Solar cell manufacturer ReneSola Ltd. (SOL - Analyst Report) has supplied 6,480 units of solar panels, each having a capacity of 300 watt, to solar developer EcoPlexus. EcoPlexus utilized these panels for the completion of its 2 megawatt (MW) solar photovoltaic (PV) facility in California. The power generated from the set up will be sold to Pacific Gas & Electric under a 20-year power purchase agreement.
San Francisco-based EcoPlexus engages in design, engineering, construction, and financing of solar systems for the municipal, non-profit and commercial organizations in the U.S. and foreign markets.
ReneSola is a prominent figure in the U.S. solar market. Despite implementation of countervailing duties and anti-dumping duties on the Chinese solar products by the U.S. government, the company is regularly getting contracts from the U.S. companies due to the high standard of its products and services.
Previously, ReneSola inked a contract to supply 7,200 units of 250 watt high-efficiency polycrystalline solar PV modules for a project in New Mexico. The company also entered into a contract to provide over 108,000 units of 300 watt Virtus II 72-cell polycrystalline solar modules to the U.S.-based Strata Solar, LLC.
Currently, most of the Chinese solar product manufactures are expanding their footprint in the Asian, African and European markets to offset the overall slowdown in the U.S. solar products orders. ReneSola is also following the similar route and inking deals with several foreign companies. Recently, the company signed an agreement with a Singapore-based firm to provide 29.1 MW of multi-crystalline solar modules.
We appreciate ReneSola’s efforts towards retaining its strong foothold in the U.S., while expanding its operations in Japan, Germany, Italy, Belgium, China, Greece, Spain and Australia. These initiatives will subsequently help the company to get more orders and boost future revenues.
ReneSola currently has a Zacks Rank #2 (Buy). Other solar module manufacturers which are worth considering are SunPower Corp. (SPWR) with a Zacks Rank #1 (Strong Buy), and JinkoSolar Holding Co., Ltd. (JKS - Snapshot Report) and Trina Solar Limited (TSL - Snapshot Report), each with a Zacks Rank #2 (Buy).