.74 Exercised (843,000 ) 0.74 Forfeited (1,761,800 ) 0.74 Outstanding on December 31, 2015 5,947,000 0.74 2.14 685,055 Vested or expected to vest at December 31, 2015 5,816,671 0.74 1.92 668,917 Exercisable at December 31, 2015 2,898,600 0.74 0.76 333,339 The weighted average grant date fair value of options granted during the years ended December 31, 2013, 2014 and 2015 was $ 0.81 1.67 0.72 Total intrinsic value of options exercised for the years ended December 31, 2013, 2014 and 2015 was $ 544,888 306,534 644,895 Compensation cost of $ 1,626,560 2,104,126 1,204,494 2,108,580 3.45 Restricted Share Units In May 2014, the Compensation Committee of the Board of Directors of the Company approved a Restricted Share Units (RSUs) award program pursuant to the Plan. The Company awarded 750,000 five A summary of the RSUs activity is as follows: Number of shares Weighted Average Grant Date Fair RSUs Unvested on January 1, 2015 750,000 2.72 Vested (200,000 ) 2.72 Forfeited (412,500 ) 2.72 Unvested on December 31, 2015 137,500 2.72 The RSUs are measured based on the fair market value of the underlying common stock on the dates of grant. The aggregate compensation cost for RSUs recorded under the Plan was $ 136,000 323,000 nil |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE BENEFITS [Abstract] | |
EMPLOYEE BENEFITS | 15. EMPLOYEE BENEFITS In accordance with the relevant rules and regulations in the PRC, employees of the Company are covered by benefit plans established by the local government. These plans are defined contribution plans and ReneSola Zhejiang, Sichuan ReneSola, ReneSola Jiangsu and ReneSola Shanghai have contributed 14 20 20 21 19.1 18.2 21 21 The total contribution was $ 14,216,614 15,451,989 11,244,297 |
DISTRIBUTION OF PROFIT
DISTRIBUTION OF PROFIT | 12 Months Ended |
Dec. 31, 2015 | |
DISTRIBUTION OF PROFIT [Abstract] | |
DISTRIBUTION OF PROFIT | 16. DISTRIBUTION OF PROFIT As stipulated by the relevant laws and regulations applicable to China's foreign investment enterprises, the Company's PRC subsidiaries are required to make appropriations from net income as determined under accounting principles generally accepted in the PRC (PRC GAAP) to non-distributable reserves which include a general reserve, an enterprise expansion reserve and a staff welfare and bonus reserve. Wholly-owned PRC subsidiaries are not required to make appropriations to the enterprise expansion reserve but appropriations to the general reserve are required to be made at not less than 10 The general reserve is used to offset future extraordinary losses. The subsidiary may, upon a resolution passed by the shareholder, convert the general reserve into capital. The staff welfare and bonus reserve is used for the collective welfare of the employees. The enterprise expansion reserve is for the expansion of ReneSola Zhejiang's operations and can be converted to capital subject to approval by the relevant authorities. These reserves represent appropriations of the retained earnings determined in accordance with the Chinese law. In addition to the general reserve, the Company's PRC subsidiaries are required to obtain approval from the local PRC government prior to distributing any registered share capital. Accordingly, both the appropriations to general reserve and the registered share capital of the Company's PRC subsidiaries are considered as restricted net assets amounting to$ 849,920,907 864,408,242 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 17. EARNINGS PER SHARE Basic and diluted earnings per share have been calculated as follows: Years ended December 31, 2013 2014 2015 Net income (loss) attributed to holder of ordinary shares $ (258,915,539 ) $ (33,630,021 ) $ (5,075,122 ) Net income (loss) adjusted for dilutive securities (258,915,539 ) (33,630,021 ) (5,075,122 ) Weighted-average number of common shares outstanding-basic 182,167,908 203,550,049 204,085,041 Dilutive effect of non-vested shares - - - Weighted-average number of common shares outstanding-diluted 182,167,908 203,550,049 204,085,041 Basic loss per share $ (1.42 ) $ (0.17 ) $ (0.02 ) Diluted loss per share $ (1.42 ) $ (0.17 ) $ (0.02 ) Diluted earnings per share excludes 33,389,150 30,420,950 18,356,267 The Company issues ordinary shares to its share depository bank which will be used to settle stock option awards upon their exercise. Any ordinary shares not used in the settlement of stock option awards will be returned to the Company. As of December 31,2014 and 2015,there are 1,068,600 125,600 |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 18. RELATED PARTY BALANCES AND TRANSACTIONS (a) Related party balances Amounts due from related parties are comprised of the following amounts receivable from the sales of goods: At December 31, 2014 2015 Zhejiang Yuhuan (1) $ 169,244 $ 110,952 Jinko and its subsidiaries (2) 283,171 - Total $ 452,415 $ 110,952 Amounts due to related parties are comprised of the following amounts payable to the purchase of raw materials and others: At December 31, 2014 2015 Zhejiang Yaohui (4) $ 3,433,772 $ 2,552,385 Jinko and its subsidiaries (2) 135,391 124,229 Champion era enterprises limited (3) 4,000,000 - Jiashan Kaiwo (5) 348 - Total $ 7,569,511 $ 2,676,614 (b) Related party transactions During the years ended December 31, 2013, 2014 and 2015, related party transactions were as follows: Years ended December 31, 2013 2014 2015 Sale of goods to Jinko and its subsidiaries (2) 2,884,843 2,898,698 53,538 Purchase of raw materials from Jinko and its subsidiaries (2) 18,344,180 90,409 - Purchase of raw materials from Zhejiang Yaohui (4) 4,955,620 5,759,079 4,581,029 Rental payment to Zhejiang Yuhuan (1) 3,253 3,246 5,236 Rental expense incurred associated with using Zhejiang Yuhuan's premises (1) 70,270 70,107 67,566 Loan from Champion era enterprises limited (3) - 4,000,000 3,000,000 Repayment to Champion era enterprises limited(3) - - 7,000,000 Purchase of raw materials from Jiashan Kaiwo (5) 211,235 - - Mr. Xianshou Li and his family individually or jointly provided guarantees for the Company's short term and long term borrowings totaling RMB 1,872,382,996 301,773,840 2,060,000,000 318,008,380 (1) Zhejiang Yuhuan Solar Energy Source Co., Ltd. (Zhejiang Yuhuan) is controlled by Xianshou Li, Chief Executive Officer. (2) The brothers of Mr. Xianshou Li are the founders and current shareholders of Jinko Solar Co., Ltd. (Jinko and its subsidiaries) (3) Champion era enterprises Ltd. is controlled by Xianshou Li. The annualized interest rate of the loan is 5 six three (4) The brother of HR VP and shareholder (5) Jiashan Kaiwo Trading Co., Ltd. (Jiashan Kaiwo) is controlled by Xianshou Li. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 19. COMMITMENTS AND CONTINGENCIES (a) Purchase commitments Under the terms of certain supply agreements, the Company is required to purchase polysilicon of $ 45,527,756 (b) Product warranties The Company offers warranties on its products and records an estimate of the associated liabilities. Product warranty activity during the years ended December 31, 2014 and 2015 was as follows: At December 31, 2014 2015 Beginning balance $ 20,612,293 $ 31,778,365 Warranty provision 13,076,787 8,815,974 Revision of warranty costs - (3,249,623 ) Warranty expense incurred (1,350,729 ) (18,132 ) Foreign exchange effect (559,986 ) (1,302,638 ) Ending balance $ 31,778,365 $ 36,023,946 The Company revised downward the estimated cost to satisfy the Company's outstanding product warranty by $3,249,623 for the year ended December 31, 2015, attributable primarily to decrease in the average selling prices (ASPs) for solar modules, a primary input into the estimated costs of the Company's warranty policy. (c) Legal matters The Company is a party to legal matters and claims in the normal course of its operations. While the Company believes that the ultimate outcome of these matters will not have a material adverse effect on our financial position, results of operations or cash flows, the outcome of these matters is not determinable with certainty and negative outcomes may adversely affect the Company. In June 2011, CEP Ltd., or CEP, one of our module customers, sued us in the High Court in Hong Kong for damages for breach of a sales contract. We denied CEP's assertion and defended that the termination of the sales contract was due to CEP's material breach of the sales contract by failure to provide a letter of credit in accordance with the sales contract. A pre-trial set in October 2013 and a five-day trial set in December 2013 were held. On April 4, 2014, the High Court of Hong Kong handed down judgment and dismissed CEP's case. Then CEP applied for the appeal and the trail was heard before the Court of Appeal on February 11, 2015. Eventually, the judgment was handed down on March 12, 2015, and the Court of Appeal dismissed the CEP's appeal. In November 2013, Jiangsu Shuangliang Boiler Co., Ltd., or Jiangsu Shuangliang, one of our suppliers of polysilicon equipment, filed a case with Shanghai International Economic and Trade Arbitration Commission, against Sichuan ReneSola. The arbitration involved a payment for deoxidization furnaces we bought from Jiangsu Shuangliang of approximately RMB 55.7 9.2 6.7 1.1 31.6 5.2 36.5 5.8 55.7 8.9 [The total U.S. pipeline, 88 The relevant parties will negotiate and execute a definitive settlement agreement to address such arrangements within 30 days from March 25, 2016. (d) Guarantee In March 2014, Renesola Zhejiang guaranteed loan facilities from China Development Bank for Zhejiang Ruixu of $ 31,260,533 12.5 46,929,392 12.25 The fair value of the debt guarantee was not material. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT REPORTING [Abstract] | |
SEGMENT REPORTING | 20. SEGMENT REPORTING The Company operates in three Wafer, Cell and module, and Solar power projects. The Wafer segment involves the manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services. The Cell and module segment involves manufacture and sale of PV cells and modules, and service revenue from tolling arrangements. The solar power projects segment is a newly formed segment in year 2015 which involves solar power project development, EPC services and electricity revenue generation. Ancillary revenues and expenses and other unallocated costs and expenses are recorded in Other. Prior to 2015, electricity revenue generation was reported as "Other". The transactions between reportable segments relate to supplier contracts for the sales of wafers and modules. Prior year comparable information has been updated to reflect the new reportable segments The chief operating decision maker is the chief executive officer of the Company. The Company only reports the segment information of net sales and gross profit, to conform to the information the chief operating decision maker receives to assess the financial performance and allocate resources. There are no differences between the measurements of the Company's reportable segment's gross profit and the Company's consolidated gross profit, as the Company uses the same profit measurement for all of the reportable segments and the consolidated entity. Furthermore, the Company's chief operating decision maker is not provided with asset information by segment. As such, no asset information by segment is presented. The following table summarizes the Company's revenues generated from each segment: Year ended December 31, 2013 Wafer Cell and module Solar power projects Other Elimination Total Net sales $ 1,271,561,269 $ 1,299,162,865 $ 11,509,721 $ 6,000,631 $ (1,068,599,614 ) $ 1,519,634,872 Gross profit $ 21,226,834 $ 92,950,381 $ 7,810,693 $ 2,149,511 $ (20,874,452 ) $ 103,262,967 Year ended December 31, 2014 Wafer Cell and module Solar power projects Other Elimination Total Net sales $ 1,416,614,234 $ 1,311,867,301 $ 8,740,222 $ 695,750 $ (1,176,420,479 ) $ 1,561,497,028 Gross profit $ 71,483,745 $ 134,289,199 $ 3,901,264 $ 36,679 $ (427,602 ) $ 209,283,285 Year ended December 31, 2015 Wafer Cell and module Solar power projects Other Elimination Total Net sales $ 1,032,418,596 $ 1,024,331,572 $ 116,289,676 $ 1,044,975 $ (892,053,374 ) $ 1,282,031,446 Gross profit $ 62,884,189 $ 88,563,261 $ 22,007,895 $ 600,087 $ 13,818,412 $ 187,873,844 The following table summarizes the Company's revenues generated from each product: Years ended December 31, 2013 2014 2015 Solar modules $ 1,116,885,469 $ 1,309,008,400 $ 920,271,824 Solar wafers 315,037,453 182,513,034 163,700,069 Solar power project - - 110,737,934 Other materials 51,123,492 40,975,806 61,932,953 Solar cells 23,855,100 12,422,486 8,266,709 Electricity 11,509,721 8,740,222 5,649,282 Service revenue from tolling arrangement 1,223,637 7,837,080 11,472,675 Total $ 1,519,634,872 $ 1,561,497,028 $ 1,282,031,446 The following table summarizes the Company's revenues generated by the geographic location of customers: Years ended December 31, 2013 2014 2015 Mainland China $ 417,469,224 $ 227,182,419 $ 264,803,111 Taiwan 85,619,124 43,696,851 34,710,699 Australia 54,762,854 58,621,500 26,445,835 Singapore 8,273,503 10,506,110 23,478,282 Korea 51,907,636 21,120,646 8,765,334 India 59,754,261 51,256,611 135,768,107 Hong Kong 10,228,201 63,899 61,240 Thailand - - 7,767,452 Japan 67,284,375 369,369,451 298,855,541 Asia Pacific Total $ 755,299,178 $ 781,817,487 $ 800,655,601 Germany 155,371,123 147,261,159 53,603,098 Greece 34,028,666 310,076 103,193 Belgium 12,976,650 1,164,431 18,252,371 America 236,934,758 170,717,859 50,176,517 Italy 21,171,093 5,781,328 4,013,709 France 49,441,441 89,635,307 3,529,467 Spain 29,026,431 39,246,414 202,527 Czech Republic 4,484,825 2,628,333 4,861,462 England 73,191,279 224,990,352 242,425,493 Netherlands 16,433,862 3,234,732 4,706,979 South Africa 18,431,560 13,912,446 17,068,687 Others 112,844,006 80,797,104 82,432,342 Total $ 1,519,634,872 $ 1,561,497,028 $ 1,282,031,446 Substantially all of the Company's long-lived assets are located in Mainland China. There is no customer that contributed more than 10% of net sales for years ended December 31, 2013 and 2014. As for year ended December 31, 2015, sales to one customer constitutes approximately 11% of the total net sales. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 21. SUBSEQUENT EVENTS Subsequent to December 31, 2015, the Company successfully rolled over $ 87.7 and obtained new financings totaling $ 104.7 Subsequent to December 31, 2015, the Company repurchased all of its remaining outstanding convertible notes of approximately 26,145,000 par value using cash 25.9 On March 21, 2016, the Company entered into an agreement to sell two 9.7 5.4 In March of 2016, the Company has made open market purchases of approximately 503,189 0.7 |
SCHEDULE 1-RENESOLA LTD CONDENS
SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS [Abstract] | |
SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS | SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS (Amounts expressed in U.S. dollars) RENESOLA LTD BALANCE SHEETS As of December 31, 2014 2015 ASSETS Current assets: Cash and cash equivalents $ 1,327,697 $ 10,181,328 Prepaid expenses and other current assets - 257,933 Derivative assets 1,678,005 - Deferred convertible notes issue costs-current 661,396 34,660 Total current assets 3,667,098 10,473,921 Investment in subsidiaries 254,481,281 213,430,832 Deferred convertible notes insurance costs-non-current 137,791 - Total assets $ 258,286,170 $ 223,904,753 LIABILITIES AND EQUITY Current liabilities: Amount due to subsidiaries $ 25,146,620 $ 84,821,631 Other current liabilities 1,400,758 333,237 Warranty liabilities 1,890,000 577,500 Convertible notes payable-current - 26,145,000 Total current liabilities 28,437,378 111,877,368 Income tax payable 93,473 93,473 Convertible notes payable-non-current 94,599,000 - Total liabilities 123,129,851 111,970,841 Equity: Common shares ( 500,000,000 204,846,064 203,777,464 203,331,288 203,205,688 476,765,888 477,964,702 Additional paid-in capital 7,512,174 7,669,350 Accumulated loss (430,201,775 ) (435,276,897 ) Accumulated other comprehensive income 81,080,032 61,576,757 Total equity 135,156,319 111,933,912 Total Liabilities and Equity $ 258,286,170 $ 223,904,753 SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS (Amounts expressed in U.S. dollars except number of shares and per share data) RENESOLA LTD STATEMENTS OF INCOME Year ended December 31, 2013 2014 2015 Operating expenses(income): Sales and marketing $ 63,095 $ 71,669 $ 40,469 General and administrative 4,071,692 4,180,518 2,745,035 Research and development 27,608 9,189 - Other operating expense (income) 30 (2,582,694 ) - Total operating expenses 4,162,425 1,678,682 2,785,504 Loss from operations (4,162,425 ) (1,678,682 ) (2,785,504 ) Non-operating income (expense): Interest income 440 228 194 Interest expense (6,005,030 ) (5,631,282 ) (3,361,077 ) Foreign exchange loss 905 (26,628 ) (76,586 ) Gains (losses) on derivative, net (1,045,925 ) 7,202,205 7,784,352 Gains on repurchase of convertible notes - 7,048,188 13,693,269 Fair value change of warrant liability 3,202,500 7,455,000 1,312,500 Income (loss) before income taxes and equity in earnings of subsidiaries (8,009,535 ) 14,369,029 16,567,148 Income tax benefit - - - Equity in losses of subsidiaries (250,906,004 ) (47,999,050 ) (21,642,270 ) Net loss $ (258,915,539 ) $ (33,630,021 ) $ (5,075,122 ) STATEMENTS OF COMPREHENSIVE LOSS (Amounts expressed in U.S. dollars) Year ended December 31, 2013 2014 2015 Net loss $ (258,915,539 ) $ (33,630,021 ) $ (5,075,122 ) Other comprehensive income: Foreign currency translation adjustment 8,777,439 (2,533,628 ) (19,503,275 ) Other comprehensive income (loss) 8,777,439 (2,533,628 ) (19,503,275 ) Comprehensive loss $ (250,138,100 ) $ (36,163,649 ) $ (24,578,397 ) SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS (Amounts expressed in U.S. dollars) RENESOLA LTD STATEMENTS OF CASH FLOWS Year ended December 31, 2013 2014 2015 Net loss $ (258,915,539 ) $ (33,630,021 ) $ (5,075,122 ) Equity in losses of subsidiaries 250,906,004 47,999,050 21,642,270 Adjustments to reconcile net income to net cash used in operating activities: Amortization of deferred convertible notes issue costs and premium 784,456 933,152 764,527 Gains from repurchase of convertible bond - (7,048,188 ) (13,693,269 ) Share-based compensation 1,514,828 2,166,097 1,466,181 Losses (gains) on derivatives 1,045,925 (7,202,205 ) (7,784,352 ) Fair value change of warrant liability (3,202,500 ) (7,455,000 ) (1,312,500 ) Changes in assets and liabilities : Other long-term assets 305,556 (158,952 ) - Prepaid expenses and other current assets 217,601 313,310 (257,933 ) Other current liabilities (309,043 ) (536,417 ) (1,067,521 ) Other long-term liabilities - (2,582,694 ) - Net cash used in operating activities (7,652,712 ) (7,201,868 ) (5,317,719 ) Investing activities: Investment in subsidiaries (14,400,000 ) (15,623 ) (33,783 ) Net cash received from (paid for) settlement of derivatives (876,730 ) 4,960,574 9,078,226 Net cash provided by (used in) investing activities (15,276,730 ) 4,944,951 9,044,443 Financing activities: Proceeds from exercise of share option 477,829 362,801 640,680 Proceeds from issuance of common shares 70,050,000 - - Cash paid for insurance cost (4,551,958 ) - - Cash paid for repurchase of convertible notes - (9,809,860 ) (54,376,600 ) Cash paid for ADS repurchase - - (812,184 ) Receipt (payment) of loan from subsidiaries (47,379,054 ) 11,999,596 59,675,011 Net cash provided by financing activities 18,596,817 2,552,537 5,126,907 Net (decrease) increase in cash and cash equivalents (4,332,625 ) 295,620 8,853,631 Cash and cash equivalents, beginning of year $ 5,364,702 $ 1,032,077 $ 1,327,697 Cash and cash equivalents, end of year $ 1,032,077 $ 1,327,697 $ 10,181,328 Note to Schedule 1 Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote disclosure certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying Consolidated Financial Statements. |
SUMMARY OF PRINCIPAL ACCOUNTI32
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES [Abstract] | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements have been prepared and presented in accordance with accounting principles generally accepted in the United States of America (US GAAP). The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company's ability to generate cash flows from operations, and the Company's ability to arrange adequate financing arrangements, including the renewal or rollover of its bank borrowings, to support its working capital requirements. The following factors raise substantial doubt about our ability to continue as a going concern for the foreseeable future. For the year ended December 31, 2015, we incurred a net loss of $ 5,075,122 As of December 31, 2015, our current liabilities exceed our current assets by $ 466,111,583 38,045,225 667,682,811 1,104,735 There is a put option held by the convertible bond holders, whereby on March 15, 2016 they may require the Company to repurchase for cash all or any portion of their notes at a price equal to 100 26,145,000 26,145,000 25.9 These factors are mitigated by the following plans and actions: As of April 2016, the Company has performed a review of its cash flow forecast for the twelve months ending April 2017. The Company believes that its operating cash flow in the forecasted period will be positive. While management believes the forecast is based on reasonable assumptions include: i) the cost to produce modules and wafers is estimated to be marginally lower for the forecasted period ending April 2017, respectively, as a result of continuous cost control effectiveness, and ii) the Company expects the solar project business to generate positive cash inflow in the forecasted period While there can be no assurance that the Company will be able to refinance its short-term bank borrowings as they become due, historically, the Company has rolled over or obtained replacement borrowings from existing credit for most of its short-term bank loans upon the maturity date of the loans.. As of March 31, 2016, the Company has successfully rolled over $ 87.7 As of March 31, 2016, the Company has unused lines of credit of $ 110.4 73.4 In March 2016, the Company received non-binding letters of commitment from four 426.0 299.2 126.8 In 2015, the Company executed sales agreements in connection with the transfer of 13.5 57.5 1.85 24.34 20 Based on the above factors, management believes that adequate sources of liquidity will exist to fund the Company's working capital and capital expenditures requirements, and to meet its short term debt obligations, other liabilities and commitments as they become due. |
Basis of consolidation | (b) Basis of consolidation The consolidated financial statements include the financial statements of ReneSola and its subsidiaries. All inter-company transactions, balances and unrealized profits and losses have been eliminated on consolidation. |
Fair value measurement | (c) Fair value measurement The Company estimates fair value of financial assets and liabilities as the price that would be received from the sales of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants. When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. See Note 8, Fair Value Measurements, for further details. |
Use of estimates | (d) Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Actual results could materially differ from these estimates. Significant accounting estimates are susceptible to changes with the acquisition of the information, which include revenue recognition for sales of solar power projects, allowances for doubtful receivables, advances to suppliers and prepayment for PPE, valuation of deferred tax assets, accruals of warranty expenses, recoverability of the carrying value of long-lived assets and project assets. |
Cash and cash equivalents | (e) Cash and cash equivalents Cash and cash equivalents represent cash on hand and held with banks, including demand deposits, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. |
Restricted cash | (f) Restricted cash Restricted cash represents amounts held by banks, which are not available for the Company's general use, as security for issuance of letters of credit, bank acceptance bills, bank borrowings and bank drafts. Upon maturity of the letters of credit and repayment of bank acceptance bills, bank borrowings and bank drafts which generally occur within one |
Inventories | (g) Inventories Inventories are stated at the lower of cost or market. Cost is determined by the weighted-average method for work-in-process and finished goods and by the first-in-first-out method for raw materials. Inventory costs comprise direct materials, direct labor and those overhead costs that have been incurred in bringing the inventories to their present location and condition. Adjustments are recorded to write down the cost of obsolete and excess inventory to the estimated market value based on historical and forecast demand. The estimated market value is measured as the estimated selling price of each class of the inventories in the ordinary course of business less estimated costs of completion and disposal and normal profit margin. The Company outsources portions of its manufacturing process, including cutting ingots into wafers, converting wafers into solar cells and converting solar cells or wafers into modules, to various third-party manufacturers. These outsourcing arrangements may or may not include transfer of title of the raw material inventory (ingots or wafers) sent to the third-party manufacturers. For the outsourcing arrangements in which title does not transfer, the Company maintains such inventory on the Company's balance sheet as raw materials inventory while it is in physical possession of the third-party manufacturer. Upon receipt of the processed inventory, it is reclassified as work-in-process inventory and the processing fees paid are capitalized as cost of inventory. For those outsourcing arrangements in which title (including risk of loss) does transfer to the third-party manufacturer, the Company is contractually obligated to repurchase the processed inventory. To accomplish this, it enters into raw material sales agreements and processed inventory purchase agreements simultaneously with the third-party manufacturer. In such instances, where they are, in substance tolling arrangements, the Company retains the inventory in the consolidated balance sheets while it is in the physical possession of the third-party manufacturer. The cash received from the third-party manufacturer is recorded as a current liability on the balance sheet rather than revenue or deferred revenue. Upon receipt of the processed inventory, it is reclassified from raw materials to work-in-progress inventory and the processing fee paid to the third-party manufacturer is added to inventory cost. Cash payments for outsourcing arrangements which require prepayment for repurchase of the processed inventory are classified as current assets on the balance sheet. If there is no legal right of offset established by these arrangements, the associated assets and liabilities are presented separately on the balance sheet until the processed inventory is returned to the Company. The Company provides solar wafer processing services on behalf of third parties who have their own polysilicon supplies. Under certain of these solar wafer processing service arrangements, the Company purchases raw materials from a customer and agrees to sell a specified quantity of solar wafers produced from such materials back to the same customer. The quantity of solar wafers sold back to the customer under these processing arrangements is consistent with the amount of raw materials purchased from the customer based on current production conversion rates. The Company records revenue from these processing transactions based on the amount received for solar wafers sold less the amount paid for the raw materials purchased from the customer. The revenue recognized is recorded as solar wafer processing revenue and the production costs incurred related to providing the processing services are recorded as solar wafer processing costs within cost of revenue. The Company also provides module processing services on behalf of third parties who have their own cell supplies. Under certain of these module processing service arrangements, the Company purchases cells from a customer and agrees to sell a specified quantity of modules produced from such materials back to the same customer. The quantity of modules sold back to the customer under these processing arrangements is consistent with the amount of cells purchased from the customer based on current production conversion rates. The Company records revenue from these processing transactions based on the amount received for modules sold less the amount paid for the cells purchased from the customer. The revenue recognized is recorded as module processing revenue and the production costs incurred related to providing the processing services are recorded as module processing costs within cost of revenue. On occasion, the Company enters into firm purchase commitments to acquire materials from its suppliers. A firm purchase commitment represents an agreement that specifies all significant terms, including the price and timing of the transactions, and includes a disincentive for nonperformance that is sufficiently large to make performance probable. This disincentive is generally in the form of a take or pay provision which requires the Company to pay for committed volumes regardless of whether the Company actually takes possession of the materials. The Company evaluates these agreements whenever market prices decrease such that the commitment price is significantly higher than market, if any, using a lower of cost or market approach consistent with that used to value inventory (see Note 5). |
Project assets and deferred project costs | (h) Project assets and deferred project costs In 2012, the Company began entering into arrangements to develop commercial solar power projects ("project assets") for sale upon their completion. Project assets consist primarily of costs relating to solar power projects in various stages of development that are capitalized prior to entering into a definitive sales agreement for the solar power project. During the development phase, these project assets are accounted for in accordance with the recognition, initial measurement and subsequent measurement subtopics of ASC 970- 360, as they are considered in substance real estate. While the solar power projects are in the development phase, they are generally classified as non-current assets, unless it is anticipated that construction will be completed and sale will occur within one Project assets are classified as current assets on the consolidated balance sheets when the criteria in ASC 360-10-45-9 are met. If, not met, the Company reclassifies them to property, plant and equipment, unless the delay in the period required to complete the sale is caused by events or circumstances beyond the Company's control. two 27,127,591 Deferred project costs represents costs that are capitalized as project assets for arrangements that are accounted for as real estate transactions after the Company has entered into a definitive sales arrangement, but before the sale is completed or before all criteria to recognize the sale as revenue is met. The Company classifies deferred project costs as noncurrent if all revenue recognition criteria are not expected within the next 12 months. As of December 31, 2015, the Company entered into a sale transaction for one 20,874,446 25,378,112 The Company reviews project assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers a project commercially viable or recoverable if it is anticipated to be sold for a profit once it is either fully developed or fully constructed. The Company considers a partially developed or partially constructed project commercially viable or recoverable if the anticipated selling price is higher than the carrying value of the related project assets. The Company examines a number of factors to determine if the project will be recoverable, the most notable of which include whether there are any changes in environmental, ecological, permitting, market pricing or regulatory conditions that impact the project. Such changes could cause the costs of the project to increase or the selling price of the project to decrease. If a project is not considered recoverable, the Company impairs the respective project assets and adjusts the carrying value to the estimated recoverable amount, with the resulting impairment recorded within operations. The Company did not recognize any impairment losses on project assets for the years ended December 31, 2014 and 2015, respectively. |
Investments | (i) Investments Investments in marketable equity securities are classified as trading, or available-for-sale. Investments classified as trading are reported at fair value with unrealized gains and losses included in earnings. Investments classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in other comprehensive income. The cost of investments sold is determined by specific identification. Investments are evaluated for impairment at the end of each period. Unrealized losses are recorded to other expenses when a decline in fair value is determined to be other-than-temporary. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company routinely reviews available-for-sale securities for other-than-temporary declines in fair value below the cost basis, and when events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the security is written down to fair value. No other-than-temporary impairment loss was recognized during the years ended December 31, 2013, 2014 and 2015. |
Advances to suppliers and advances for purchase of property, plant and equipment | (j) Advances to suppliers and advances for purchase of property, plant and equipment In order to secure a stable supply of silicon materials and construction materials, the Company makes advance payments to suppliers for raw material supplies and advances for purchases of long-lived assets which are offset against future deliveries. Advances to suppliers for purchases expected within twelve months as of each balance sheet date are recorded as advances to suppliers in current assets and those associated with purchases expected over longer periods of time are recorded in non-current advance to suppliers. As of December 31, 2014 and 2015, advances to suppliers in current assets were $ 27,493,901 18,479,686 nil 1,756,051 381,958 As of December 31, 2014 and 2015, the largest prepayments made to individual suppliers are as follows: At December 31, 2014 2015 Supplier A - $ 6,400,000 Supplier B - $ 1,070,954 Supplier C $ 6,986,882 - As of December 31, 2014 and 2015, advances for purchases of property, plant and equipment in excess of 10% of total advances and prepayments to equipment suppliers are as follows: At December 31, 2014 2015 Supplier A - $ 71,783 Supplier B - $ 66,689 Supplier C $ 265,932 - Supplier D $ 265,126 - Supplier E $ 258,679 - |
Property, plant and equipment | (k) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the following estimated useful lives: Buildings 40 50 Plant and machinery 10 25 Motor vehicles 4 5 Office equipment 3 5 Solar power projects 25 Construction in progress represents mainly the construction of new facilities in ReneSola Zhejiang, ReneSola Jiangsu, Sichuan ReneSola, and Sichuan Ruiyu. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences. |
Assets held-for-sale | (l) Assets held-for-sale Non-current assets and asset disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the assets are available for immediate sale in their present condition and they are expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets classified as held for sale are measured at lower of their carrying amount and fair value less costs to sell. In December 2015, the company had entered into an agreement to sell property and land use right in Sichuan, China, and the assets have been classified as assets held for sale as of December 31, 2015. This transaction is expected to close in the course of 2016. The company's assets held for sale are summarized below: At December 31, 2015 Property, plant and equipment, net $ 3,530,744 land use right, net $ 710,134 Total $ 4,240,878 |
Interest capitalization | (m) Interest capitalization The Company capitalizes interest costs as part of the costs of constructing certain assets during the period of time required to get the assets ready for their intended use. The Company capitalizes interest to the extent that expenditures to construct an asset have occurred and interest costs have been incurred. The interest capitalized for project assets forms part of the cost of revenues when such project assets are sold and all revenue recognition criteria are met. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. |
Prepaid land use right | (n) Prepaid land use right Prepaid land use right represent payments made to obtain land use rights. Prepaid land use right is recognized as an expense on a straight-line basis over the lease period of 40 50 Expenses recognized were $ 1,086,685 779,703 910,157 |
Impairment of long-lived assets | (o) Impairment of long-lived assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life is shorter than originally estimated. The Company assesses recoverability of the long-lived assets by comparing the carrying amount of the assets to the estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. The Company recognizes an impairment loss in the event the carrying amount exceeds the estimated future undiscounted cash flows attributable to such assets, measured as the difference between the carrying amount of the assets and the fair value of the impaired assets. The impairment losses of long-lived assets were $ 202,756,739 nil nil |
Deferred convertible notes issuance costs | (p) Deferred convertible notes issuance costs Debt issuance costs are deferred and amortized using effective interest method through the earliest redemption date. The amortization, recorded in interest expense, was $ 784,456 933,152 764,527 |
Income taxes | (q) Income taxes Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on the characteristics of the underlying assets and liabilities or the expected timing of their use when they do not relate to a specific asset or liability. |
Revenue recognition | (r) Revenue recognition Solar power products The Company sells solar power products including virgin polysilicon, monocrystalline and multicrystalline solar wafers and PV cells and modules. The Company also enters into agreements to process silicon materials into silicon ingots and wafers, and to process PV cells into modules for customers. The Company recognizes revenues when persuasive evidence of an arrangement exists, the products are delivered and title and risk of loss has passed to customers, the price to the buyer is fixed and determinable, and collectability is reasonably assured. Sales agreements typically contain customary product warranties but do not contain any post-shipment obligations nor any return or credit provisions. A majority of the Company's contracts provide that products are shipped under free on board (FOB) terms, cost, insurance and freight (CIF) terms or delivered duty unpaid (DDU) terms. Under FOB, the Company fulfills its obligation when the goods have passed over the ship's rail at the named port of shipment. The customer bears all costs and risks of loss or damage to the goods from that point. Under CIF, the Company must pay the costs, insurance and freight necessary to bring the goods to the named port of destination, and bears the risk of loss or damage to the goods during transit. Under DDU, the Company is responsible for making a safe delivery of goods to a named destination, paying all transportation expenses but not the duty. The Company bears the risks and costs associated with supplying the good to the delivery location. The Company recognizes revenue when the title of goods and risk of loss or damage is transferred to the customers based on the terms of the sales contracts, and if the other recognition criteria are met. Solar power projects The Company recognizes revenue from the sale of project assets in accordance with ASC 360-20, Real Estate Sales. For these transactions, the Company has determined that the project assets, which represent the costs of constructing solar power projects, represent integral equipment and as such, the entire transaction is in substance the sale of real estate and subject to the revenue recognition guidance under ASC 360-20 Real Estate. Under the provisions of real estate accounting, the Company recognizes revenue under full accrual method when all of the following requirements are met: (a) the sales are consummated; (b) the buyer's initial and continuing investments are adequate to demonstrate its commitment to pay; (c) the receivable is not subject to any future subordination; and (d) the Company has transferred the usual risk and rewards of ownership to the buyer. Specifically, the Company considers the following factors in determining whether the sales have been consummated: (a) the parties are bound by the terms of a contract; (b) all consideration has been exchanged; (c) permanent financing for which the seller is responsible has been arranged; and (d) all conditions precedent to closing have been performed, and the Company does not have any substantial continuing involvement with the project. For sales agreements that have energy generation performance guarantees within certain timeframe, if there is an underperformance event, we may incur liquidated damages as a percentage of the EPC contract price. The Revenue recognized is reduced by the maximum amount of the payable liquidated damage, which amount is deferred until the end of the guarantee period. For sales agreements that have conditional repurchase clauses if certain events occur, such as not achieving specified guaranteed performance level within a certain timeframe, we will not recognize revenue on such sales agreements until the conditional repurchase clauses are of no further force or effect and all other necessary revenue recognition criteria have been met. The Company has recognized $ nil nil 110,737,934 |
Deferred project revenue | (s) Deferred project revenue Deferred project revenue was $ nil 32,376,386 |
Cost of revenues | (t) Cost of revenues Cost of revenues consists of production related costs including costs of silicon raw materials, consumables, direct labor, overhead costs, depreciation of plant and equipment, contractor and processing fees. Shipping and handling costs incurred on sale of products and included in sales and marketing expense were $ 36,678,733 55,474,721 34,734,098 |
Research and development | (u) Research and development Costs related to the design, formulation and testing of new products or process alternatives are included in research and development expenses. Research and development costs are expensed when incurred. |
Warranty expenses | (v) Warranty expenses The Company's solar modules are typically sold with 25 five ten 1.0 From the first quarter of 2014, we reclassified warranty expenses from cost of revenues to selling expenses, to better reflect our global OEM business operations and align our accounting policy to industry peers. Accordingly, beginning from the first quarter of 2014, warranty expenses have been recognized as part of selling expenses. 3,249,623 |
Government grants | (w) Government grants Government grants received by the Company consist of unrestricted grants and subsidies and restricted grants. Unrestricted grants that allowed the Company's full discretion in utilizing the funds were recognized as other operating income upon receipt of cash and when all the conditions for their receipt have been satisfied. 4,297,693 4,618,498 3,815,650 Restricted grants related to property, plant and equipment are recorded as deferred subsidies and are amortized on a straight-line basis over the useful life of the associated assets. The Company received government grants related to property, plant and equipment and land use right of $ 16,819,424 12,037,938 nil 25,347,152 23,241,899 988,312 1,455,103 829,668 27,843,170 nil |
Other operating expense (income) | (x) Other operating expense (income) Other operating expense (income) primarily consists of gains or losses on disposal of fixed assets and land use right, subsidies received from the government, and forfeitures of advances from customers. |
Foreign currency | (y) Foreign currency The functional currency of ReneSola Ltd is the United States Dollar (U.S. dollar). The functional currency of ReneSola's subsidiaries in the PRC is Renminbi (RMB). The functional currency of the overseas subsidiaries normally is the local currency the subsidiary domiciles. Foreign currency transactions have been translated into the functional currency at the exchange rates prevailing on the date of transactions. Foreign currency denominated monetary assets and liabilities are remeasured into the functional currency at exchange rates prevailing on the balance sheet date. Exchange gains and losses have been included in the determination of net income. The Company has chosen the U.S. dollar as its reporting currency. Assets and liabilities have been translated using exchange rates prevailing on the balance sheet date. Income statement items have been translated using the weighted average exchange rate for the year. Translation adjustments have been reported as a component of other comprehensive income in the statement of comprehensive income. The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Company's cash and cash equivalents denominated in RMB amounted to RMB 109,951,726 17,721,030 34,604,501 5,342,001 601,482,914 96,941,603 560,065,172 86,458,941 |
Fair value of financial instruments | (z) Fair value of financial instruments Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs. When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income or loss. See Note 8, Fair Value Measurements, for further details. |
Derivative financial instruments | (aa) Derivative financial instruments The Company uses foreign exchange forward contracts to hedge the foreign currency exchange risk inherent in the future cash flows associated with forecasted sales denominated in foreign currencies, mainly in U.S. Dollar or Euro. The Company accounts for these forward contracts as derivative instruments and recognizes all derivative instruments as either assets or liabilities at fair value in other financial assets or other financial liabilities in the consolidated balance sheets. The Company does not offset the carrying amounts of derivatives with the same counterparty. The Company's derivative instruments do not qualify for hedge accounting. Accordingly, gains or losses resulting from changes in the values of derivative instruments are recognized as (gain) loss on derivatives, net, in the consolidated income statement. Net (gains) losses recognized on derivative instruments from foreign currency forward exchange contracts were $ (633,964) (6,057,941 6,030,915 22,883,760 |
Earnings (loss) per share | (ab) Earnings (loss) per share Basic earnings (loss) per share is computed by dividing income attributable to holders of common shares by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares. |
Share-based compensation | (ac) Share-based compensation The Company recognizes expenses for services received in exchange for awards of equity instruments based on the grant-date fair value of the award as determined by the Black-Scholes option pricing model, net of estimated forfeitures. The estimated compensation cost is recognized ratably over the period the grantee is required to provide services per the conditions of the award. See Note 15, Share Based Compensation, for further details. |
Comprehensive income (loss) | (ad) Comprehensive income (loss) Comprehensive income is the change in equity during a period from transactions and other events and circumstances from non-shareholder sources and included net income and foreign currency translation adjustments. As of December 31, 2013, 2014 and 2015, accumulated other comprehensive income was comprised entirely of foreign currency translation adjustments. |
Treasury Stock | (ae) Treasury Stock On September 23, 2015, the Company's Board of Directors authorized the Company to repurchase up to $ 20 two As of December 31, 2015, the Company repurchased an aggregate of 807,388 1,614,776 812,184 |
Concentrations of credit risk | (af) Concentrations of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, notes receivable, accounts receivable and advances to suppliers. The Company places its cash and cash equivalents with financial institutions with high-credit ratings and quality. The Company conducts credit evaluations of customers and generally does not require collateral or other security from its customers. The Company establishes an allowance for doubtful receivables mainly based on the age of receivables and factors surrounding the credit risk of specific customers. The Company performs ongoing credit evaluations of the suppliers' financial conditions. The Company generally does not require collateral or other security against such suppliers; however, it maintains a reserve for potential credit losses. Such losses have historically been within management's expectations. |
Recently issued accounting pronouncements | (ag) Recently issued accounting pronouncements In May 2014, the Financial Accounting Standards Board (or "FASB") issued Accounting Standards Updates (or "ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles of recognizing revenue and create common revenue recognition guidance between U.S. GAAP and International Financial Reporting Standards (IFRS). An entity has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this standard recognized at the date of initial application. ASU 2014-09 is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and early adoption is not permitted. In August, 2015, the FASB updated this standard to ASU 2015-14, the amendments in this Update defer the effective date of Update 2014 -09, that the Update should be applied to annual reporting periods beginning after December 15, 2017 and earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is still in the process of assessing the potential financial impact the adoption will have to the Company. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis. ASU 2015-02 modifies existing consolidation guidance related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015. Early adoption is permitted. The Company is still in the process of assessing the potential financial impact to the Company. In April 2015, the FASB issued ASU 2015-03 as part of its simplification initiative. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. The requirement to present debt issuance costs as a direct reduction of the related debt liability (rather than as an asset) is consistent with the presentation of debt discounts under U.S. GAAP. In August 2015, the FASB issued ASU 2015-15 related with the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, under which the SEC staff stated it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The impact of the adoption of the ASU to the Company's consolidated financial statements will be limited to balance sheet classification only. In July, 2015, the FASB issued ASU 2015-11 as part of its simplification initiative. The ASU changes the way of measurement on inventory, which currently requires an entity to measure inventory at the lower of cost or market. The amendments in this Update require an entity to measure inventory within the scope of this Update at the lower of cost and net realizable value. The Company is still in the process of assessing the potential financial impact the adoption will have to the Company. In November 2015, the FASB issued ASU2015-17 as part of its simplification initiative. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company is still in the process of assessing the potential financial impact the adoption will have to the Company. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10)-Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP. ASU 2016-01 is effective for fiscal years and interim periods within those years beginning after December 15, 2017, and certain provisions of the guidance may be early adopted. The Company is still evaluating the impact ASU 2016-01 will have on the consolidated financial statements and associated disclosures. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. ASU 2016-02 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018, with early application permitted. A modified retrospective approach is required. In March 2016, the FASB issued ASU 2016-07, which eliminates the requirement to retroactively adopt the equity method of accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. The Company is in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements and associated disclosures. In March 2016, the FASB issued ASU 2016-08, which amends the principal-versus-agent implementation guidance and illustrations in the Board's new revenue standard (ASC 606). The amendments in this update clarify the implementation guidance on principal versus agent considerations. When another party, along with the reporting entity, is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide that good or service to the customer (as a principal) or to arrange for the good or service to be provided to the customer by the other party (as an agent). The guidance is effective for interim and annual periods beginning after December 15, 2017. The Company is still in the process of assessing the potential financial impact the adoption will have to the Company. |
ORGANIZATION AND NATURE OF OP33
ORGANIZATION AND NATURE OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
ORGANIZATION AND NATURE OF OPERATIONS [Abstract] | |
Schedule showing list of all subsidiaries | Subsidiaries Date of Date of Place of Date of commencement Percentage of ReneSola Zhejiang Ltd. ZhejiangYuhui Solar Energy Source Co., Ltd. N/A August 7, 2003 People's Republic of China July, 2005 100 % ReneSola America Inc. N/A November 12, 2006 United States of America November, 2006 100 % ReneSola Singapore Pte Ltd. N/A March 28, 2007 Singapore May, 2007 100 % Sichuan ReneSola Silicon Material Co., Ltd. (Sichuan ReneSola) * N/A August 25, 2007 PRC July, 2009 100 % ReneSola Jiangsu Ltd. May 31, 2009 November 8, 2005 PRC May 31, 2009 100 % Zhejiang ReneSola System Integration Ltd. Formerly known as Zhejiang ReneSola Photovoltaic Materials Co., Ltd. N/A April 30, 2010 PRC January, 2011 100 % Sichuan Ruiyu New Materials Technology Co., Ltd. N/A August 24, 2010 PRC July, 2011 100 % Sichuan Ruixin Photovoltaic Materials Co., Ltd. N/A November 23, 2010 PRC N/A* 100 % Sichuan SiLiDe Composite Materials Co., Ltd. N/A July 11, 2011 PRC N/A* 100 % ReneSola Deutschland GmbH N/A September 26, 2011 Germany August, 2012 100 % ReneSola New Energy S.A.R.L N/A March 28, 2012 Luxemburg N/A* 100 % NOVE ECO ENERGY EOOD April 9, 2012 November 4, 2009 Bulgaria August, 2012 100 % MG SOLAR SYSTEMS EOOD April 9, 2012 October 27, 2009 Bulgaria August, 2012 100 % ReneSola Australia PTY LTD N/A July 30, 2012 Australia November, 2012 100 % ReneSola Japan Ltd. N/A July 9, 2012 Japan November, 2012 100 % LUCAS EST S.R.L September 13, 2012 December 17, 2008 Romania January, 2014 100 % ECOSFER ENERGY S.R. L September 26, 2012 November 17, 2011 Romania January, 2014 100 % ReneSola India Private Limited N/A November 22, 2012 India December, 2012 100 % Lucas Est Korea Co., Ltd N/A March 12, 2013 Korea N/A* 100 % Ecosfer Energy Korea Co., Ltd N/A March 12, 2013 Korea N/A* 100 % ReneSola UK Limited N/A April 11, 2013 UK July, 2013 100 % ReneSola Shanghai Ltd N/A May 30, 2013 PRC October, 2013 100 % ReneSola South Africa Proprietary Limited N/A July 6, 2013 South Africa February, 2014 100 % ReneSola Panama Inc. N/A December 28, 2013 Panama March, 2014 100 % ReneSola France SAS N/A February 7, 2014 France July, 2014 100 % ReneSola Italy S.R.L. N/A March 28, 2014 Italy June, 2014 100 % ReneSola Thailand Inc. N/A February 24, 2014 Thailand February, 2015 100 % RENESOLA MEXICO,S,de R.L de C.V. N/A April 10, 2014 Mexico July, 2014 100 % RENESOLA TURKEY GüNES ENERJISI TEKNOLOJI HIZMETLERI VE TICARET L N/A April 22, 2014 Turkey August, 2014 100 % PT. ReneSola Clean Energy N/A May 14, 2014 Indonesia February, 2015 100 % RENESOLA DO BRASIL COMERCIO E REPRENTACAO LTDA N/A May 12, 2014 Brazil December, 2015 100 % RENESOLA ENGINEERING INTERNATIONAL GMBH N/A July 22, 2014 Austria December, 2014 100 % RENESOLA Canada Limited N/A June 23, 2014 Canada December, 2014 100 % ReneSola Investment Management Ltd N/A December 2, 2014 British Virgin Island July, 2015 100 % Renesola Energy, INC. N/A December 22, 2014 United States September, 2015 100 Renesola Power, Inc. ("Renesola Power") N/A July 23, 2015 United States N/A* 100 Renesola UK Rooftop Limited (ReneSola UK Rooftop") N/A August 6, 2015 UK N/A* 100 Baynergy, LLC ("Baynergy") N/A July 8, 2015 United States N/A* 100 *: These companies had not commenced operations as of December 31, 2015. |
SUMMARY OF PRINCIPAL ACCOUNTI34
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES [Abstract] | |
Schedule of property, plant and equipment stated at cost less accumulated depreciation | Buildings 40 50 Plant and machinery 10 25 Motor vehicles 4 5 Office equipment 3 5 Solar power projects 25 |
Summary of company's assets held for sale | At December 31, 2015 Property, plant and equipment, net $ 3,530,744 land use right, net $ 710,134 Total $ 4,240,878 |
Largest prepayments made to individual suppliers [Member] | Suppliers concentration risk [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | At December 31, 2014 2015 Supplier A - $ 6,400,000 Supplier B - $ 1,070,954 Supplier C $ 6,986,882 - |
Advances and prepayments to equipment suppliers [Member] | Suppliers concentration risk [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | At December 31, 2014 2015 Supplier A - $ 71,783 Supplier B - $ 66,689 Supplier C $ 265,932 - Supplier D $ 265,126 - Supplier E $ 258,679 - |
ALLOWANCES FOR DOUBTFUL RECEI35
ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Allowances for accounts receivable [Member] | |
ALLOWANCE [Line Items] | |
Schedule of allowances | At December 31, 2013 2014 2015 Beginning of the year $ 1,821,755 $ 4,869,942 $ 7,638,434 Allowances made during the year 8,354,950 9,526,878 2,516,554 Reversals made during the year (4,895,549 ) (4,090,855 ) (2,943,154 ) Write off (485,807 ) (2,371,420 ) (1,847,631 ) Foreign exchange effect 74,593 (296,111 ) (211,737 ) Closing balance $ 4,869,942 $ 7,638,434 $ 5,152,466 |
Allowances for other receivables [Member] | |
ALLOWANCE [Line Items] | |
Schedule of allowances | At December 31, 2013 2014 2015 Beginning of the year $ 8,695,727 $ 8,904,534 $ 9,130,804 Allowances (reversal) made during the year 203,101 234,898 (226,533 ) Foreign exchange effect 5,706 (8,628 ) (21,712 ) Closing balance $ 8,904,534 $ 9,130,804 $ 8,882,559 |
Allowances for advances for purchases of property, plant and equipment [Member] | |
ALLOWANCE [Line Items] | |
Schedule of allowances | At December 31, 2013 2014 2015 Beginning of the year $ 1,275,355 $ 1,306,139 $ 1,286,046 Allowances (reversal) made during the year (6,640 ) 12,983 769,367 Foreign exchange effect 37,424 (33,076 ) (95,084 ) Closing balance $ 1,306,139 $ 1,286,046 $ 1,960,329 |
Allowances for advances to suppliers [Member] | |
ALLOWANCE [Line Items] | |
Schedule of allowances | At December 31, 2013 2014 2015 Beginning of the year $ 4,424,649 $ 4,442,627 $ 4,459,487 Allowances made during the year 2,629 26,263 1,286 Write-off - - (49 ) Foreign exchange effect 15,349 (9,403 ) (19,263 ) Closing balance $ 4,442,627 $ 4,459,487 $ 4,441,461 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES [Abstract] | |
Schedule of inventories | At December 31, 2014 2015 Raw materials $ 91,045,461 $ 44,208,096 Work-in-process 39,938,219 27,302,298 Finished goods 226,377,489 121,660,725 Total inventories $ 357,361,169 $ 193,171,119 |
PROJECT ASSETS AND DEFERRED P37
PROJECT ASSETS AND DEFERRED PROJECT COSTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PROJECT ASSETS AND DEFERRED PROJECT COSTS [Abstract] | |
Schedule of project assets and deferred project costs | At December 31, 2014 2015 Project assets - Module cost $ 10,919,092 $ 1,923,114 Project assets - Development $ 10,096,329 $ 13,495,278 Project assets - Others $ 16,024,537 $ 4,795,230 Total project assets $ 37,039,958 $ 20,213,622 Current portion $ 37,039,958 $ 20,213,622 Non-current portion $ nil $ nil Total deferred project costs $ nil $ 20,874,446 Current portion $ nil $ nil Noncurrent portion $ nil $ 20,874,446 Total project assets and deferred project costs $ 37,039,958 $ 41,088,068 |
PROPERTY, PLANT AND EQUIPMENT38
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] | |
Schedule of property, plant and equipment. net | At December 31, 2014 2015 Buildings $ 199,178,564 $ 218,144,388 Leasehold improvement 129,294 129,294 Plant and machinery 854,152,473 793,331,294 Motor vehicles 3,132,933 2,442,337 Office equipment 12,830,576 11,893,297 Power stations 43,799,858 36,737,149 1,113,223,698 1,062,677,759 Less: Accumulated depreciation 372,874,618 441,165,827 740,349,080 621,511,932 Construction in progress 9,948,464 8,950,138 Property, plant and equipment, net $ 750,297,544 $ 630,462,070 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Schedule of assets and liabilities measured on the Company's consolidated balance sheet at fair value on a recurring basis subsequent to initial recognition | As of December 31, 2015 Fair Value Measurements at Reporting Date Using Total Fair Value and Quoted Prices Significant Significant Cross currency forward exchange contracts -recorded as derivative assets 56,253 - 56,253 - Cross currency forward exchange contracts -recorded as derivative liabilities (29,519 ) - (29,519 ) - Warrant liability (577,500 ) - (577,500 ) - As of December 31, 2014 Fair Value Measurements at Reporting Date Using Total Fair Quoted Prices Significant Significant Inputs Cross currency forward exchange contracts -recorded as derivative assets 1,688,103 - 1,688,103 - Cross currency forward exchange contracts -recorded as derivative liabilities - - - - Warrant liability (1,890,000 ) - (1,890,000 ) - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Abstract] | |
Schedule of Components of Tax Benefit (Expense) | Years ended December 31, 2013 2014 2015 Income (Loss) before income tax PRC $ (244,731,725 ) $ (2,748,982 ) $ 22,416,826 Other jurisdictions (16,910,484 ) (31,234,691 ) (26,818,332 ) Total (261,642,209 ) (33,983,673 ) (4,401,506 ) Current tax benefit (expense) PRC $ (36,084 ) $ - $ - Other jurisdictions (2,850,524 ) 256,071 (218,556 ) Subtotal (2,886,608 ) 256,071 (218,556 ) Deferred tax benefit (expense) PRC $ 3,119,511 $ (4,595,374 ) $ 97,189 Other jurisdictions 2,489,812 4,689,183 (552,249 ) Subtotal 5,609,323 93,809 (455,060 ) Total income tax benefit (expense) $ 2,722,715 $ 349,880 $ (673,616 ) |
Schedule of Principal Components of Deferred Income Tax Assets and Liabilities | At December 31, 2014 2015 Deferred tax assets: Property, plant and equipment $ 1,066,226 $ 373,994 Inventories provision 583,642 452,362 Tax losses 95,506,037 81,552,073 Contingent liabilities 880,351 843,219 Bad debts provision 3,213,547 1,603,589 Deferred subsidies 4,580,462 4,123,916 Impairment for long-lived assets 49,995,931 43,366,347 Warranty provision 7,861,035 8,925,955 Silicon income 456,563 262,383 Others 1,495,083 1,557,477 Total gross deferred tax assets $ 165,638,877 $ 143,061,315 Valuation allowance on deferred tax assets (145,288,802 ) (126,550,971 ) Net deferred tax assets $ 20,350,075 $ 16,510,344 Analysis as Current $ 11,437,218 $ 5,988,646 Non-current 8,912,857 10,521,698 $ 20,350,075 $ 16,510,344 Deferred tax liabilities: Property, plant and equipment $ 216,326 $ - Prepaid land use right 303,643 283,980 Derivative assets - - Total deferred tax liabilities $ 519,969 $ 283,980 Analysis as: Current $ 69,017 $ - Non-current 450,952 283,980 $ 519,969 $ 283,980 |
Schedule of Reconciliation Between the Applicable Statutory Income Tax Rate and the Company's Effective Tax Rate | Years ended December 31, 2013 2014 2015 PRC applicable income tax rate 25.0 % 25.0 % 25.0 % Effect of Tax holiday - HNTE 3.1 % 11.3 % - Effect of Tax holiday - non-taxable income 0.3 % 0.8 % - Valuation allowance (26.8 )% (36.1 )% (142.3 )% Expiration of tax loss - (14.0 )% - Effect of different tax rate of subsidiaries (0.9 )% 13.5 % 113.9 % Effect of future tax rate change - - 20.9 % Non-deductible expense (1.7 )% (7.3 )% (65.4 )% R&D super deduction 1.4 % 8.4 % 44.3 % Others 0.6 % (0.6 )% (11.7 )% Effective income tax rate 1.0 % 1.0 % (15.3 )% |
Schedule of Aggregate Amount and Per Share Effect of the Tax Holiday | Years ended December 31, 2013 2014 2015 Aggregate $ 8,943,517 $ 4,081,529 $ - Per share effect -basic $ 0.05 $ 0.02 $ - Per share effect-diluted $ 0.05 $ 0.02 $ - |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
BORROWINGS [Abstract] | |
Schedule of bank borrowings | At December 31, 2014 2015 Short-term $ 624,871,434 $ 667,682,811 Long-term, current portion 29,803,934 1,104,735 Subtotal 654,675,368 668,787,546 Long-term 43,451,827 38,776,693 $ 698,127,195 $ 707,564,239 |
Schedule of future principal repayment on the long-term bank loans | 2016 $ 1,156,125 2017 31,644,149 2018 1,189,061 2019 and after 5,892,093 $ 39,881,428 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of Other Current Liabilities | At December 31, 2014 2015 Payable for purchase of property, plant and equipment $ 71,283,739 $ 33,529,239 Other payables 55,339,514 43,709,026 $ 126,623,253 $ 77,238,265 |
WARRANT LIBILITY (Tables)
WARRANT LIBILITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
WARRANT LIBILITY [Abstract] | |
Schedule of Assumptions Used to Estimate Fair Value of Warrants Using the Monte Carlo Simulation | As September16, As December 31, As December 31, 2013 2014 2015 Stock price $ 4.27 $ 1.41 $ 1.70 Exercise price $ 6.04 $ 6.04 $ 6.04 Annual dividend yield - % - % - % Time to maturity 4.0 2.7 1.7 Risk-free interest rate 1.22 % 0.96 % 0.93 % Expected volatility 82.8 % 83.0 % 67.2 % |
Reconciliation of the Beginning and Ending Balances of Warrants Liability Measured at Fair Value on a Recurring Basis Using Level 2 Inputs | As December 31, 2015 Beginning balance $ 1,890,000 Warrants issued - Fair value change of the issued warrants included in earnings (1,312,500 ) Ending balance $ 577,500 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SHARE BASED COMPENSATION [Abstract] | |
Schedule of assumptions used to estimate the fair value of the options | Average risk-free Weighted average Volatility rate Dividend Granted in 2013 0.65 0.80 4.5 175.69 200.98 0 % Granted in 2014 1.63 1.76 4.5 169.77 173.01 0 % Granted in 2015 1.36 1.76 3.2 140.01 146.02 0 % |
Summary of the option activity | Number of Weighted Weighted Aggregate Options Outstanding on January 1, 2015 7,401,800 0.74 2.00 - Granted 1,150,000 0.74 Exercised (843,000 ) 0.74 Forfeited (1,761,800 ) 0.74 Outstanding on December 31, 2015 5,947,000 0.74 2.14 685,055 Vested or expected to vest at December 31, 2015 5,816,671 0.74 1.92 668,917 Exercisable at December 31, 2015 2,898,600 0.74 0.76 333,339 |
Schedule of summary of the RSUs | Number of shares Weighted Average Grant Date Fair RSUs Unvested on January 1, 2015 750,000 2.72 Vested (200,000 ) 2.72 Forfeited (412,500 ) 2.72 Unvested on December 31, 2015 137,500 2.72 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
EARNINGS PER SHARE | |
Schedule of basic and diluted earnings per share | Years ended December 31, 2013 2014 2015 Net income (loss) attributed to holder of ordinary shares $ (258,915,539 ) $ (33,630,021 ) $ (5,075,122 ) Net income (loss) adjusted for dilutive securities (258,915,539 ) (33,630,021 ) (5,075,122 ) Weighted-average number of common shares outstanding-basic 182,167,908 203,550,049 204,085,041 Dilutive effect of non-vested shares - - - Weighted-average number of common shares outstanding-diluted 182,167,908 203,550,049 204,085,041 Basic loss per share $ (1.42 ) $ (0.17 ) $ (0.02 ) Diluted loss per share $ (1.42 ) $ (0.17 ) $ (0.02 ) |
RELATED PARTY BALANCES AND TR46
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract] | |
Schedule of amounts due from related parties comprised of amounts receivable from the sales of goods | At December 31, 2014 2015 Zhejiang Yuhuan (1) $ 169,244 $ 110,952 Jinko and its subsidiaries (2) 283,171 - Total $ 452,415 $ 110,952 |
Schedule of amounts due to related parties comprised of amounts payable to purchase of raw materials and others | At December 31, 2014 2015 Zhejiang Yaohui (4) $ 3,433,772 $ 2,552,385 Jinko and its subsidiaries (2) 135,391 124,229 Champion era enterprises limited (3) 4,000,000 - Jiashan Kaiwo (5) 348 - Total $ 7,569,511 $ 2,676,614 |
Schedule of related party transactions | Years ended December 31, 2013 2014 2015 Sale of goods to Jinko and its subsidiaries (2) 2,884,843 2,898,698 53,538 Purchase of raw materials from Jinko and its subsidiaries (2) 18,344,180 90,409 - Purchase of raw materials from Zhejiang Yaohui (4) 4,955,620 5,759,079 4,581,029 Rental payment to Zhejiang Yuhuan (1) 3,253 3,246 5,236 Rental expense incurred associated with using Zhejiang Yuhuan's premises (1) 70,270 70,107 67,566 Loan from Champion era enterprises limited (3) - 4,000,000 3,000,000 Repayment to Champion era enterprises limited(3) - - 7,000,000 Purchase of raw materials from Jiashan Kaiwo (5) 211,235 - - Mr. Xianshou Li and his family individually or jointly provided guarantees for the Company's short term and long term borrowings totaling RMB 1,872,382,996 301,773,840 2,060,000,000 318,008,380 (1) Zhejiang Yuhuan Solar Energy Source Co., Ltd. (Zhejiang Yuhuan) is controlled by Xianshou Li, Chief Executive Officer. (2) The brothers of Mr. Xianshou Li are the founders and current shareholders of Jinko Solar Co., Ltd. (Jinko and its subsidiaries) (3) Champion era enterprises Ltd. is controlled by Xianshou Li. The annualized interest rate of the loan is 5 six three (4) The brother of HR VP and shareholder (5) Jiashan Kaiwo Trading Co., Ltd. (Jiashan Kaiwo) is controlled by Xianshou Li. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of product warranty activity | At December 31, 2014 2015 Beginning balance $ 20,612,293 $ 31,778,365 Warranty provision 13,076,787 8,815,974 Revision of warranty costs - (3,249,623 ) Warranty expense incurred (1,350,729 ) (18,132 ) Foreign exchange effect (559,986 ) (1,302,638 ) Ending balance $ 31,778,365 $ 36,023,946 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT REPORTING [Abstract] | |
Schedule of the Company's revenues generated from each segment | Year ended December 31, 2013 Wafer Cell and module Solar power projects Other Elimination Total Net sales $ 1,271,561,269 $ 1,299,162,865 $ 11,509,721 $ 6,000,631 $ (1,068,599,614 ) $ 1,519,634,872 Gross profit $ 21,226,834 $ 92,950,381 $ 7,810,693 $ 2,149,511 $ (20,874,452 ) $ 103,262,967 Year ended December 31, 2014 Wafer Cell and module Solar power projects Other Elimination Total Net sales $ 1,416,614,234 $ 1,311,867,301 $ 8,740,222 $ 695,750 $ (1,176,420,479 ) $ 1,561,497,028 Gross profit $ 71,483,745 $ 134,289,199 $ 3,901,264 $ 36,679 $ (427,602 ) $ 209,283,285 Year ended December 31, 2015 Wafer Cell and module Solar power projects Other Elimination Total Net sales $ 1,032,418,596 $ 1,024,331,572 $ 116,289,676 $ 1,044,975 $ (892,053,374 ) $ 1,282,031,446 Gross profit $ 62,884,189 $ 88,563,261 $ 22,007,895 $ 600,087 $ 13,818,412 $ 187,873,844 |
Schedule of the Company's revenues generated from each product | Years ended December 31, 2013 2014 2015 Solar modules $ 1,116,885,469 $ 1,309,008,400 $ 920,271,824 Solar wafers 315,037,453 182,513,034 163,700,069 Solar power project - - 110,737,934 Other materials 51,123,492 40,975,806 61,932,953 Solar cells 23,855,100 12,422,486 8,266,709 Electricity 11,509,721 8,740,222 5,649,282 Service revenue from tolling arrangement 1,223,637 7,837,080 11,472,675 Total $ 1,519,634,872 $ 1,561,497,028 $ 1,282,031,446 |
Schedule of the Company's revenues generated by geographic location of customers | Years ended December 31, 2013 2014 2015 Mainland China $ 417,469,224 $ 227,182,419 $ 264,803,111 Taiwan 85,619,124 43,696,851 34,710,699 Australia 54,762,854 58,621,500 26,445,835 Singapore 8,273,503 10,506,110 23,478,282 Korea 51,907,636 21,120,646 8,765,334 India 59,754,261 51,256,611 135,768,107 Hong Kong 10,228,201 63,899 61,240 Thailand - - 7,767,452 Japan 67,284,375 369,369,451 298,855,541 Asia Pacific Total $ 755,299,178 $ 781,817,487 $ 800,655,601 Germany 155,371,123 147,261,159 53,603,098 Greece 34,028,666 310,076 103,193 Belgium 12,976,650 1,164,431 18,252,371 America 236,934,758 170,717,859 50,176,517 Italy 21,171,093 5,781,328 4,013,709 France 49,441,441 89,635,307 3,529,467 Spain 29,026,431 39,246,414 202,527 Czech Republic 4,484,825 2,628,333 4,861,462 England 73,191,279 224,990,352 242,425,493 Netherlands 16,433,862 3,234,732 4,706,979 South Africa 18,431,560 13,912,446 17,068,687 Others 112,844,006 80,797,104 82,432,342 Total $ 1,519,634,872 $ 1,561,497,028 $ 1,282,031,446 |
ORGANIZATION AND NATURE OF OP49
ORGANIZATION AND NATURE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2015 | |
ReneSola Zhejiang Ltd. formerly known as ZhejiangYuhui Solar Energy Source Co., Ltd. ("ReneSolaZhejiang") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Aug. 7, 2003 |
Place of incorporation | People's Republic of China(“PRC”) |
Date of commencement | Jul. 1, 2005 |
Percentage of ownership | 100.00% |
ReneSola America Inc. ("ReneSola America") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Nov. 12, 2006 |
Place of incorporation | United States of America |
Date of commencement | Nov. 1, 2006 |
Percentage of ownership | 100.00% |
ReneSola Singapore Pte Ltd. ("ReneSola Singapore") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Mar. 28, 2007 |
Place of incorporation | Singapore |
Date of commencement | May 1, 2007 |
Percentage of ownership | 100.00% |
Sichuan ReneSola Silicon Material Co., Ltd. ("Sichuan ReneSola") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Aug. 25, 2007 |
Place of incorporation | PRC |
Date of commencement | Jul. 1, 2009 |
Percentage of ownership | 100.00% |
ReneSola Jiangsu Ltd. ("ReneSola Jiangsu") | |
List of all subsidiaries [Line Items] | |
Date of acquisition | May 31, 2009 |
Date of incorporation | Nov. 8, 2005 |
Place of incorporation | PRC |
Date of commencement | May 31, 2009 |
Percentage of ownership | 100.00% |
Zhejiang ReneSola System Integration Ltd. formerly known as Zhejiang ReneSola Photovoltaic Materials Co., Ltd. ("Zhejiang ReneSolaPV Materials") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Apr. 30, 2010 |
Place of incorporation | PRC |
Date of commencement | Jan. 1, 2011 |
Percentage of ownership | 100.00% |
Sichuan Ruiyu New Materials Technology Co., Ltd. ("Sichuan Ruiyu") [Member] | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Aug. 24, 2010 |
Place of incorporation | PRC |
Date of commencement | Jul. 1, 2011 |
Percentage of ownership | 100.00% |
Sichuan RuixinPhotovoltaic Materials Co., Ltd. ("Sichuan Ruixin") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Nov. 23, 2010 |
Place of incorporation | PRC |
Percentage of ownership | 100.00% |
Sichuan SiLiDe Composite Materials Co., Ltd. ("Sichuan SiLiDe") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jul. 11, 2011 |
Place of incorporation | PRC |
Percentage of ownership | 100.00% |
ReneSola Deutschland GmbH ("ReneSola Germany") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Sep. 26, 2011 |
Place of incorporation | Germany |
Date of commencement | Aug. 1, 2012 |
Percentage of ownership | 100.00% |
ReneSola New Energy S.A.R.L ("ReneSola New Energy") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Mar. 28, 2012 |
Place of incorporation | Luxemburg |
Percentage of ownership | 100.00% |
NOVE ECO ENERGY EOOD ("NOVE") | |
List of all subsidiaries [Line Items] | |
Date of acquisition | Apr. 9, 2012 |
Date of incorporation | Nov. 4, 2009 |
Place of incorporation | Bulgaria |
Date of commencement | Aug. 1, 2012 |
Percentage of ownership | 100.00% |
MG SOLAR SYSTEMS EOOD ("MG") | |
List of all subsidiaries [Line Items] | |
Date of acquisition | Apr. 9, 2012 |
Date of incorporation | Oct. 27, 2009 |
Place of incorporation | Bulgaria |
Date of commencement | Aug. 1, 2012 |
Percentage of ownership | 100.00% |
ReneSola Australia PTY LTD ("ReneSola Australia") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jul. 30, 2012 |
Place of incorporation | Australia |
Date of commencement | Nov. 1, 2012 |
Percentage of ownership | 100.00% |
ReneSola Japan Ltd. ("ReneSola Japan") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jul. 9, 2012 |
Place of incorporation | Japan |
Date of commencement | Nov. 1, 2012 |
Percentage of ownership | 100.00% |
LUCAS EST S.R.L ("LUCAS") | |
List of all subsidiaries [Line Items] | |
Date of acquisition | Sep. 13, 2012 |
Date of incorporation | Dec. 17, 2008 |
Place of incorporation | Romania |
Date of commencement | Jan. 1, 2014 |
Percentage of ownership | 100.00% |
ECOSFER ENERGY S.R.L ("ECOSFER") | |
List of all subsidiaries [Line Items] | |
Date of acquisition | Sep. 26, 2012 |
Date of incorporation | Nov. 17, 2011 |
Place of incorporation | Romania |
Date of commencement | Jan. 1, 2014 |
Percentage of ownership | 100.00% |
ReneSola India Private Limited ("ReneSola India") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Nov. 22, 2012 |
Place of incorporation | India |
Date of commencement | Dec. 1, 2012 |
Percentage of ownership | 100.00% |
Lucas Est Korea Co., Ltd ("Lucas Korea") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Mar. 12, 2013 |
Place of incorporation | Korea |
Percentage of ownership | 100.00% |
Ecosfer Energy Korea Co., Ltd ("Ecosfer Korea") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Mar. 12, 2013 |
Place of incorporation | Korea |
Percentage of ownership | 100.00% |
ReneSola UK Limited ("ReneSola UK") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Apr. 11, 2013 |
Place of incorporation | UK |
Date of commencement | Jul. 1, 2013 |
Percentage of ownership | 100.00% |
ReneSola Shanghai Ltd ("ReneSola Shanghai") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | May 30, 2013 |
Place of incorporation | PRC |
Date of commencement | Oct. 1, 2013 |
Percentage of ownership | 100.00% |
ReneSola South Africa Proprietary Limited ("ReneSola South Africa") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jul. 6, 2013 |
Place of incorporation | South Africa |
Date of commencement | Feb. 1, 2014 |
Percentage of ownership | 100.00% |
ReneSola Panama Inc. ("ReneSola Panama") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Dec. 28, 2013 |
Place of incorporation | Panama |
Date of commencement | Mar. 1, 2014 |
Percentage of ownership | 100.00% |
ReneSola France SAS ("ReneSola France") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Feb. 7, 2014 |
Place of incorporation | France |
Date of commencement | Jul. 1, 2014 |
Percentage of ownership | 100.00% |
ReneSola Italy S.R.L. ("ReneSola Italy") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Mar. 28, 2014 |
Place of incorporation | Italy |
Date of commencement | Jun. 1, 2014 |
Percentage of ownership | 100.00% |
ReneSola (Thailand) Inc. ("ReneSola Thailand") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Feb. 24, 2014 |
Place of incorporation | Thailand |
Date of commencement | Feb. 1, 2015 |
Percentage of ownership | 100.00% |
RENESOLA MEXICO,S,de R.L de C.V. ("ReneSola Mexico") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Apr. 10, 2014 |
Place of incorporation | Mexico |
Date of commencement | Jul. 1, 2014 |
Percentage of ownership | 100.00% |
RENESOLA TURKEY GuNES ENERJISI TEKNOLOJI HIZMETLERI VE TICARET L ("ReneSola Turkey") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Apr. 22, 2014 |
Place of incorporation | Turkey |
Date of commencement | Aug. 1, 2014 |
Percentage of ownership | 100.00% |
PT. ReneSola Clean Energy ("ReneSola Indonesia") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | May 14, 2014 |
Place of incorporation | Indonesia |
Date of commencement | Feb. 1, 2015 |
Percentage of ownership | 100.00% |
RENESOLA DO BRASIL COMERCIO E REPRENTACAO LTDA ("ReneSola Brazil") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | May 12, 2014 |
Place of incorporation | Brazil |
Date of commencement | Dec. 1, 2015 |
Percentage of ownership | 100.00% |
RENESOLA ENGINEERING INTERNATIONAL GMBH ("ReneSola Austria") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jul. 22, 2014 |
Place of incorporation | Austria |
Date of commencement | Dec. 1, 2014 |
Percentage of ownership | 100.00% |
RENESOLA Canada Limited ("ReneSola Canada") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jun. 23, 2014 |
Place of incorporation | Canada |
Date of commencement | Dec. 1, 2014 |
Percentage of ownership | 100.00% |
ReneSola Investment Management Ltd ("ReneSola Investment") | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Dec. 2, 2014 |
Place of incorporation | British Virgin Island |
Date of commencement | Jul. 1, 2015 |
Percentage of ownership | 100.00% |
Renesola Energy, INC. [Member] | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Dec. 22, 2014 |
Place of incorporation | United States |
Date of commencement | Sep. 1, 2015 |
Percentage of ownership | 100.00% |
Renesola Power, Inc. ("Renesola Power") [Member] | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jul. 23, 2015 |
Place of incorporation | United States |
Percentage of ownership | 100.00% |
Renesola UK Rooftop Limited ("Renesola UK Rooftop") [Member] | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Aug. 6, 2015 |
Place of incorporation | UK |
Percentage of ownership | 100.00% |
Baynergy, LLC ("Baynergy") [Member] | |
List of all subsidiaries [Line Items] | |
Date of incorporation | Jul. 8, 2015 |
Place of incorporation | United States |
Percentage of ownership | 100.00% |
SUMMARY OF PRINCIPAL ACCOUNTI50
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Basis of Presentation and Restricted Cash) (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2016USD ($)itemMW | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2012USD ($) | |
Basis of presentation [Line Items] | |||||||
Net loss | $ 5,075,122 | $ 33,633,793 | $ 258,919,494 | ||||
Excess of current liabilities over current assets | 466,111,583 | ||||||
Cash and cash equivalents | 38,045,225 | 99,847,604 | $ 86,772,678 | ¥ 109,951,726 | $ 93,283,283 | ||
Short-term bank borrowings | 667,682,811 | 624,871,434 | |||||
Current portion of long-term debt | 1,104,735 | ||||||
Unused lines of credit | 96,154,884 | 106,884,196 | |||||
Maximum capacity of letters of commitment | $ 759,673,982 | $ 842,670,304 | |||||
Sales agreements executed in connection with the transfer | MW | 13.5 | ||||||
Convertible notes payable balance | $ 26,145,000 | ||||||
Cash used for repurchase of debt | $ 54,376,600 | $ 9,809,860 | |||||
Restricted cash [Abstract] | |||||||
Maximum period that restricted cash is held by banks | 1 year | ||||||
United Kingdom [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Utilities scale projects completed | MW | 57.5 | ||||||
JAPAN [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Utilities scale projects completed | MW | 1.85 | ||||||
Convertible Senior Notes due 2018 [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Redemption price at the option of the holder as a percentage of principal amount together with any accrued but unpaid interest | 100.00% | ||||||
Repurchase of debt | $ 68,454,000 | $ 88,384,000 | |||||
Cash used for repurchase of debt | $ 54,376,600 | $ 57,055,127 | |||||
Convertible Senior Notes due 2018 [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Redemption price at the option of the holder as a percentage of principal amount together with any accrued but unpaid interest | 100.00% | ||||||
Convertible notes payable balance | $ 26,145,000 | ||||||
Subsequent event [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Amount of roll-over in short-term loans | $ 87,700,000 | ||||||
Subsequent event [Member] | United Kingdom [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Utilities scale projects completed | MW | 24.34 | ||||||
Subsequent event [Member] | Forecast [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Amount of roll-over in short-term loans | $ 87,700,000 | ||||||
Unused lines of credit | $ 110,400,000 | ||||||
Number of banks from which non-binding letters of commitment were received | item | 4 | ||||||
Maximum capacity of letters of commitment | $ 426,000,000 | ||||||
Subsequent event [Member] | Forecast [Member] | United Kingdom [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Utilities scale projects which Company has received letters of intent | MW | 20 | ||||||
Subsequent event [Member] | Trade financing [Member] | Forecast [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Unused lines of credit | $ 73,400,000 | ||||||
Maximum capacity of letters of commitment | 126,800,000 | ||||||
Subsequent event [Member] | Short-term bank borrowings [Member] | Forecast [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Maximum capacity of letters of commitment | 299,200,000 | ||||||
Subsequent event [Member] | Convertible Senior Notes due 2018 [Member] | |||||||
Basis of presentation [Line Items] | |||||||
Repurchase of debt | 26,145,000 | ||||||
Cash used for repurchase of debt | $ 25,900,000 |
SUMMARY OF PRINCIPAL ACCOUNTI51
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Project Assets and Investments) (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Project assets [Line Items] | |||
Property, plant and equipment | $ 630,462,070 | $ 750,297,544 | |
Deferred project costs | 20,874,446 | ||
Deferred revenue | 25,378,112 | ||
Investments [Abstract] | |||
Other-than-temporary impairment loss on available-for-sale investment | $ 0 | $ 0 | $ 0 |
Romania [Member] | |||
Project assets [Line Items] | |||
Number of project assets | item | 2 | ||
Property, plant and equipment | $ 27,127,591 |
SUMMARY OF PRINCIPAL ACCOUNTI52
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Advances to Suppliers and Advances for Purchase of Property, Plant and Equipment and Intangible Assets) (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES [Abstract] | ||
Advances to suppliers-current | $ 18,479,686 | $ 27,493,901 |
Non-current advances to suppliers | ||
Prepayments for property, plant and equipment, recorded in non-current assets | $ 381,958 | $ 1,756,051 |
SUMMARY OF PRINCIPAL ACCOUNTI53
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Schedule of Concentration Risk) (Details) - Suppliers concentration risk [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Largest prepayments made to individual suppliers [Member] | Supplier A [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | $ 6,400,000 | |
Largest prepayments made to individual suppliers [Member] | Supplier B [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | $ 1,070,954 | |
Largest prepayments made to individual suppliers [Member] | Supplier C [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | $ 6,986,882 | |
Advances and prepayments to equipment suppliers [Member] | Supplier A [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | $ 71,783 | |
Advances and prepayments to equipment suppliers [Member] | Supplier B [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | $ 66,689 | |
Advances and prepayments to equipment suppliers [Member] | Supplier C [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | $ 265,932 | |
Advances and prepayments to equipment suppliers [Member] | Supplier D [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | 265,126 | |
Advances and prepayments to equipment suppliers [Member] | Supplier E [Member] | ||
Advances to suppliers and advances for purchase of property, plant and equipment [Line Items] | ||
Amount of concentration risk | $ 258,679 |
SUMMARY OF PRINCIPAL ACCOUNTI54
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Schedule of Carrying Amount of Goodwill, included in the Wafer and Module Segment) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | ||
Impairment of goodwill |
SUMMARY OF PRINCIPAL ACCOUNTI55
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Property, Plant and Equipment Stated at Cost Less Accumulated Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings [Member] | Minimum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 40 years |
Buildings [Member] | Maximum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 50 years |
Plant and machinery [Member] | Minimum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 10 years |
Plant and machinery [Member] | Maximum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 25 years |
Motor vehicles [Member] | Minimum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 4 years |
Motor vehicles [Member] | Maximum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 5 years |
Office equipment [Member] | Minimum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 3 years |
Office equipment [Member] | Maximum [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 5 years |
Solar Power Project [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |
Estimated useful lives | 25 years |
SUMMARY OF PRINCIPAL ACCOUNTI56
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Summary of Assets Held for Sale) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets held-for-sale [Line Items] | ||
Assets held-for-sale | $ 4,240,878 | |
Property, plant and equipment, net [Member] | ||
Assets held-for-sale [Line Items] | ||
Assets held-for-sale | 3,530,744 | |
land use right, net [Member] | ||
Assets held-for-sale [Line Items] | ||
Assets held-for-sale | $ 710,134 |
SUMMARY OF PRINCIPAL ACCOUNTI57
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Assets retirement obligation, Prepaid Land Use Right and Impairment of Long-Lived Assets) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets held-for-sale [Abstract] | |||
AROs included in project assets and property, plant and equipment | |||
Prepaid land use right | |||
Period for recognition of intangible assets as an expense, minimum | 40 years | ||
Period for recognition of intangible assets as an expense, maximum | 50 years | ||
Expenses recognized | $ 910,157 | $ 779,703 | $ 1,086,685 |
Impairment of long-lived assets | |||
Impairment charge of long-lived assets | $ 202,756,739 |
SUMMARY OF PRINCIPAL ACCOUNTI58
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Convertible Senior Notes, Revenue Recognition, Deferred Project Revenue, Cost of Revenues, Warranty Costs and Government Grants) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred convertible bond/notes issuance costs | |||
Amortization of deferred convertible notes issuance costs and premium | $ 764,527 | $ 933,152 | $ 784,456 |
Revenue recognition [Line Items] | |||
Sales of project assets | 1,270,558,771 | $ 1,552,893,052 | 1,518,411,235 |
Deferred project revenue | |||
Deferred project revenue | 32,376,386 | ||
Cost of revenues | |||
Shipping and handling costs | $ 34,734,098 | $ 55,474,721 | 36,678,733 |
Warranty expenses | |||
Period of warranties for solar modules against specified declines in the initial minimum power generation capacity at the time of delivery | 25 years | ||
Minimum period of warranties for solar modules against defects in materials and workmanship | 5 years | ||
Maximum period of warranties for solar modules against defects in materials and workmanship | 10 years | ||
Warranty accrual rate as a percentage of PV module revenues | 1.00% | ||
Product warranty expense | $ 3,249,623 | ||
Government grants | |||
Government grants recorded in other operating income | $ 3,815,650 | 4,618,498 | 4,297,693 |
Government grants received, related to property, plant and equipment and land use right | 12,037,938 | 16,819,424 | |
Deferred government grants | $ 23,241,899 | 25,347,152 | |
Amortization of government grant received, related to property, plant and equipment | $ 829,668 | 1,455,103 | $ 988,312 |
Deferred grants related to property, plant and equipment | $ 27,843,170 | ||
Solar power projects [Member] | |||
Revenue recognition [Line Items] | |||
Sales of project assets | $ 110,737,934 |
SUMMARY OF PRINCIPAL ACCOUNTI59
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Foreign Currency and Derivative Financial Instruments) (Narrative) (Details) | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2012USD ($) | |
Foreign currency [Line Items] | ||||||
Cash and cash equivalents | $ 38,045,225 | $ 99,847,604 | $ 86,772,678 | ¥ 109,951,726 | $ 93,283,283 | |
Cash and cash equivalents, functional currency equivalent of foreign currency denominated amount | 5,342,001 | 17,721,030 | ||||
Restricted cash | 140,337,531 | 121,862,127 | ¥ 560,065,172 | ¥ 601,482,914 | ||
Restricted cash, functional currency equivalent of foreign currency denominated amount | 86,458,941 | 96,941,603 | ||||
Derivative financial instruments | ||||||
Net (gains) losses on derivative instruments from foreign currency forward exchange contracts | 6,030,915 | $ (6,057,941) | $ (633,964) | |||
Foreign exchange contracts [Member] | Non-designated [Member] | ||||||
Foreign currency [Line Items] | ||||||
Notional amount of outstanding foreign currency forward exchange contracts | $ 22,883,760 | |||||
RMB [Member] | ||||||
Foreign currency [Line Items] | ||||||
Cash and cash equivalents | ¥ | ¥ 34,604,501 |
SUMMARY OF PRINCIPAL ACCOUNTI60
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Earnings (Loss) Per Share and Treasury Stock) (Narrative) (Details) - USD ($) | Sep. 23, 2015 | Dec. 31, 2015 |
Treasury Stock | ||
Treasury Stock, Shares, Retired | 1,614,776 | |
Number of ordinary shares in each ADS | 2 | |
Total cash consideration of shares repurchased | ||
Treasury stock [Member] | ||
Treasury Stock | ||
Total cash consideration of shares repurchased | $ 812,184 | |
American Depository Shares (ADS) [Member] | ||
Treasury Stock | ||
Maximum amount authorized to repurchase ADS | $ 20,000,000 | |
Shares repurchased | 807,388 |
DISPOSITION (Details)
DISPOSITION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disposition [Line Items] | |||
Gain on disposal of subsidiaries | $ 8,253,229 | ||
Zhejiang Ruixu [Member] | |||
Disposition [Line Items] | |||
Gain on disposal of subsidiaries | 3,358,127 | ||
Jiashan Xinlian [Member] | |||
Disposition [Line Items] | |||
Gain on disposal of subsidiaries | $ 4,895,102 |
ALLOWANCES FOR DOUBTFUL RECEI62
ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES [Abstract] | |||
Allowance of doubtful receivables, advance to suppliers and prepayment for purchases of property, plant and equipment | $ 117,520 | $ 5,710,167 | $ 3,658,491 |
ALLOWANCES FOR DOUBTFUL RECEI63
ALLOWANCES FOR DOUBTFUL RECEIVABLES AND ADVANCES (Schedule of Allowances) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowances for accounts receivable [Member] | |||
Movement of allowances | |||
Beginning of the year | $ 7,638,434 | $ 4,869,942 | $ 1,821,755 |
Allowances made during the year | 2,516,554 | 9,526,878 | 8,354,950 |
Reversals made during the year | (2,943,154) | (4,090,855) | (4,895,549) |
Write off | (1,847,631) | (2,371,420) | (485,807) |
Foreign exchange effect | (211,737) | (296,111) | 74,593 |
Closing balance | 5,152,466 | 7,638,434 | 4,869,942 |
Allowances for other receivables [Member] | |||
Movement of allowances | |||
Beginning of the year | 9,130,804 | 8,904,534 | 8,695,727 |
Allowances(reversal) made during the year | (226,533) | 234,898 | 203,101 |
Foreign exchange effect | (21,712) | (8,628) | 5,706 |
Closing balance | 8,882,559 | 9,130,804 | 8,904,534 |
Allowances for advances for purchases of property, plant and equipment [Member] | |||
Movement of allowances | |||
Beginning of the year | 1,286,046 | 1,306,139 | 1,275,355 |
Allowances(reversal) made during the year | 769,367 | 12,983 | (6,640) |
Foreign exchange effect | (95,084) | (33,076) | 37,424 |
Closing balance | 1,960,329 | 1,286,046 | 1,306,139 |
Allowances for advances to suppliers [Member] | |||
Movement of allowances | |||
Beginning of the year | 4,459,487 | 4,442,627 | 4,424,649 |
Allowances(reversal) made during the year | 1,286 | $ 26,263 | $ 2,629 |
Write off | (49) | ||
Foreign exchange effect | (19,263) | $ (9,403) | $ 15,349 |
Closing balance | $ 4,441,461 | $ 4,459,487 | $ 4,442,627 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventories) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
INVENTORIES [Abstract] | ||
Raw materials | $ 44,208,096 | $ 91,045,461 |
Work-in-process | 27,302,298 | 39,938,219 |
Finished goods | 121,660,725 | 226,377,489 |
Total inventories | $ 193,171,119 | $ 357,361,169 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INVENTORIES [Abstract] | |||
Inventory write-down | $ 619,858 | $ 808,031 | $ 740,087 |
PROJECT ASSETS AND DEFERRED P66
PROJECT ASSETS AND DEFERRED PROJECT COSTS (Schedule of Project Assets and Deferred Project Costs) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
PROJECT ASSETS AND DEFERRED PROJECT COSTS [Abstract] | ||
Project assets - Module cost | $ 1,923,114 | $ 10,919,092 |
Project assets - Development | 13,495,278 | 10,096,329 |
Project assets - Others | 4,795,230 | 16,024,537 |
Total project assets | 20,213,622 | 37,039,958 |
Current portion | $ 20,213,622 | $ 37,039,958 |
Noncurrent portion | ||
Total deferred project costs | $ 20,874,446 | |
Current portion | ||
Noncurrent portion | $ 20,874,446 | |
Total project assets and deferred project costs | $ 41,088,068 | $ 37,039,958 |
PROPERTY, PLANT AND EQUIPMENT67
PROPERTY, PLANT AND EQUIPMENT, NET (Schedule of Property, Plant and Equipment Net) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, gross | $ 1,062,677,759 | $ 1,113,223,698 |
Less: Accumulated depreciation | 441,165,827 | 372,874,618 |
Property, plant and equipment, net before construction in progress | 621,511,932 | 740,349,080 |
Property, plant and equipment, net | 630,462,070 | 750,297,544 |
Buildings [Member] | ||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, gross | 218,144,388 | 199,178,564 |
Leasehold improvement [Member] | ||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, gross | 129,294 | 129,294 |
Plant and machinery [Member] | ||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, gross | 793,331,294 | 854,152,473 |
Motor vehicles [Member] | ||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, gross | 2,442,337 | 3,132,933 |
Office equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, gross | 11,893,297 | 12,830,576 |
Construction in progress [Member] | ||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, net | 8,950,138 | 9,948,464 |
Power stations [Member] | ||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | ||
Property, plant and equipment, gross | $ 36,737,149 | $ 43,799,858 |
PROPERTY, PLANT AND EQUIPMENT68
PROPERTY, PLANT AND EQUIPMENT, NET (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |||
Property, plant and equipment, net | $ 630,462,070 | $ 750,297,544 | |
Depreciation expense | $ 90,112,980 | $ 90,223,634 | $ 112,894,150 |
Impairment of long-lived assets for the period | $ 202,756,739 | ||
Power station built for generating electricity business, portion included in Buildings, Plant and machinery [Member] | |||
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items] | |||
Property, plant and equipment, net | $ 36,700,000 | $ 43,800,000 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities Measured on the Company's Consolidated Balance Sheet at Fair Value on a Recurring Basis Subsequent to Initial Recognition) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
FAIR VALUE MEASUREMENTS [Line Items] | ||
Warrant liability | $ (577,500) | $ (1,890,000) |
Recurring basis [Member] | Cross currency forward exchange contracts [Member] | ||
FAIR VALUE MEASUREMENTS [Line Items] | ||
Derivative assets | $ 1,688,103 | |
Recurring basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cross currency forward exchange contracts [Member] | ||
FAIR VALUE MEASUREMENTS [Line Items] | ||
Derivative assets | ||
Derivative liabilities | ||
Warrant liability | ||
Recurring basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
FAIR VALUE MEASUREMENTS [Line Items] | ||
Warrant liability | $ (577,500) | $ (1,890,000) |
Recurring basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cross currency forward exchange contracts [Member] | ||
FAIR VALUE MEASUREMENTS [Line Items] | ||
Derivative assets | 56,253 | |
Derivative liabilities | (29,519) | |
Warrant liability | $ (577,500) | $ (1,890,000) |
Recurring basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cross currency forward exchange contracts [Member] | ||
FAIR VALUE MEASUREMENTS [Line Items] | ||
Derivative assets | ||
Derivative liabilities | ||
Warrant liability | ||
Recurring basis [Member] | Total Fair Value and Carrying Value on the Balance Sheet [Member] | Cross currency forward exchange contracts [Member] | ||
FAIR VALUE MEASUREMENTS [Line Items] | ||
Derivative assets | $ 56,253 | $ 1,688,103 |
Derivative liabilities | (29,519) | |
Warrant liability | $ (577,500) | $ (1,890,000) |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
FAIR VALUE MEASUREMENTS [Abstract] | ||
Outstanding convertible notes | $ 26,100,000 | $ 94,600,000 |
Estimated fair value of convertible notes | 24,800,000 | 56,000,000 |
Long-term bank borrowings (including the current portions) | 39,881,428 | 73,300,000 |
Fair value of long-term borrowings (including the current portions) | $ 38,600,000 | $ 71,800,000 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CNY (¥) | |
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | 25.00% | 25.00% | |
Period of statute of limitations | 3 years | |||
Extended period of statute of limitations | 5 years | |||
Period of statute of limitations in case of transfer pricing adjustment | 10 years | |||
Deferred taxes recorded on undistributed earnings | $ 0 | |||
Temporary difference for which no deferred tax liability recognized | 34,500,000 | $ 25,900,000 | ||
Reversal or addition of unrecognized tax benefits | 0 | 0 | $ 0 | |
Interests and penalties related to uncertain tax positions | 0 | $ 0 | $ 0 | |
Minimum [Member] | ||||
INCOME TAXES | ||||
Amount of underpayment of tax considered for applicability of extended period of statute of limitations Period | $ 15,917 | ¥ 100,000 | ||
PRC [Member] | ||||
INCOME TAXES | ||||
Percentage of super deduction for research and development in addition to actual expenses deduction | 50.00% | |||
Net operating loss carryforwards | $ 291,025,232 | |||
PRC [Member] | 2016 [Member] | ||||
INCOME TAXES | ||||
Net operating loss carryforwards | 19,482,786 | |||
PRC [Member] | 2017 [Member] | ||||
INCOME TAXES | ||||
Net operating loss carryforwards | 151,854,153 | |||
PRC [Member] | 2018 [Member] | ||||
INCOME TAXES | ||||
Net operating loss carryforwards | 54,176,042 | |||
PRC [Member] | 2019 [Member] | ||||
INCOME TAXES | ||||
Net operating loss carryforwards | 64,368,732 | |||
PRC [Member] | 2020 [Member] | ||||
INCOME TAXES | ||||
Net operating loss carryforwards | $ 1,143,519 | |||
Overseas [Member] | Minimum [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 10.00% | |||
Overseas [Member] | Maximum [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 40.00% | |||
US [Member] | 2032 to 2035 [Member] | ||||
INCOME TAXES | ||||
Net operating loss carryforwards | $ 15,048,673 | |||
ReneSola Jiangsu [Member] | ||||
INCOME TAXES | ||||
Reduced income tax rate for high-new-technology (as a percent) | 15.00% | |||
Period for applicability of reduced income tax rate for high-new-technology enterprises | 3 years | |||
Sichuan ReneSola [Member] | ||||
INCOME TAXES | ||||
Reduced income tax rate for high-new-technology (as a percent) | 15.00% | |||
Period for applicability of reduced income tax rate for high-new-technology enterprises | 3 years | |||
ReneSola Zhejiang [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Reduced income tax rate for high-new-technology (as a percent) | 15.00% | |||
Period for applicability of reduced income tax rate for high-new-technology enterprises | 3 years | |||
Zhejiang ReneSola PV Materials [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Sichuan Ruiyu [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Sichuan Ruixin [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Energy-Saving Technology [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Sichuan SiLiDe [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Beijing Xuyuan [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Zhejiang Academe [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Rene Sola Kexu [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Rene Sola Bangsheng [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
Rene Sola Fuyun [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% | |||
ReneSola Zhejiang Solar New Energy Academe ("Zhejiang Academe") | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 20.00% | |||
ReneSola Germany [Member] | ||||
INCOME TAXES | ||||
Net operating loss carryforwards | $ 13,114,206 | |||
Renesola Shanghai Ltd [Member] | ||||
INCOME TAXES | ||||
Statutory income tax rate in PRC (as a percent) | 25.00% |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Tax Benefit (Expense) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) before income tax | |||
PRC | $ 22,416,826 | $ (2,748,982) | $ (244,731,725) |
Other jurisdictions | (26,818,332) | (31,234,691) | (16,910,484) |
Loss before income tax, non-controlling interests | (4,401,506) | $ (33,983,673) | (261,642,209) |
Current tax benefit (expense) | |||
PRC | (36,084) | ||
Other jurisdictions | (218,556) | $ 256,071 | (2,850,524) |
Subtotal | (218,556) | 256,071 | (2,886,608) |
Deferred tax benefit (expense) | |||
PRC | 97,189 | (4,595,374) | 3,119,511 |
Other jurisdictions | (552,249) | 4,689,183 | 2,489,812 |
Subtotal | (455,060) | 93,809 | 5,609,323 |
Total income tax benefit (expense) | $ (673,616) | $ 349,880 | $ 2,722,715 |
INCOME TAXES (Schedule of Princ
INCOME TAXES (Schedule of Principal Components of Deferred Income Tax Assets and Liabilities) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Property, plant and equipment | $ 373,994 | $ 1,066,226 |
Inventories provision | 452,362 | 583,642 |
Tax losses | 81,552,073 | 95,506,037 |
Contingent liabilities | 843,219 | 880,351 |
Bad debts provision | 1,603,589 | 3,213,547 |
Deferred subsidies | 4,123,916 | 4,580,462 |
Impairment for long-lived assets | 43,366,347 | 49,995,931 |
Warranty provision | 8,925,955 | 7,861,035 |
Silicon income | 262,383 | 456,563 |
Others | 1,557,477 | 1,495,083 |
Total gross deferred tax assets | 143,061,315 | 165,638,877 |
Valuation allowance on deferred tax assets | (126,550,971) | (145,288,802) |
Net deferred tax assets | 16,510,344 | 20,350,075 |
Analysis as | ||
Current | 5,988,646 | 11,437,218 |
Non-current | 10,521,698 | 8,912,857 |
Net deferred tax assets | 16,510,344 | 20,350,075 |
Deferred tax liabilities: | ||
Property, plant and equipment | 216,326 | |
Prepaid land use right | 283,980 | $ 303,643 |
Derivative assets | ||
Total deferred tax liabilities | 283,980 | $ 519,969 |
Analysis as: | ||
Current | 69,017 | |
Non-current | 283,980 | 450,952 |
Total deferred tax liabilities | $ 283,980 | $ 519,969 |
INCOME TAXES (Schedule of Recon
INCOME TAXES (Schedule of Reconciliation Between the Applicable Statutory Income Tax Rate and the Company's Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation between the applicable statutory income tax rate and the Company's effective tax rate | |||
PRC applicable income tax rate (as a percent) | 25.00% | 25.00% | 25.00% |
Effect of Tax holiday - HNTE (as a percent) | 11.30% | 3.10% | |
Effect of Tax holiday - non-taxable income (as a percent) | 0.80% | 0.30% | |
Valuation allowance (as a percent) | (142.30%) | (36.10%) | (26.80%) |
Expiration of tax loss (as a percent) | (14.00%) | ||
Effect of different tax rate of subsidiaries (as a percent) | 113.90% | 13.50% | (0.90%) |
Effect of future tax rate change (as a percent) | 20.90% | ||
Non-deductible expense (as a percent) | (65.40%) | (7.30%) | (1.70%) |
R&D super deduction (as a percent) | 44.30% | 8.40% | 1.40% |
Others (as a percent) | (11.70%) | (0.60%) | 0.60% |
Effective income tax rate (as a percent) | (15.30%) | 1.00% | 1.00% |
INCOME TAXES (Schedule of Aggre
INCOME TAXES (Schedule of Aggregate Amount and Per Share Effect of the Tax Holiday) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Aggregate amount and per share effect of the Tax Holiday | |||
Aggregate | $ 4,081,529 | $ 8,943,517 | |
Per share effect -basic (in dollar per share) | $ 0.02 | $ 0.05 | |
Per share effect-diluted (in dollar per share) | $ 0.02 | $ 0.05 |
BORROWINGS (Schedule of Bank Bo
BORROWINGS (Schedule of Bank Borrowings) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
BORROWINGS [Abstract] | ||
Short-term | $ 667,682,811 | $ 624,871,434 |
Long-term, current portion | 1,104,735 | 29,803,934 |
Subtotal | 668,787,546 | 654,675,368 |
Long-term | 38,776,693 | 43,451,827 |
Total | $ 707,564,239 | $ 698,127,195 |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
BORROWINGS [Line Items] | |||
Maximum bank credit facilities | $ 759,673,982 | $ 842,670,304 | |
Available bank credit facilities | 96,154,884 | 106,884,196 | |
Short-term | 667,682,811 | 624,871,434 | |
Secured borrowings | 39,881,428 | 73,300,000 | |
Carrying amount of property plant and equipment secured for borrowing | 511,097,611 | 617,467,925 | |
Carrying amount of prepaid land use right secured for borrowing | 34,555,805 | 33,466,942 | |
Carrying amount of accounts receivable secured for borrowing | $ 12,948,070 | ||
Carrying amount of investment secured for borrowing | $ 188,471,367 | ||
Short-term | |||
Weighted average interest rate (as a percent) | 5.65% | 5.75% | 5.46% |
Interest expense | |||
Interest expense incurred | $ 43,417,785 | $ 49,261,829 | $ 53,333,912 |
Interest expense capitalized | 246,027 | $ 1,225,421 | |
ReneSola Zhejiang [Member] | |||
Short-term | |||
Short-term borrowings associating financial covenant related to asset-liability ratio and current ratio | $ 397,968,894 | ||
ReneSola Jiangsu [Member] | |||
Short-term | |||
Short-term borrowings associating financial covenant related to asset-liability ratio and current ratio | 10,220,651 | ||
MG SOLAR SYSTEMS EOOD [Member] | |||
Long-term | |||
long-term borrowings associating financial covenant related to asset-liability ratio and current ratio | 4,385,890 | ||
NOVE ECO ENERGY EOOD [Member] | |||
Long-term | |||
long-term borrowings associating financial covenant related to asset-liability ratio and current ratio | 4,908,268 | ||
Zhejiang ReneSola PV Materials [Member] | |||
Short-term | |||
Short-term borrowings associating financial covenant related to asset-liability ratio and current ratio | 4,554,004 | ||
Sichuan Ruiyu [Member] | |||
Short-term | |||
Short-term borrowings associating financial covenant related to asset-liability ratio and current ratio | 3,087,460 | ||
Mr. Xianshou Li and his family [Member] | |||
BORROWINGS [Line Items] | |||
Guarantees provided by related party for debt | 318,008,380 | 301,773,840 | |
Credit facilities [Member] | |||
BORROWINGS [Line Items] | |||
Secured borrowings | $ 663,519,098 | $ 735,786,108 | |
Long-term [Member] | |||
BORROWINGS [Line Items] | |||
Interest rate reset period | 1 year | ||
Long-term | |||
Weighted average interest rate (as a percent) | 6.58% | 6.91% | 6.82% |
Secured debt [Member] | |||
BORROWINGS [Line Items] | |||
Short-term | $ 307,558,955 | $ 353,549,434 | |
Secured borrowings | $ 9,294,218 | $ 10,532,710 |
BORROWINGS (Schedule of Future
BORROWINGS (Schedule of Future Principal Repayment on the Long-Term Bank Loans) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Future principal repayment on the long-term bank loans | ||
2,016 | $ 1,156,125 | |
2,017 | 31,644,149 | |
2,018 | 1,189,061 | |
2019 and after | 5,892,093 | |
Total | $ 39,881,428 | $ 73,300,000 |
OTHER CURRENT LIABILITIES (Sche
OTHER CURRENT LIABILITIES (Schedule of Other Current Liabilities) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
OTHER CURRENT LIABILITIES [Abstract] | ||
Payable for purchase of property, plant and equipment | $ 33,529,239 | $ 71,283,739 |
Other payables | 43,709,026 | 55,339,514 |
Other current liabilities | $ 77,238,265 | $ 126,623,253 |
CONVERTIBLE SENIOR NOTES (Detai
CONVERTIBLE SENIOR NOTES (Details) | Apr. 07, 2011USD ($) | Dec. 31, 2015USD ($)item$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | Mar. 15, 2011USD ($) |
CONVERTIBLE SENIOR NOTES [Line Items] | ||||||
Cash used for repurchase of debt | $ 54,376,600 | $ 9,809,860 | ||||
Net gain repurchase of debt | $ 13,693,269 | 7,048,188 | ||||
Carrying value | 94,599,000 | |||||
Amortization of deferred convertible notes issuance costs and premium | $ 764,527 | 933,152 | $ 784,456 | |||
Convertible Senior Notes due 2018 [Member] | ||||||
CONVERTIBLE SENIOR NOTES [Line Items] | ||||||
Debt issued | $ 175,000,000 | |||||
Interest rate (as a percent) | 4.125% | |||||
Redemption price as a percentage of principal amount at maturity together with any accrued but unpaid interest | 100.00% | |||||
Redemption price at the option of the holder as a percentage of principal amount together with any accrued but unpaid interest | 100.00% | |||||
Amount of beneficial conversion feature recognized for issuance of Convertible Bonds | $ 0 | |||||
Repurchase of debt | 68,454,000 | $ 88,384,000 | ||||
Cash used for repurchase of debt | 54,376,600 | 57,055,127 | ||||
Net gain repurchase of debt | 13,693,269 | 28,349,939 | ||||
Carrying value | 26,145,000 | 94,599,000 | ||||
Maximum aggregate principal amount pertaining to exercise of over-allotment of debt by initial purchasers | $ 25,000,000 | |||||
Deferred issuance cost expensed | 384,131 | 2,978,934 | ||||
Refund of portion of premium paid due to repurchase of debt | 861,280 | |||||
Debt issuance cost paid | $ 7,156,101 | |||||
Amortization of deferred convertible notes issuance costs and premium | $ 764,527 | $ 933,152 | $ 784,456 | |||
Convertible Senior Notes due 2018 [Member] | American Depository Shares (ADS) [Member] | ||||||
CONVERTIBLE SENIOR NOTES [Line Items] | ||||||
Conversion price of debts (in pound sterling per share/in dollars per ADS) | $ / shares | $ 10.5473 | |||||
Number of shares to be allotted and issued on full conversion of debts (in shares/ADS) | item | 2,478,833 | |||||
Cap price (in dollars per ADS) | $ / shares | $ 15.0675 | |||||
Premium of preliminary option | $ 21,504,779 | |||||
Premium of over-allotment option | $ 3,197,500 |
WARRANT LIBILITY (Narrative) (D
WARRANT LIBILITY (Narrative) (Details) | Sep. 16, 2013USD ($)item$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
WARRANT LIBILITIES [Line Items] | ||||
Warrant liability recognized | $ 577,500 | $ 1,890,000 | ||
Gain from the change in fair value of the warrant liability | (1,312,500) | (7,455,000) | $ (3,202,500) | |
Warrant [Member] | ||||
WARRANT LIBILITIES [Line Items] | ||||
Number of shares that can be purchased on exercise of warrants | shares | 10,500,000 | |||
Number of shares that can be purchased on exercise of warrants as a percentage of shares issued in public offering | 35.00% | |||
Number of ordinary shares per ADS | 6.04 | |||
Aggregate American Depository Shares (ADS) | shares | 5,250,000 | |||
Exercise price (in dollars per share) | $ / shares | $ 3.02 | |||
Number of ways to settlement | item | 3 | |||
Warrant liability recognized | $ 12,547,500 | |||
Gain from the change in fair value of the warrant liability | $ 1,312,500 | $ 7,455,000 | $ 3,202,500 |
WARRANT LIBILITY (Schedule of A
WARRANT LIBILITY (Schedule of Assumptions Used to Estimate Fair Value of Warrants Using the Monte Carlo Simulation) (Details) - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 16, 2013 | |
Assumptions to estimate the fair value of warrants | ||||
Stock price (in dollars per share) | $ 1.70 | $ 1.41 | $ 4.27 | |
Exercise price (in dollars per share) | $ 6.04 | $ 6.04 | $ 6.04 | |
Annual dividend yield (as a percent) | ||||
Time to maturity | 4 years | 1 year 8 months 12 days | 2 years 8 months 12 days | |
Risk-free interest rate (as a percent) | 1.22% | 0.93% | 96.00% | |
Expected volatility (as a percent) | 82.80% | 67.20% | 83.00% |
WARRANT LIBILITY (Schedule of R
WARRANT LIBILITY (Schedule of Reconciliation of the Beginning and Ending Balances of Warrants Liability Measured at Fair Value on a Recurring Basis Using Level 2 Inputs) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs [Roll Forward] | |||
Beginning balance | $ 1,890,000 | ||
Fair value change of the issued warrants included in earnings | (1,312,500) | $ (7,455,000) | $ (3,202,500) |
Ending balance | 577,500 | 1,890,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs [Roll Forward] | |||
Beginning balance | $ 1,890,000 | ||
Warrants issued | |||
Fair value change of the issued warrants included in earnings | $ (1,312,500) | ||
Ending balance | $ 577,500 | $ 1,890,000 |
SHARE BASED COMPENSATION (Narra
SHARE BASED COMPENSATION (Narrative) (Details) - USD ($) | Aug. 08, 2012 | May. 31, 2014 | Nov. 30, 2006 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Stock Option [Member] | |||||||
Additional disclosures [Abstract] | |||||||
Compensation cost | $ 1,204,494 | $ 2,104,126 | $ 1,626,560 | ||||
Granted (in shares) | 1,150,000 | 2,590,000 | 800,000 | ||||
Granted (in dollars per share) | $ 0.74 | $ 0.74 | |||||
Options modification [Abstract] | |||||||
Incremental compensation cost | $ 774,932 | ||||||
Incremental compensation costs | $ 444,373 | ||||||
Unrecognized incremental compensation costs | $ 330,559 | ||||||
Additional disclosures [Abstract] | |||||||
Weighted average fair value of options granted (in dollars per share) | $ 0.72 | $ 1.67 | $ 0.81 | ||||
Total intrinsic value of options exercised (in dollars) | $ 644,895 | $ 306,534 | $ 544,888 | ||||
Unrecognized compensation expense related to unvested share-based compensation arrangements | $ 2,108,580 | ||||||
Period for recognition of unrecognized compensation costs | 3 years 5 months 12 days | ||||||
Employee Stock Option [Member] | Minimum [Member] | |||||||
Additional disclosures [Abstract] | |||||||
Granted (in dollars per share) | $ 0.74 | ||||||
Employee Stock Option [Member] | Maximum [Member] | |||||||
Additional disclosures [Abstract] | |||||||
Granted (in dollars per share) | $ 0.90 | ||||||
Restricted Stock [Member] | |||||||
SHARE BASED COMPENSATION [Line Items] | |||||||
Fair value of shares based on market price (in dollars per share) | $ 4.47 | ||||||
Restricted Share Units [Member] | |||||||
Additional disclosures [Abstract] | |||||||
Unrecognized compensation expense related to unvested share-based compensation arrangements | |||||||
Number of shares | |||||||
Outstanding at the beginning of the period (in shares) | 750,000 | ||||||
Outstanding at the end of the period (in shares) | 137,500 | 750,000 | |||||
Vested (in shares) | (200,000) | ||||||
Weighted Average Grant-Date Fair value | |||||||
Outstanding at the beginning of the period (in dollars per share) | $ 2.72 | ||||||
Outstanding at the end of the period (in dollars per share) | 2.72 | $ 2.72 | |||||
Vested (in dollars per share) | $ 2.72 | ||||||
2007 Share Incentive Plan [Member] | |||||||
Additional disclosures [Abstract] | |||||||
Number of authorized shares | 7,500,000 | ||||||
Expiration term | 6 years | ||||||
2007 Share Incentive Plan [Member] | Restricted Share Units [Member] | |||||||
Additional disclosures [Abstract] | |||||||
Compensation cost | $ 323,000 | $ 136,000 | |||||
Number of authorized shares | 750,000 | ||||||
Weighted Average Grant-Date Fair value | |||||||
Vesting period | 5 years | ||||||
2007 Share Incentive Plan [Member] | Restricted Share Units [Member] | Tranche One [Member] | |||||||
Weighted Average Grant-Date Fair value | |||||||
Percentage of awards that will vest annually | 20.00% | ||||||
Mr. Li [Member] | ReneSola America [Member] | |||||||
SHARE BASED COMPENSATION [Line Items] | |||||||
Number of shares agreed to be granted each year | 40,000 | ||||||
Period for which shares agreed to be granted | 5 years | ||||||
Mr. Huang [Member] | ReneSola America [Member] | |||||||
SHARE BASED COMPENSATION [Line Items] | |||||||
Number of shares agreed to be granted each year | 20,000 | ||||||
Period for which shares agreed to be granted | 3 years |
SHARE BASED COMPENSATION (Sched
SHARE BASED COMPENSATION (Schedule of Assumptions Used to Estimate the Fair Value of the Options) (Details) - Options [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assumptions used to estimate fair value of the options [Abstract] | |||
Average risk-free rate of return, minimum (as a percent) | 1.36% | 1.63% | 0.65% |
Average risk-free rate of return, maximum (as a percent) | 1.76% | 1.76% | 0.80% |
Weighted average expected option life | 3 years 2 months 12 days | 4 years 6 months | 4 years 6 months |
Volatility rate, minimum (as a percent) | 140.01% | 169.77% | 175.69% |
Volatility rate, maximum (as a percent) | 146.02% | 173.01% | 200.98% |
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
SHARE BASED COMPENSATION (Summa
SHARE BASED COMPENSATION (Summary of the Option Activity) (Details) - Options [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Options [Roll Forward] | |||
Options outstanding at the beginning of the period (in shares) | 7,401,800 | ||
Granted (in shares) | 1,150,000 | 2,590,000 | 800,000 |
Exercised (in shares) | (843,000) | ||
Forfeited (in shares) | (1,761,800) | ||
Options outstanding at the end of the period (in shares) | 5,947,000 | 7,401,800 | |
Vested or expected to vest at the end of the period (in shares) | 5,816,671 | ||
Exercisable at the end of the period (in shares) | 2,898,600 | ||
Weighted Average Exercise Prices [Abstract] | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 0.74 | ||
Granted (in dollars per share) | 0.74 | $ 0.74 | |
Exercised (in dollars per share) | 0.74 | ||
Forfeited (in dollars per share) | 0.74 | ||
Options outstanding at the end of the period (in dollars per share) | 0.74 | $ 0.74 | |
Vested or expected to vest at the end of the period (in dollars per share) | 0.74 | ||
Exercised at the end of the period (in dollars per share) | $ 0.74 | ||
Weighted Average Remaining Contractual Life [Abstract] | |||
Outstanding at the beginning of the period | 2 years 1 month 20 days | 2 years | |
Outstanding at the end of the period | 2 years 1 month 20 days | 2 years | |
Vested or expected to vest at the end of the period | 1 year 11 months 1 day | ||
Exercisable at the end of the period | 9 months 4 days | ||
Aggregate Intrinsic Value [Abstract] | |||
Outstanding at the beginning of the period (in dollars) | |||
Outstanding at the end of the period (in dollars) | $ 685,055 | ||
Vested or expected to vest at the end of the period (in dollars) | 668,917 | ||
Exercisable at the end of the period (in dollars) | $ 333,339 |
SHARE BASED COMPENSATION (Sum87
SHARE BASED COMPENSATION (Summary of the RSUs) (Details) - Restricted Share Units [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of shares | |
Outstanding at the beginning of the period (in shares) | shares | 750,000 |
Vested (in shares) | shares | (200,000) |
Forfeited (in shares) | shares | (412,500) |
Outstanding at the end of the period (in shares) | shares | 137,500 |
Weighted Average Grant Date Fair Value | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 2.72 |
Vested (in dollars per share) | $ / shares | 2.72 |
Forfeited (in dollars per share) | $ / shares | 2.72 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 2.72 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
EMPLOYEE BENEFITS [Line Items] | |||
Total contribution | $ 11,244,297 | $ 15,451,989 | $ 14,216,614 |
ReneSola Zhejiang [Member] | |||
EMPLOYEE BENEFITS [Line Items] | |||
Percentage of employer matching contribution of basic salaries | 14.00% | ||
Percentage of employer's contribution required by PRC law | 19.10% | ||
Sichuan ReneSola Silicon Material Co., Ltd. ("Sichuan ReneSola") | |||
EMPLOYEE BENEFITS [Line Items] | |||
Percentage of employer matching contribution of basic salaries | 20.00% | ||
Percentage of employer's contribution required by PRC law | 18.20% | ||
ReneSola Jiangsu [Member] | |||
EMPLOYEE BENEFITS [Line Items] | |||
Percentage of employer matching contribution of basic salaries | 20.00% | ||
Percentage of employer's contribution required by PRC law | 21.00% | ||
Renesola Shanghai Ltd [Member] | |||
EMPLOYEE BENEFITS [Line Items] | |||
Percentage of employer matching contribution of basic salaries | 21.00% | ||
Percentage of employer's contribution required by PRC law | 21.00% |
DISTRIBUTION OF PROFIT (Details
DISTRIBUTION OF PROFIT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
DISTRIBUTION OF PROFIT [Abstract] | ||
Appropriations to general reserve as a percentage of profit after tax, minimum | 10.00% | |
Restricted net assets of PRC subsidiaries | $ 864,408,242 | $ 849,920,907 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
EARNINGS PER SHARE | |||
Net income (loss) attributed to holder of ordinary shares | $ (5,075,122) | $ (33,630,021) | $ (258,915,539) |
Net income (loss) adjusted for dilutive securities | $ (5,075,122) | $ (33,630,021) | $ (258,915,539) |
Weighted-average number of common shares outstanding-basic | 204,085,041 | 203,550,049 | 182,167,908 |
Dilutive effect of non-vested shares | |||
Weighted-average number of common shares outstanding-diluted | 204,085,041 | 203,550,049 | 182,167,908 |
Basic loss per share | $ (0.02) | $ (0.17) | $ (1.42) |
Diluted loss per share | $ (0.02) | $ (0.17) | $ (1.42) |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Anti-dilutive securities excluded from computation of earnings per share [Line Items] | |||
Number of shares issued to the share depository bank but are treated as escrowed shares | 125,600 | 1,068,600 | |
Common shares issuable upon assumed conversion of convertible debt, share options restricted shares and warrant [Member] | |||
Anti-dilutive securities excluded from computation of earnings per share [Line Items] | |||
Anti-dilutive securities (in shares) | 18,356,267 | 30,420,950 | 33,389,150 |
RELATED PARTY BALANCES AND TR92
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Amounts Due from Related Parties Comprised of Amounts Receivable from the Sales of Goods) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Amounts due from related parties | |||
Amounts receivable from the sales of goods | $ 110,952 | $ 452,415 | |
Zhejiang Yuhuan [Member] | |||
Amounts due from related parties | |||
Amounts receivable from the sales of goods | [1] | $ 110,952 | 169,244 |
Jinko and its subsidiaries [Member] | |||
Amounts due from related parties | |||
Amounts receivable from the sales of goods | [2] | $ 283,171 | |
[1] | Zhejiang Yuhuan Solar Energy Source Co., Ltd. (“Zhejiang Yuhuan”) is controlled by Xianshou Li, Chief Executive Officer. | ||
[2] | The brothers of Mr. Xianshou Li are the founders and current shareholders of Jinko Solar Co., Ltd. (“Jinko and its subsidiaries”) |
RELATED PARTY BALANCES AND TR93
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Amounts Due to Related Parties Comprised of Amounts Payable to Purchase of Raw Materials and Others) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Amounts due to related parties | |||
Amounts payable to the purchase of raw materials and others | $ 2,676,614 | $ 7,569,511 | |
Zhejiang Yaohui [Member] | |||
Amounts due to related parties | |||
Amounts payable to the purchase of raw materials and others | [1] | 2,552,385 | 3,433,772 |
Jinko and its subsidiaries [Member] | |||
Amounts due to related parties | |||
Amounts payable to the purchase of raw materials and others | [2] | $ 124,229 | 135,391 |
Champion era enterprises limited [Member] | |||
Amounts due to related parties | |||
Amounts payable to the purchase of raw materials and others | [3] | 4,000,000 | |
Jiashan Kaiwo [Member] | |||
Amounts due to related parties | |||
Amounts payable to the purchase of raw materials and others | [4] | $ 348 | |
[1] | The brother of HR VP and shareholder of ReneSola Ltd is the director of Zhejiang Yaohui Photovoltaic Co., Ltd. (“Zhejiang Yaohui”) | ||
[2] | The brothers of Mr. Xianshou Li are the founders and current shareholders of Jinko Solar Co., Ltd. (“Jinko and its subsidiaries”) | ||
[3] | Champion era enterprises Ltd. is controlled by Xianshou Li. The annualized interest rate of the loan is 5%, and the maturity of the loans are six and three months respectively for the loans during the years ended December 31, 2014 and 2015. | ||
[4] | Jiashan Kaiwo Trading Co., Ltd. (“Jiashan Kaiwo”) is controlled by Xianshou Li. |
RELATED PARTY BALANCES AND TR94
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Sale of goods | $ 53,538 | $ 2,898,698 | $ 3,140,734 | |
Jinko and its subsidiaries [Member] | ||||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Sale of goods | [1] | $ 53,538 | 2,898,698 | 2,884,843 |
Purchase of raw materials | [1] | 90,409 | 18,344,180 | |
Zhejiang Yaohui [Member] | ||||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Purchase of raw materials | [2] | $ 4,581,029 | 5,759,079 | 4,955,620 |
Zhejiang Yuhuan [Member] | ||||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Rental payment | [3] | 5,236 | 3,246 | 3,253 |
Rental expense | [3] | 67,566 | 70,107 | $ 70,270 |
Champion era enterprises limited [Member] | ||||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Proceed from loan | [4] | 3,000,000 | $ 4,000,000 | |
Repayment | [4] | $ 7,000,000 | ||
Jiashan Kaiwo [Member] | ||||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Purchase of raw materials | [5] | $ 211,235 | ||
[1] | The brothers of Mr. Xianshou Li are the founders and current shareholders of Jinko Solar Co., Ltd. (“Jinko and its subsidiaries”) | |||
[2] | The brother of HR VP and shareholder of ReneSola Ltd is the director of Zhejiang Yaohui Photovoltaic Co., Ltd. (“Zhejiang Yaohui”) | |||
[3] | Zhejiang Yuhuan Solar Energy Source Co., Ltd. (“Zhejiang Yuhuan”) is controlled by Xianshou Li, Chief Executive Officer. | |||
[4] | Champion era enterprises Ltd. is controlled by Xianshou Li. The annualized interest rate of the loan is 5%, and the maturity of the loans are six and three months respectively for the loans during the years ended December 31, 2014 and 2015. | |||
[5] | Jiashan Kaiwo Trading Co., Ltd. (“Jiashan Kaiwo”) is controlled by Xianshou Li. |
RELATED PARTY BALANCES AND TR95
RELATED PARTY BALANCES AND TRANSACTIONS (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Mr. Xianshou Li and his family [Member] | ||||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Maximum guarantees provided by related party for short-term and long-term borrowings from various domestic banks | $ 318,008,380 | $ 301,773,840 | ¥ 2,060,000,000 | ¥ 1,872,382,996 |
Champion era enterprises limited [Member] | ||||
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items] | ||||
Interest rate (as a percent) | 5.00% | 5.00% | ||
Maturity term | 3 months | 6 months |
COMMITMENTS AND CONTINGENCIES96
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) | Dec. 31, 2015USD ($) |
Purchase commitments [Member] | Purchase agreement, minimum amount over next two years [Member] | |
COMMITMENTS AND CONTINGENCIES [Line Items] | |
Outstanding commitments | $ 45,527,756 |
COMMITMENTS AND CONTINGENCIES97
COMMITMENTS AND CONTINGENCIES (Schedule of Product Warranty Activity) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Product warranty activity | ||
Beginning balance | $ 31,778,365 | $ 20,612,293 |
Warranty provision | 8,815,974 | $ 13,076,787 |
Revision of warranty costs | (3,249,623) | |
Warranty expense incurred | (18,132) | $ (1,350,729) |
Foreign exchange effect | (1,302,638) | (559,986) |
Ending balance | $ 36,023,946 | $ 31,778,365 |
COMMITMENTS AND CONTINGENCIES98
COMMITMENTS AND CONTINGENCIES (Legal Matters) (Narrative) (Details) ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2015CNY (¥) | Dec. 31, 2015USD ($)MW | Dec. 31, 2015CNY (¥)MW | |
Legal matters [Line Items] | ||||
Amount of remainder of the refundable deposit retained | $ 5.8 | ¥ 36.5 | ||
Capacity under dispute with joint venture partner | 88 | 88 | ||
Jiangsu Shuangliang against Sichuan ReneSola [Member] | ||||
Legal matters [Line Items] | ||||
Damages sought | $ 5.2 | ¥ 31.6 | ||
Sichuan ReneSola against Jiangsu Shuangliang [Member] | ||||
Legal matters [Line Items] | ||||
Damages sought | 9.2 | 55.7 | ||
Penalty sought | $ 1.1 | ¥ 6.7 |
COMMITMENTS AND CONTINGENCIES99
COMMITMENTS AND CONTINGENCIES (Guarantee) (Details) - Loan Facilities [Member] - ReneSola Zhejiang Co Ltd [Member] - Zhengjiang Ruixu [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2014 | |
Portion One [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations, amount | $ 31,260,533 | |
Guarantee obligation, period | 12 years 6 months | |
Portion Two [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations, amount | $ 46,929,392 | |
Guarantee obligation, period | 12 years 3 months |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015item | |
SEGMENT REPORTING [Abstract] | |
Number of principal reportable business segments | 3 |
SEGMENT REPORTING (Schedule of
SEGMENT REPORTING (Schedule of the Company's Revenues Generated from Each Segment) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Company's revenues generated from each segment [Line Items] | |||
Net sales | $ 1,282,031,446 | $ 1,561,497,028 | $ 1,519,634,872 |
Gross profit | 187,873,844 | 209,283,285 | 113,105,100 |
Other [Member] | |||
Company's revenues generated from each segment [Line Items] | |||
Net sales | 1,044,975 | 695,750 | 6,000,631 |
Gross profit | 600,087 | 36,679 | 2,149,511 |
Elimination [Member] | |||
Company's revenues generated from each segment [Line Items] | |||
Net sales | (892,053,374) | (1,176,420,479) | (1,068,599,614) |
Gross profit | 13,818,412 | (427,602) | (20,874,452) |
Wafer [Member] | Operating segment [Member] | |||
Company's revenues generated from each segment [Line Items] | |||
Net sales | 1,032,418,596 | 1,416,614,234 | 1,271,561,269 |
Gross profit | 62,884,189 | 71,483,745 | 21,226,834 |
Cell and module [Member] | Operating segment [Member] | |||
Company's revenues generated from each segment [Line Items] | |||
Net sales | 1,024,331,572 | 1,311,867,301 | 1,299,162,865 |
Gross profit | 88,563,261 | 134,289,199 | 92,950,381 |
Solar power projects [Member] | Operating segment [Member] | |||
Company's revenues generated from each segment [Line Items] | |||
Net sales | 116,289,676 | 8,740,222 | 11,509,721 |
Gross profit | $ 22,007,895 | $ 3,901,264 | $ 7,810,693 |
SEGMENT REPORTING (Schedule 102
SEGMENT REPORTING (Schedule of the Company's Revenues Generated from Each Product) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues generated from each product [Line Items] | |||
Total | $ 1,282,031,446 | $ 1,561,497,028 | $ 1,519,634,872 |
Solar modules [Member] | |||
Revenues generated from each product [Line Items] | |||
Total | 920,271,824 | 1,309,008,400 | 1,116,885,469 |
Solar wafers [Member] | |||
Revenues generated from each product [Line Items] | |||
Total | 163,700,069 | $ 182,513,034 | $ 315,037,453 |
Solar power projects [Member] | |||
Revenues generated from each product [Line Items] | |||
Total | 110,737,934 | ||
Other materials [Member] | |||
Revenues generated from each product [Line Items] | |||
Total | 61,932,953 | $ 40,975,806 | $ 51,123,492 |
Solar cells [Member] | |||
Revenues generated from each product [Line Items] | |||
Total | 8,266,709 | 12,422,486 | 23,855,100 |
Electricity [Member] | |||
Revenues generated from each product [Line Items] | |||
Total | 5,649,282 | 8,740,222 | 11,509,721 |
Service revenue from tolling arrangement [Member] | |||
Revenues generated from each product [Line Items] | |||
Total | $ 11,472,675 | $ 7,837,080 | $ 1,223,637 |
SEGMENT REPORTING (Schedule 103
SEGMENT REPORTING (Schedule of the Company's Revenues Generated by Geographic Location of Customers) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues generated by geographic location of customers [Line Items] | |||
Total | $ 1,282,031,446 | $ 1,561,497,028 | $ 1,519,634,872 |
Asia Pacific Total [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 800,655,601 | 781,817,487 | 755,299,178 |
Mainland China [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 264,803,111 | 227,182,419 | 417,469,224 |
Taiwan [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 34,710,699 | 43,696,851 | 85,619,124 |
Australia [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 26,445,835 | 58,621,500 | 54,762,854 |
Singapore [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 23,478,282 | 10,506,110 | 8,273,503 |
Korea [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 8,765,334 | 21,120,646 | 51,907,636 |
India [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 135,768,107 | 51,256,611 | 59,754,261 |
Hong Kong [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 61,240 | $ 63,899 | $ 10,228,201 |
Thailand [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 7,767,452 | ||
Japan [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 298,855,541 | $ 369,369,451 | $ 67,284,375 |
Germany [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 53,603,098 | 147,261,159 | 155,371,123 |
GREECE [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 103,193 | 310,076 | 34,028,666 |
Belgium [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 18,252,371 | 1,164,431 | 12,976,650 |
America [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 50,176,517 | 170,717,859 | 236,934,758 |
Italy [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 4,013,709 | 5,781,328 | 21,171,093 |
France [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 3,529,467 | 89,635,307 | 49,441,441 |
Spain [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 202,527 | 39,246,414 | 29,026,431 |
Czech Republic [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 4,861,462 | 2,628,333 | 4,484,825 |
England [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 242,425,493 | 224,990,352 | 73,191,279 |
Netherlands [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 4,706,979 | 3,234,732 | 16,433,862 |
South Africa [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | 17,068,687 | 13,912,446 | 18,431,560 |
Others [Member] | |||
Revenues generated by geographic location of customers [Line Items] | |||
Total | $ 82,432,342 | $ 80,797,104 | $ 112,844,006 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Mar. 21, 2016USD ($)itemMW | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
SUBSEQUENT EVENTS [Line Items] | |||||
Cash used for repurchase of debt | $ 54,376,600 | $ 9,809,860 | |||
Subsequent event [Member] | |||||
SUBSEQUENT EVENTS [Line Items] | |||||
Amount of roll-over in short-term loans | $ 87,700,000 | ||||
New financings | $ 104,700,000 | ||||
Subsequent event [Member] | ADSs [Member] | |||||
SUBSEQUENT EVENTS [Line Items] | |||||
Shares repurchased | shares | 503,189 | ||||
Value of shares repurchased | $ 700,000 | ||||
Subsequent event [Member] | Bulgaria [Member] | |||||
SUBSEQUENT EVENTS [Line Items] | |||||
Number of power projects sold | item | 2 | ||||
Capacity of solar power projects sold | MW | 9.7 | ||||
Proceeds from sale of power projects | $ 5,400,000 | ||||
Subsequent event [Member] | Convertible Senior Notes due 2018 [Member] | |||||
SUBSEQUENT EVENTS [Line Items] | |||||
Repurchase of debt | 26,145,000 | ||||
Cash used for repurchase of debt | $ 25,900,000 |
SCHEDULE 1-RENESOLA LTD COND105
SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS (Schedule of Balance Sheets) (Details) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2014CNY (¥)shares | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Current assets: | |||||
Cash and cash equivalents | $ 38,045,225 | $ 99,847,604 | ¥ 109,951,726 | $ 86,772,678 | $ 93,283,283 |
Prepaid expenses and other current assets | 27,805,783 | 44,913,444 | |||
Derivative assets | 56,253 | 1,688,103 | |||
Total current assets | 637,750,306 | 859,531,237 | |||
Total assets | 1,346,319,585 | 1,669,007,526 | |||
Current liabilities: | |||||
Amount due to subsidiaries | 2,676,614 | 7,569,511 | |||
Other current liabilities | 77,238,265 | 126,623,253 | |||
Warranty liabilities | 577,500 | $ 1,890,000 | |||
Convertible bond payable-current | 26,145,000 | ||||
Total current liabilities | $ 1,103,861,889 | $ 1,336,792,443 | |||
Convertible notes payable-non-current | 94,599,000 | ||||
Total liabilities | $ 1,234,385,673 | 1,533,851,207 | |||
Equity: | |||||
Common shares (500,000,000 shares; no par value shares authorized at December 31, 2014 and 2015; 204,846,064 shares issued and 203,777,464 shares outstanding at December 31, 2014; 203,331,288 shares issued and 203,205,688 shares outstanding at December 31, 2015) | 477,964,702 | 476,765,888 | |||
Additional paid-in capital | 7,669,350 | 7,512,174 | |||
Accumulated loss | (435,276,897) | (430,201,775) | |||
Accumulated other comprehensive income | 61,576,757 | 81,080,032 | |||
Total equity | 111,933,912 | 135,156,319 | 169,016,544 | 364,403,485 | |
Total liabilities and shareholders' equity | $ 1,346,319,585 | $ 1,669,007,526 | |||
Common shares, shares authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common shares, shares issued | shares | 203,331,288 | 204,846,064 | 204,846,064 | ||
Common shares, shares outstanding | shares | 203,205,688 | 203,777,464 | 203,777,464 | ||
RENESOLA LTD [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | $ 10,181,328 | $ 1,327,697 | $ 1,032,077 | $ 5,364,702 | |
Prepaid expenses and other current assets | $ 257,933 | ||||
Derivative assets | $ 1,678,005 | ||||
Deferred convertible notes issue costs-current | $ 34,660 | 661,396 | |||
Total current assets | 10,473,921 | 3,667,098 | |||
Investment in subsidiaries | $ 213,430,832 | 254,481,281 | |||
Deferred convertible notes insurance costs-non-current | 137,791 | ||||
Total assets | $ 223,904,753 | 258,286,170 | |||
Current liabilities: | |||||
Amount due to subsidiaries | 84,821,631 | 25,146,620 | |||
Other current liabilities | 333,237 | 1,400,758 | |||
Warranty liabilities | 577,500 | $ 1,890,000 | |||
Convertible bond payable-current | 26,145,000 | ||||
Total current liabilities | 111,877,368 | $ 28,437,378 | |||
Income tax payable | $ 93,473 | 93,473 | |||
Convertible notes payable-non-current | 94,599,000 | ||||
Total liabilities | $ 111,970,841 | 123,129,851 | |||
Equity: | |||||
Common shares (500,000,000 shares; no par value shares authorized at December 31, 2014 and 2015; 204,846,064 shares issued and 203,777,464 shares outstanding at December 31, 2014; 203,331,288 shares issued and 203,205,688 shares outstanding at December 31, 2015) | 477,964,702 | 476,765,888 | |||
Additional paid-in capital | 7,669,350 | 7,512,174 | |||
Accumulated loss | (435,276,897) | (430,201,775) | |||
Accumulated other comprehensive income | 61,576,757 | 81,080,032 | |||
Total equity | 111,933,912 | 135,156,319 | |||
Total liabilities and shareholders' equity | $ 223,904,753 | $ 258,286,170 | |||
Common shares, shares authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | ||
Common shares, shares issued | shares | 203,331,288 | 204,846,064 | 204,846,064 | ||
Common shares, shares outstanding | shares | 203,205,688 | 203,777,464 | 203,777,464 |
SCHEDULE 1-RENESOLA LTD COND106
SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS (Schedule of Statements of Income) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating expenses(income): | |||
Sales and marketing | $ 72,294,911 | $ 93,067,159 | $ 75,594,663 |
General and administrative | 59,290,266 | 67,293,891 | 55,632,109 |
Research and development | 43,905,312 | 52,575,143 | 46,452,032 |
Other operating expense (income) | (16,919,975) | (11,870,403) | (45,885,044) |
Total operating expenses | 158,570,514 | 201,065,790 | 334,550,499 |
Income (loss) from operations | 29,303,330 | 8,217,495 | (221,445,399) |
Non-operating income(expense): | |||
Interest income | 2,875,075 | 5,009,687 | 8,443,153 |
Interest expense | (43,417,785) | (49,015,802) | (52,108,491) |
Foreign exchange loss | (2,136,980) | (27,009,411) | (367,936) |
Gains (losses) on derivative, net | (6,030,915) | 6,057,941 | $ 633,964 |
Gains on repurchase of convertible notes | 13,693,269 | 7,048,188 | |
Fair value change of warrant liability | 1,312,500 | 7,455,000 | $ 3,202,500 |
Income (loss) before income taxes and equity in earnings of subsidiaries | (4,401,506) | (33,983,673) | (261,642,209) |
Income tax benefit | (673,616) | 349,880 | 2,722,715 |
Net loss attributed to ReneSola Ltd | (5,075,122) | (33,630,021) | (258,915,539) |
RENESOLA LTD [Member] | |||
Operating expenses(income): | |||
Sales and marketing | 40,469 | 71,669 | 63,095 |
General and administrative | $ 2,745,035 | 4,180,518 | 4,071,692 |
Research and development | 9,189 | 27,608 | |
Other operating expense (income) | (2,582,694) | 30 | |
Total operating expenses | $ 2,785,504 | 1,678,682 | 4,162,425 |
Income (loss) from operations | (2,785,504) | (1,678,682) | (4,162,425) |
Non-operating income(expense): | |||
Interest income | 194 | 228 | 440 |
Interest expense | (3,361,077) | (5,631,282) | (6,005,030) |
Foreign exchange loss | (76,586) | (26,628) | 905 |
Gains (losses) on derivative, net | 7,784,352 | 7,202,205 | $ (1,045,925) |
Gains on repurchase of convertible notes | 13,693,269 | 7,048,188 | |
Fair value change of warrant liability | 1,312,500 | 7,455,000 | $ 3,202,500 |
Income (loss) before income taxes and equity in earnings of subsidiaries | $ 16,567,148 | $ 14,369,029 | $ (8,009,535) |
Income tax benefit | |||
Equity in losses of subsidiaries | $ (21,642,270) | $ (47,999,050) | $ (250,906,004) |
Net loss attributed to ReneSola Ltd | $ (5,075,122) | $ (33,630,021) | $ (258,915,539) |
SCHEDULE 1-RENESOLA LTD COND107
SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS (Schedule of Statements of Comprehensive Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONDENSED FINANCIAL STATEMENTS [Line Items] | |||
Net loss | $ (5,075,122) | $ (33,633,793) | $ (258,919,494) |
Other comprehensive income: | |||
Foreign currency translation adjustment | (19,503,275) | (2,533,628) | 8,777,439 |
Other comprehensive income (loss) | (19,503,275) | (2,533,628) | 8,777,439 |
Comprehensive loss attributable to ReneSola Ltd | (24,578,397) | (36,163,649) | (250,138,100) |
RENESOLA LTD [Member] | |||
CONDENSED FINANCIAL STATEMENTS [Line Items] | |||
Net loss | (5,075,122) | (33,630,021) | (258,915,539) |
Other comprehensive income: | |||
Foreign currency translation adjustment | (19,503,275) | (2,533,628) | 8,777,439 |
Other comprehensive income (loss) | (19,503,275) | (2,533,628) | 8,777,439 |
Comprehensive loss attributable to ReneSola Ltd | $ (24,578,397) | $ (36,163,649) | $ (250,138,100) |
SCHEDULE 1-RENESOLA LTD COND108
SCHEDULE 1-RENESOLA LTD CONDENSED FINANCIAL STATEMENTS (Schedule of Statements of Cash Flows) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013USD ($) | |
CONDENSED FINANCIAL STATEMENTS [Line Items] | ||||
Net loss | $ (5,075,122) | $ (33,630,021) | $ (258,915,539) | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Amortization of deferred convertible notes issue costs and premium | 764,527 | 933,152 | $ 784,456 | |
Gains from repurchase of convertible bond | (13,693,269) | (7,048,188) | ||
Share-based compensation | 1,527,494 | 2,240,126 | $ 1,626,560 | |
Losses (gains) on derivatives | 6,030,915 | (6,057,941) | (633,964) | |
Fair value change of warrant liability | $ (1,312,500) | (7,455,000) | $ (3,202,500) | |
Changes in assets and liabilities : | ||||
Other long-term assets | (158,952) | |||
Prepaid expenses and other current assets | $ 15,169,401 | 40,319,263 | $ 9,726,118 | |
Other current liabilities | (2,951,445) | 9,224,022 | 3,877,495 | |
Other long-term liabilities | (1,728,349) | (2,874,319) | (8,689,735) | |
Net cash provided by (used in) operating activities | 2,209,607 | (121,688,959) | 118,561,284 | |
Investing activities: | ||||
Net cash provided by (used in) investing activities | (40,027,473) | 115,460,987 | (189,602,269) | |
Financing activities: | ||||
Proceeds from exercise of share option | $ 640,680 | $ 993,329 | 477,829 | |
Proceeds from issuance of common shares | 70,050,000 | |||
Cash paid for insurance cost | $ (4,551,958) | |||
Cash paid for repurchase of convertible notes | $ (54,376,600) | $ (9,809,860) | ||
Cash paid for ADSs repurchase | (812,183) | |||
Net cash provided by (used in) financing activities | (11,157,751) | $ 13,048,666 | $ 67,620,092 | |
Net increase (decrease) in cash and cash equivalents | (61,802,379) | 13,074,926 | (6,510,605) | |
Cash and cash equivalents, beginning of year | 99,847,604 | 86,772,678 | 93,283,283 | |
Cash and cash equivalents, end of year | 38,045,225 | 99,847,604 | ¥ 109,951,726 | 86,772,678 |
RENESOLA LTD [Member] | ||||
CONDENSED FINANCIAL STATEMENTS [Line Items] | ||||
Net loss | (5,075,122) | (33,630,021) | (258,915,539) | |
Equity in losses of subsidiaries | 21,642,270 | 47,999,050 | 250,906,004 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Amortization of deferred convertible notes issue costs and premium | 764,527 | 933,152 | $ 784,456 | |
Gains from repurchase of convertible bond | (13,693,269) | (7,048,188) | ||
Share-based compensation | 1,466,181 | 2,166,097 | $ 1,514,828 | |
Losses (gains) on derivatives | (7,784,352) | (7,202,205) | 1,045,925 | |
Fair value change of warrant liability | $ (1,312,500) | (7,455,000) | (3,202,500) | |
Changes in assets and liabilities : | ||||
Other long-term assets | (158,952) | 305,556 | ||
Prepaid expenses and other current assets | $ (257,933) | 313,310 | 217,601 | |
Other current liabilities | $ (1,067,521) | (536,417) | $ (309,043) | |
Other long-term liabilities | (2,582,694) | |||
Net cash provided by (used in) operating activities | $ (5,317,719) | (7,201,868) | $ (7,652,712) | |
Investing activities: | ||||
Investment in subsidiaries | (33,783) | (15,623) | (14,400,000) | |
Net cash received from (paid for) settlement of derivatives | 9,078,226 | 4,960,574 | (876,730) | |
Net cash provided by (used in) investing activities | 9,044,443 | 4,944,951 | (15,276,730) | |
Financing activities: | ||||
Proceeds from exercise of share option | $ 640,680 | $ 362,801 | 477,829 | |
Proceeds from issuance of common shares | 70,050,000 | |||
Cash paid for insurance cost | $ (4,551,958) | |||
Cash paid for repurchase of convertible notes | $ (54,376,600) | $ (9,809,860) | ||
Cash paid for ADSs repurchase | (812,184) | |||
Receipt (payment) of loan from subsidiaries | 59,675,011 | $ 11,999,596 | $ (47,379,054) | |
Net cash provided by (used in) financing activities | 5,126,907 | 2,552,537 | 18,596,817 | |
Net increase (decrease) in cash and cash equivalents | 8,853,631 | 295,620 | (4,332,625) | |
Cash and cash equivalents, beginning of year | 1,327,697 | 1,032,077 | 5,364,702 | |
Cash and cash equivalents, end of year | $ 10,181,328 | $ 1,327,697 | $ 1,032,077 |