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SOL to Supply Virtus II in South Korea

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ReneSola Ltd. (SOL - Free Report) has entered into an agreement under which it has provided a South Korean non-profit organization, COMMUNITY INTEREST COMPANY (HI CITY CIC), with 45 kilowatts ("kW") of Virtus II 250-watt modules and its mounting system solution for a carport and rooftop pilot PV project in Incheon, South Korea. This deal marks the company’s first shipment to South Korea.

Per the deal, the company will provide HI CITY CIC with its mounting system solution as well as 40 kW of Virtus II modules on the carport and 5 kW of Virtus II modules on the rooftop of buildings in Incheon. ReneSola also has an option to supply added solar modules to HI CITY CIC for use in other power system projects for the Incheon government.

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’s 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 U.S., Germany, Italy, Belgium, China, Greece, Spain and Australia.

The company is a leading global manufacturer of high-efficiency solar PV modules and wafers. ReneSola has been lately busy expanding its international footprint. Recently, ReneSola 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 PV product supplier. The latest deal also testifies to the company’s efforts in South Korea marking its first shipment to the country.

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. (JASO - Free Report) , Trina Solar Ltd. and LDK Solar Co. Ltd. are also making the most of the favorable market dynamics.

Recently, JinkoSolar Holdings supplied high-efficient solar PV modules for the first private solar park in India. The modules have a total electric generation capacity of 25.8 MW. LDK Solar clinched a large-scale contract for the delivery of 63 MW of PV modules to Thailand's premier developer of PV projects, EA Solar Nakornsawan Co., Ltd in April.

Chinese solar product manufacturers are currently facing the brunt of anti-dumping duties being imposed in the U.S. This was reflected in the financial performance of Chinese solar companies. ReneSola in the first quarter of 2013 reported loss per American Depositary Share (ADS) of 45 cents per share, wider than the Zacks Consensus Estimate of a loss of 39 cents per ADS.

ReneSola presently retains a short-term Zacks Rank #4 (Sell).

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