SOL to Offer Modules to OCI Solar - Analyst Blog

Solar cell manufacturer ReneSola Ltd. ( SOL ) has entered into an agreement with OCI Solar Power, a solar photovoltaic ("PV") project developer to provide over 178,000 PV modules.

OCI Solar Power will utilize the modules at its 53.5 megawatt ("MW") upcoming two projects - Alamo II based in San Antonio and the forthcoming Texas development project.

These projects are part of OCI Solar Power's multi-stage project with capacity of 400 MW. The project is scheduled to be completed in 2016. The power generated from the set up will be sold to CPS Energy, the municipal utility of the City of San Antonio.

In addition, ReneSola will also supply 300 watt ("W") high-efficiency polycrystalline modules to OCI Solar Power for its aforesaid project.

ReneSola has a strong presence in the U.S. solar market. Despite the implementation of countervailing duties and anti-dumping duties on the Chinese solar products by the U.S. government, the company is getting contracts from the U.S. companies at regular intervals. This was primarily due to the company's product as well as service standard along with delivery timing.

Last week, ReneSola and Golden, Colo.-based solar energy integrator Solar Side Up jointly completed a series of projects totaling 44.5 kilowatt ("KW") in solar PV arrays. ReneSola's high-efficiency 250W and 255W polycrystalline modules are used in the projects. The company also provided high-efficiency polycrystalline solar PV modules for a project in New Mexico.

Demand for renewables are gradually rising primarily due to a growing awareness among the masses regarding its benefits; thereby influencing the utility providers to shift to clean energy.

As solar is a major alternate energy resource, several Chinese solar product manufacturers are currently expanding their operations in the Asian, African and Middle-East territories to capitalize the aforesaid opportunity.

ReneSola is also following suit. Recently, the company has signed an agreement with a Pakistan-based company to provide micro-inverters, string inverters and mounting products.

We appreciate ReneSola's efforts towards keeping its strong foothold in the U.S. while expanding its operations in Japan, Germany, Italy, Belgium, China, Greece, Spain and Australia. Subsequently, these initiatives will help the company to get more orders and boost future revenues.

ReneSola currently has a Zacks Rank #3 (Hold). Other solar module manufacturers which are worth considering are Enphase Energy, Inc. ( ENPH ), First Solar, Inc. ( FSLR ) and Trina Solar Limited ( TSL ), each with a Zacks Rank #2 (Buy).

ENPHASE ENERGY (ENPH): Free Stock Analysis Report

FIRST SOLAR INC (FSLR): Free Stock Analysis Report

RENESOLA LT-ADR (SOL): Free Stock Analysis Report

TRINA SOLAR LTD (TSL): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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