ReneSola LtdSOL announced that it has sold its 6.4 megawatt (MW) Field House utility scale project in the United Kingdom to funds managed by Foresight Group. ReneSola is gradually transitioning toward downstream development and servicing from OEM manufacturing. The monetization of the Field House utility scale solar project is part of this transition.
China based ReneSola has started to branch out globally, having established its base in Japan, Australia, France, India, UK, Canada and other countries. ReneSola currently has nearly 90 MW of solar projects in development. The company is also looking to develop, build and transfer new downstream projects.
The Field House project utilizes ReneSola's Virtus II modules. It was connected to the grid in Mar 2015 and is qualified for the UK's 1.4 ROC (Renewable Obligation Certificate) scheme. Incidentally, in the first quarter of 2015, the company successfully completed and connected three utility-scale projects totaling 57.5 MW in the UK, all of which are eligible for ROC 1.4 - a government incentive program to encourage large-scale renewable electricity generation..
In order to reduce carbon emissions as well as ensure energy security, renewables are increasingly been used for power generation worldwide. Responding to growing demand for large-scale solar plants, ReneSola has from the beginning of 2015 scaled back its global OEM capacity to concentrate more on downstream projects.
Other China based solar module producers like JinkoSolar Holding Co., Ltd. JKS , Yingli Green Energy Holding Co. Ltd. YGE and Trina Solar Limited TSL are also cracking domestic and international deals and entering into partnerships to enhance market penetration.
ReneSola currently has a Zacks Rank #4 (Sell).