For the first time, ReneSola Ltd. (SOL - Analyst Report) has been selected by Panasonic Eco Solutions North America for its high-efficiency polycrystalline modules. These modules will be utilized by Panasonic for its multiple photovoltaic (PV) projects.
Particularly, the company will supply 12,176 polycrystalline panels carrying a capacity of 255 watt ("W"), 300W, and 305W. These highly efficient modules will generate 3.4 megawatt ("MW") of solar power at Panasonic’s upcoming solar projects in the Colorado cities of Bellvue, Loveland, Denver, Broomfield, Boulder, and Rifle, as well as in the California city of Fresno.
ReneSola’s polycrystalline modules have high module conversion efficiencies. These are easy to install and have a load capability of up to 5400 Pascal. Moreover, these modules meet International Electrotechnical Commission standards.
ReneSola is a prominent player in the U.S. solar market. Despite implementation of countervailing duties and anti-dumping duties on Chinese solar products by the U.S. government, the company is regularly winning contracts in the U.S. due to the high standard of its products and services. Recently, ReneSola supplied 6,480 units of solar panels under a contract with solar developer EcoPlexus. EcoPlexus utilized these panels for the completion of its 2 MW solar PV facility in California.
Like most of the Chinese solar product manufactures, ReneSola is also expanding its footprint in the Asian, African and European markets to offset any slowdown in U.S. orders. Recently, the company signed a series of agreements with Lightsource Renewable Energy Limited, the largest solar energy generator in the United Kingdom. Per the agreement, the company will provide 69.5 MW of solar modules for installation on solar farms in the United Kingdom.
The company is also capitalizing on its low-cost manufacturing base and technical know-how to consistently improve upon the cost competitiveness of its solar products through research and development and technological innovation. Recently, the company’s Jiangsu Product Center Laboratory became the first lab in China to receive the TUV SUD accreditation for potential induced degradation (PID) testing.
The company’s monocrystalline and high-efficiency polycrystalline solar panels regularly undergo the rigorous PID testing process. These tests help in evaluating the loss of power output of solar panels under severe conditions of high voltage, high temperature and high humidity.
The company presently retains a short-term Zacks Rank #2 (Buy) on the back of improving operating efficiencies, material cost savings and the introduction of new products. Other stocks worth considering in the solar space are SunPower Corp. (SPWR - Analyst Report), JinkoSolar Holding Co., Ltd. (JKS - Snapshot Report) and JA Solar Holdings Co., Ltd. (JASO - Analyst Report). While SunPower Corp. carries a Zacks Rank #1 (Strong Buy), JinkoSolar Holding and JA Solar Holding hold a Zacks Rank #2 (Buy).