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Solar photovoltaic ("PV") product manufacturer ReneSola Ltd. (SOL - Analyst Report) has opened its order book for 2014 with a contract from a Japanese firm. The company announced that it has inked an agreement with a Japanese solar project developer to provide 420 megawatts (“MW”) of solar panels.

Per the agreement, ReneSola will supply its Virtus II 300W 72-cell high-efficiency polycrystalline PV panels to the Japanese project developer. Delivery of the solar panels, which will begin this month, will run through Dec 2015.

The Japanese firm will utilize these panels in more than 10 ground-mounted power plants, located in the mountainous regions of Japan. Power generated from the set-up will be delivered to adjacent residential homes.

Virtus II polycrystalline modules have high module conversion competency and are a unique combination of high quality and efficiency. These modules carry a mechanical load capacity of up to 5400 Pascal and abide by existing International Electro Technical Commission certifications and Underwriters Laboratories listings.

We note that ReneSola has a strong presence in Japan, winning contracts at regular intervals. On Nov 19, 2013, the company delivered 2 MW of its highest-efficiency polysilicon modules, Virtus II (R) 260W modules to Tokyo-based Nippon Steel & Sumikin Bussan Matex Company Limited for its 4-MW solar project. ReneSola’s superior product quality and high standard of service have earned it a place in the Japanese solar market.

Demand for renewable resources is gradually rising mainly due to a growing awareness among the masses about its benefits; thereby influencing utility providers to shift to clean energy.

As solar is a vital alternate energy resource, several Chinese solar product manufacturers are currently expanding their operations in the Asian, African and Middle-East territories to capitalize on the rapidly growing opportunity. In fact, the complete phase out of the nuclear reactors in Japan following the Fukushima disaster has spurred demand for alternate resources to power this highly industrialized nation.

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 contracts and boost its revenue stream.

ReneSola currently has a Zacks Rank #3 (Hold). However, some better-ranked stocks in the same industry include JinkoSolar Holding Co., Ltd. (JKS - Snapshot Report), SunPower Corp. (SPWR - Analyst Report) and First Solar, Inc. (FSLR - Analyst Report). While JinkoSolar and SunPower carry a Zacks Rank #1 (Strong Buy), and First Solar holds a Zacks Rank #2 (Buy).

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