ReneSola Ltd. (SOL - Analyst Report) has entered into an agreement to supply 43.6 megawatts ("MW") of solar modules to Enerparc AG ("Enerparc"). Based in Hamburg, Germany, Enerparc provides solar power plant installation and operation services internationally.
Of the 43.6 MW of solar modules to be supplied, 35 MW of modules will be delivered by original equipment manufacturers ("OEMs") in Poland and India. The delivery through these contracted OEMs will be done between Apr and Jun 2013.
Meanwhile, the company has also inked a deal to supply 2 MW of its Virtus II (260 Watt) modules for a solar project in Uenohara-shi, Yamanashi Prefecture, Japan. Virtus II polycrystalline modules feature a high module conversion efficiency. It is a unique combination of high quality and efficiency. These modules carry a mechanical load capability of up to 5400 Pascal. Also, they abide by existing International Electro Technical Commission certifications and Underwriters Laboratories listings.
ReneSola solar photovoltaic (“PV”) modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, China, Greece, Spain and Australia.
Recently, the company has entered into a contract with S&C Electric Company to provide 250 watt (“W”) high-efficiency polycrystalline solar PV modules, also known as Virtus II modules. A few days back, the company agreed to provide 300 W high-efficiency Virtus II 72-cell polycrystalline solar modules to Strata Solar. Strata Solar will utilize the modules in five 6.5 MW solar farms in North Carolina.
These contracts reaffirm the company’s position as a technology-oriented and high-efficiency PV product provider.
Apart from ReneSola, we note that there are other solar companies in the space with a flurry of such contracts. In January this year, JA Solar Holdings Co. Ltd. (JASO - Analyst Report) has completed the supply of 9.5 MW of PV modules for Volkswagen Solar Park, located in the vicinity of the Volkswagen manufacturing plant at Chattanooga, Tennessee. JA Solar delivered 33,600 high-performance multi-crystalline silicon PV modules that are spread across 33 acres of land.
Based in Jiashan, the People’s Republic of China, ReneSola is a leading global manufacturer of high-efficiency solar PV modules and wafers. The company has constantly fine-tuned, diversified and enlarged its product mix. Moreover, the company focuses on capitalizing 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. The company presently retains a short-term Zacks Rank #2 (Buy).
Other stocks worth considering are Canadian Solar Inc. (CSIQ - Analyst Report) and STR Holdings, Inc. (STRI - Snapshot Report), both with a Zacks Rank #2 (Buy).