) has entered into an agreement under which it has provided a
South Korean non-profit organization, COMMUNITY INTEREST COMPANY
(HI CITY CIC), with 45 kilowatts ("kW") of Virtus II 250-watt
modules and its mounting system solution for a carport and
rooftop pilot PV project in Incheon, South Korea. This deal marks
the company's first shipment to South Korea.
Per the deal, the company will provide HI CITY CIC with its
mounting system solution as well as 40 kW of Virtus II modules on
the carport and 5 kW of Virtus II modules on the rooftop of
buildings in Incheon. ReneSola also has an option to supply added
solar modules to HI CITY CIC for use in other power system
projects for the Incheon government.
Virtus II polycrystalline modules feature a high module
conversion efficiency. It is a unique combination of high quality
and efficiency. These modules carry a mechanical load capability
of up to 5400 Pascal. Also, they abide by existing International
Electro Technical Commission certifications and Underwriters
ReneSola's solar photovoltaic ("PV") modules can be found in
projects ranging in size from a few kilowatts to multi-megawatts
in markets around the world, including the U.S., Germany, Italy,
Belgium, China, Greece, Spain and Australia.
The company is a leading global manufacturer of high-efficiency
solar PV modules and wafers. ReneSola has been lately busy
expanding its international footprint. Recently, ReneSola 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 PV product supplier. The latest deal also
testifies to the company's efforts in South Korea marking its
first shipment to the country.
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 Ltd.
LDK Solar Co. Ltd.
) are also making the most of the favorable market dynamics.
Recently, JinkoSolar Holdings supplied high-efficient solar PV
modules for the first private solar park in India. The modules
have a total electric generation capacity of 25.8 MW. LDK Solar
clinched a large-scale contract for the delivery of 63 MW of PV
modules to Thailand's premier developer of PV projects, EA Solar
Nakornsawan Co., Ltd in April.
Chinese solar product manufacturers are currently facing the
brunt of anti-dumping duties being imposed in the U.S. This was
reflected in the financial performance of Chinese solar
companies. ReneSola in the first quarter of 2013 reported loss
per American Depositary Share (ADS) of 45 cents per share, wider
than the Zacks Consensus Estimate of a loss of 39 cents per ADS.
ReneSola presently retains a short-term Zacks Rank #4 (Sell).
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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