) has provided 31.7 megawatt ("MW") of solar modules for an
Isolux Corsan Servicios project in the U.K.
FIRST SOLAR INC (FSLR): Free Stock Analysis
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Isolux Corsan has expertise in engineering, procurement and
construction ("EPC") projects for solar photovoltaic ("PV")
plants and is considered as a benchmark in the field of
concessions, energy, construction and industrial services.
ReneSola has supplied Isolux Corsan with 9.7 MW of Virtus I
modules and 22 MW of Virtus II modules for the project located in
Suffolk, England. The project utilizing ReneSola modules was
connected to the grid in Dec 2013.
Virtus II polycrystalline modules have high module conversion
competence and are a unique combination of high quality and
efficiency. These modules carry a mechanical load capacity of up
to 5400 Pascal and abide by existing International Electro
Technical Commission certifications and Underwriters Laboratories
Jiashan, the Peoples Republic of China-based ReneSola is a
leading global manufacturer of high-efficiency solar PV modules
and wafers. The latest shipment to the U.K. enhanced its market
share in the region and positioned it as the top supplier in the
country's budding solar market.
As solar is regarded as a major alternate energy resource,
several Chinese solar product manufacturers are currently
expanding their overseas operations to capitalize on the
aforesaid opportunity. ReneSola continued to grow its module
business while focusing more on the geographic diversification of
its sales. This has resulted in record shipments in the third
quarter of 2013 and guidance beating revenues.
Although ReneSola booked a wider loss during the quarter, its net
revenue surged 92.2% year over year, supported by increased
shipments. During the third quarter, total solar wafer and module
shipments were 851.0 MW, up 59.8% year over year and 0.2%
sequentially. Its module shipments were 462.9 MW, up a
considerable 219% year over year and 6.6% sequentially.
The company expects fourth quarter 2013 total module shipments to
be between 490 MW and 510 MW, with overall gross margin in the
range of 9% to 11%. Full-year 2013 solar wafer and module
shipments are forecast between 3.0 gigawatts (GW) and 3.1 GW,
with solar module shipments of 1.7 GW to 1.75 GW.
Again, China is anticipated to install up to 15 GW of solar power
in 2014 which will give a fillip to ReneSola's momentum. The
government's policy of refunding 50% of the value-added tax for
sales occurring from Oct 2013 through Dec 2015 to local solar
manufacturers helped trigger the rising demand trend.
ReneSola presently carries a short-term Zacks Rank #4 (Sell).
Some better-ranked solar players include Zacks Ranked #1 (Strong
JinkoSolar Holding Co. Ltd.
First Solar Inc.
), and Zacks Ranked #2 (Buy)