Solar photovoltaic ("PV") product manufacturer
) has opened its order book for 2014 with a contract from a
Japanese firm. The company announced that it has inked an
agreement with a Japanese solar project developer to provide 420
megawatts ("MW") of solar panels.
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Per the agreement, ReneSola will supply its Virtus II 300W
72-cell high-efficiency polycrystalline PV panels to the Japanese
project developer. Delivery of the solar panels, which will begin
this month, will run through Dec 2015.
The Japanese firm will utilize these panels in more than 10
ground-mounted power plants, located in the mountainous regions
of Japan. Power generated from the set-up will be delivered to
adjacent residential homes.
Virtus II polycrystalline modules have 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 existing International Electro
Technical Commission certifications and Underwriters Laboratories
We note that ReneSola has a strong presence in Japan, winning
contracts at regular intervals. On Nov 19, 2013, the company
delivered 2 MW of its highest-efficiency polysilicon modules,
Virtus II (R) 260W modules to Tokyo-based Nippon Steel &
Sumikin Bussan Matex Company Limited for its 4-MW solar project.
ReneSola's superior product quality and high standard of service
have earned it a place in the Japanese solar market.
Demand for renewable resources is gradually rising mainly due to
a growing awareness among the masses about its benefits; thereby
influencing utility providers to shift to clean energy.
As solar is a vital alternate energy resource, several Chinese
solar product manufacturers are currently expanding their
operations in the Asian, African and Middle-East territories to
capitalize on the rapidly growing opportunity. In fact, the
complete phase out of the nuclear reactors in Japan following the
Fukushima disaster has spurred demand for alternate resources to
power this highly industrialized nation.
We appreciate ReneSola's efforts towards keeping its strong
foothold in the U.S. while expanding its operations in Japan,
Germany, Italy, Belgium, China, Greece, Spain and Australia.
Subsequently, these initiatives will help the company to get more
contracts and boost its revenue stream.
ReneSola currently has a Zacks Rank #3 (Hold). However, some
better-ranked stocks in the same industry include
JinkoSolar Holding Co., Ltd.
First Solar, Inc.
). While JinkoSolar and SunPower carry a Zacks Rank #1 (Strong
Buy), and First Solar holds a Zacks Rank #2 (Buy).