) has entered into an agreement with Energy Absolute PCL (Energy
Absolute) to supply photovoltaic (PV) modules. Per the contract,
the company will provide 63 megawatts (MW) of its Virtus II PV
modules to Energy Absolute. This deal is a part of a project in
Nakornsawan, Thailand. The delivery will take place between
August and October 2013.
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Thailand-based Energy Absolute is associated with research,
development and production of alternate energies.
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
ReneSola has a long-standing relationship with the South-East
Asian firms. Recently, the company inked a deal to provide 12 MW
of PV modules to a Japan-based commodity trading company, Silicon
Bank Co., Ltd. In Jun 2013, ReneSola entered into an agreement to
provide 45 kilowatts (kW) of Virtus II 250-watt modules and its
mounting system solution to Community Interest Company, a South
Korean non-profit organization.
Earlier, Chinese solar product manufacturers generated the major
part of their revenues from the U.S. market. Currently, the U.S.
government in a move to encourage domestic players levied
countervailing duties of 15.24% and anti-dumping duties of 25.96%
on Chinese solar products. These anti-dumping measures will
likely take a severe toll on Chinese solar power product
Thus, the U.S. solar markets are gradually becoming less
lucrative for the Chinese solar module manufacturers. Currently,
most of the Chinese players are expanding their footprint in the
Asian and European markets.
It is evident from ReneSola's order book that its solar PV
modules are finding its way in projects ranging in size from a
few kilowatts to multi-megawatts in markets across the globe,
including Japan, Germany, Italy, Belgium, China, Greece, Spain
With the increasing need to develop renewable energy globally in
response to strict environmental guidelines, the power companies
are also relying on solar energy for electricity generation.
Apart from ReneSola, other companies like
JinkoSolar Holding Co., Ltd.
Yingli Green Energy Holding Co. Ltd.
Trina Solar Ltd.
) are also in the geographical expansion race.
China-based ReneSola is a manufacturer of high-efficiency solar
PV modules and wafers. The company currently has a Zacks Rank #2