ReneSola Ltd (SOL - Free Report) has agreed to provide 10 megawatts ("MW") of Virtus II modules to a Japan-based leading electronics company, Vitec Co., Ltd. The deal further reinforces ReneSola’s brand image as a high-efficiency and cost-effective photovoltaic (“PV”) product supplier.
The agreement calls for ReneSola to supply solar modules with a capacity ranging from 0.6 MW to 2.4 MW across Japan. Vitec sells semiconductor and electronic components and also provides energy and environmental consulting services for major solar projects.
ReneSola is a leading global manufacturer of high-efficiency solar PV modules and wafers. The company introduced the high-efficiency second-generation Virtus II wafers which utilize a new in-house proprietary Virtus A++ manufacturing process, alleviating the need for crystalline seeds. The Virtus II modules’ use of the Virtus A++ manufacturing process produces high-efficiency Virtus A++ wafers with lower light-induced degradation and lower processing cost.
ReneSola has been lately busy expanding its international footprint. Its Japanese unit began operations in October last year in order to generate revenues and drive business across the country. The latest deal testifies to the company’s efforts in Japan.
Since the introduction of Virtus II in February this year at PV EXPO Japan, the product has been well accepted by the country and received Japan Electrical and Environment Technology Laboratories or JET certification.
The company expects more shipments to Japan in the second half of 2013. Japan would soon turn out to be ReneSola’s third largest market following Europe and the U.S.
ReneSola’s recent deal to supply 43.6 MW of solar modules to Enerparc AG also underscores its international focus. 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 and LDK Solar Co. Ltd. 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 PV projects, EA Solar Nakornsawan Co., Ltd. Per the contract, 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.
ReneSola presently retains a short-term Zacks Rank #3 (Hold).