Solar photovoltaic (PV) product manufacturer
) has provided 45,900 units of solar modules to Italian company
Tozzi Sud S.p.A. ("Tozzi Sud"). Each solar module has a power
generation capacity of 255 watt.
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Tozzi Sud is engaged in designing, developing and installing the
electric, instrumental, and telecommunication systems. The firm
will utilize the solar modules, delivered by Renesola, at a
photovoltaic plant of an 11.7-megawatt (MW) ground-mounted solar
project called Ferrara Aranova in Italy.
European Union-based original equipment manufacturers (OEMs) have
produced ReneSola's modules, which will enable the company to
receive extra feed-in-tariff payments on this transaction.
ReneSola has a strong presence in Europe, winning orders at
regular intervals. On Feb 20, 2014, the company announced that it
has delivered 13-MW of its Virtus and Virtus II polycrystalline
solar modules to a U.K.-based investor of renewable energy
developers and projects called Low Carbon.
We note that requirement for renewable resources are gradually
improving primarily due to a growing awareness about its
advantages. As solar is an important alternate energy resource
and easily accessible, the utility providers are slowly
diversifying their mode of power generation and moving towards
emission free clean energy from fossil fuel.
ReneSola is currently expanding its operations to capitalize on
the rapidly growing opportunity, primarily for solar modules and
related services. We appreciate the company's efforts towards
keeping its strong foothold in the U.S. while expanding its
operations in the European, Asian, African and Middle-East
territories. Subsequently, these initiatives will help the
company to get more contracts and boost its future cash inflow.
ReneSola currently has a Zacks Rank #3 (Hold). However, some
better-ranked stocks in the same industry include
Canadian Solar Inc.
JinkoSolar Holding Co., Ltd.
Trina Solar Limited
). While Canadian Solar and JinkoSolar carry a Zacks Rank #1
(Strong Buy), Trina Solar holds a Zacks Rank #2 (Buy).