) has agreed to provide 10 megawatts ("MW") of Virtus II modules
to a Japan-based leading electronics company, Vitec Co., Ltd. The
deal further reinforces ReneSola's brand image as a
high-efficiency and cost-effective photovoltaic ("PV") product
JA SOLAR HOLDGS (JASO): Free Stock Analysis
LDK SOLAR CO (LDK): Free Stock Analysis
RENESOLA LT-ADR (SOL): Free Stock Analysis
TRINA SOLAR LTD (TSL): Free Stock Analysis
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The agreement calls for ReneSola to supply solar modules with a
capacity ranging from 0.6 MW to 2.4 MW across Japan. Vitec sells
semiconductor and electronic components and also provides energy
and environmental consulting services for major solar projects.
ReneSola is a leading global manufacturer of high-efficiency
solar PV modules and wafers. The company introduced the
high-efficiency second-generation Virtus II wafers which utilize
a new in-house proprietary Virtus A++ manufacturing process,
alleviating the need for crystalline seeds. The Virtus II
modules' use of the Virtus A++ manufacturing process produces
high-efficiency Virtus A++ wafers with lower light-induced
degradation and lower processing cost.
ReneSola has been lately busy expanding its international
footprint. Its Japanese unit began operations in October last
year in order to generate revenues and drive business across the
country. The latest deal testifies to the company's efforts in
Since the introduction of Virtus II in February this year at PV
EXPO Japan, the product has been well accepted by the country and
received Japan Electrical and Environment Technology Laboratories
or JET certification.
The company expects more shipments to Japan in the second half of
2013. Japan would soon turn out to be ReneSola's third largest
market following Europe and the U.S.
ReneSola's recent deal to supply 43.6 MW of solar modules to
Enerparc AG also underscores its international focus. Based in
Hamburg, Germany, Enerparc provides solar power plant
installation and operation services internationally.
With the increasing need to develop renewable energy in response
to stringent environmental regulations, countries worldwide are
relying on solar energy for generating electricity. Besides
ReneSola, companies like
JA Solar Holdings Co., Ltd.
Trina Solar Limited
LDK Solar Co. Ltd.
) are making the most of the favorable market dynamics.
Only last month, LDK Solar clinched a large-scale contract for
the delivery of solar modules to Thailand's premier developer of
PV projects, EA Solar Nakornsawan Co., Ltd. Per the contract, LDK
Solar will supply a total of 63 MW of PV modules to EA Solar and
a weekly transport of 6.3 MW starting Aug 2013.
ReneSola presently retains a short-term Zacks Rank #3 (Hold).