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ReneSola Ltd. (SOL - Analyst Report) declared that over the last few months it has supplied modules for three community-scale solar power projects in Vermont. AllEarth Renewables, Inc. ("AllEarth Renewables") chose ReneSola for the supply of these modules. The solar tracker manufacturer and a project developer, AllEarth Renewables has installed these projects.
Of the three projects, the first is a solar farm with an electric generation capacity of 150 kilowatt (kW) located in the town of Williston, Vermont. On an annual basis this solar farm will produce more than 210,000 kilowatt hours (kWh) with the help of 25-trackers. Installed on a field behind municipal buildings, the farm will supply the substantial solar power to town offices, police station and fire station.
Located in Bridport, Vermont, the second project also has an electric generation capacity of 150 kW. This farm with the help of 26 AllSun Trackers also has the capacity to produce 210,000 kWh electricity per annum. It will supply solar energy to the Vermont Hard Cider Company, which produces Woodchuck Hard Cider.
The third project is a 35 kW solar installation at New Leaf Organic Farm in Monkton, Vermont. This project will supply solar energy to Stark Mountain Woodworking.
ReneSola is a leading global manufacturer of high-efficiency solar PV modules and wafers. Supplying modules to these high-profile sites is a matter of reputation for the company.
Moreover, the company is busy expanding its international footprint. Last month, ReneSola Ltd. entered into an agreement to supply 43.6 MW of solar modules to Enerparc AG ("Enerparc"). Based in Hamburg, Germany, Enerparc provides solar power plant installation and operation services internationally.
With the increasing need to develop renewable energy in response to stringent environmental regulations, countries worldwide are relying on solar energy for generating electricity. Besides ReneSola, companies like JA Solar Holdings Co., Ltd. , Trina Solar Limited (TSL - Snapshot Report) and LDK Solar Co. Ltd. (LDK - Snapshot Report) are making the most of the favorable market dynamics.
Only last month, LDK Solar clinched a large-scale contract for the delivery of solar modules to Thailand’s premier developer of photovoltaic (“PV’) projects, EA Solar Nakornsawan Co., Ltd. Per the agreement, LDK Solar will supply a total of 63 MW of PV modules to EA Solar and a weekly transport of 6.3 MW starting Aug 2013.
With most of its solar peers in trouble due to an oversupply of solar panels, ReneSola seems to be in a better position with multiple contracts and agreements. Moreover, the company’s geographically-diversified customer base, focus on improving operating efficiencies, generation of material cost savings and introduction of innovative products will act as tailwinds going forward. The company presently retains a short-term Zacks Rank #1 (Strong Buy).