ReneSola Ltd. (SOL - Free Report) has entered into an agreement with Energy Absolute PCL (Energy Absolute) to supply photovoltaic (PV) modules. Per the contract, the company will provide 63 megawatts (MW) of its Virtus II PV modules to Energy Absolute. This deal is a part of a project in Nakornsawan, Thailand. The delivery will take place between August and October 2013.
Thailand-based Energy Absolute is associated with research, development and production of alternate energies.
Virtus II polycrystalline modules have high module conversion competence 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.
ReneSola has a long-standing relationship with the South-East Asian firms. Recently, the company inked a deal to provide 12 MW of PV modules to a Japan-based commodity trading company, Silicon Bank Co., Ltd. In Jun 2013, ReneSola entered into an agreement to provide 45 kilowatts (kW) of Virtus II 250-watt modules and its mounting system solution to Community Interest Company, a South Korean non-profit organization.
Earlier, Chinese solar product manufacturers generated the major part of their revenues from the U.S. market. Currently, the U.S. government in a move to encourage domestic players levied countervailing duties of 15.24% and anti-dumping duties of 25.96% on Chinese solar products. These anti-dumping measures will likely take a severe toll on Chinese solar power product manufacturers.
Thus, the U.S. solar markets are gradually becoming less lucrative for the Chinese solar module manufacturers. Currently, most of the Chinese players are expanding their footprint in the Asian and European markets.
It is evident from ReneSola’s order book that its solar PV modules are finding its way in projects ranging in size from a few kilowatts to multi-megawatts in markets across the globe, including Japan, Germany, Italy, Belgium, China, Greece, Spain and Australia.
With the increasing need to develop renewable energy globally in response to strict environmental guidelines, the power companies are also relying on solar energy for electricity generation. Apart from ReneSola, other companies like JinkoSolar Holding Co., Ltd. (JKS - Free Report) , Yingli Green Energy Holding Co. Ltd. (YGE - Free Report) and Trina Solar Ltd. are also in the geographical expansion race.
China-based ReneSola is a manufacturer of high-efficiency solar PV modules and wafers. The company currently has a Zacks Rank #2 (Buy).