Solar photovoltaic ("PV") product manufacturer
) continues to receive orders from Isolux Corsan Servicios, S.A.
("Isolux Corsan"). The company announced that it has signed an
agreement with Isolux Corsan to supply 57-megawatts ("MW") of
Virtus PV modules. The modules have an average power generation
capacity of 250 watts ("W").
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ReneSola is manufacturing the solar modules at its facilities in
Poland and India. The delivery of the solar modules started in
Dec 2013. Isolux Corsan will utilize these panels at its three
commercial projects in Cornwall, Dorset and Norfolk in the U.K.
The projects are expected to be connected to the grid in Mar
Virtus II polycrystalline modules have a high module conversion
competency 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 the existing International Electro
Technical Commission certifications and Underwriters Laboratories
ReneSola has a strong alliance with Isolux Corsan and receives
contracts at regular intervals. Recently, the company has
provided 31.7 MW of solar modules to Isolux Corsan for its
project in Suffolk, England.
Globally, demand for renewable resources is steadily rising
mainly due to a growing awareness among the masses about its
low-emission nature, thereby influencing utility providers to
shift to clean energy.
As solar is an important alternate energy resource, ReneSola is
currently expanding its operations in Europe, Asia and Africa to
take advantage of the rapidly growing market. These initiatives
will help the company to diversify its revenue sourcing, thereby
ensuring stable future cash inflow.
Though Jiashan, the Peoples Republic of China-based ReneSola has
a stable contract stream, we are concerned about its future
performance. In spite of improving shipment volumes, the company
reported a bigger loss in the third quarter of 2013 due to the
closure of a part of its polysilicon factory. Recurrence of such
incidents will affect ReneSola's performance in the future.
ReneSola currently has a Zacks Rank #4 (Sell). However, some
better-ranked stocks in the same industry include
Trina Solar Ltd.
First Solar, Inc.
JinkoSolar Holding Co., Ltd.
). While Trina Solar and First Solar carry a Zacks Rank #1
(Strong Buy) and JinkoSolar holds a Zacks Rank #2 (Buy).