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ReneSola (SOL) Sells 16-MW Solar Projects in Poland to Modus Asset
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ReneSola Ltd (SOL - Free Report) recently sold a 16-MW portfolio of solar parks in Poland to Modus Asset Management, a renewable energy investment company that invests in the Polish solar market. The portfolio comprises 16 projects equipped with bifacial solar panels, which has been awarded a 15-year contract-for-difference support mechanism in Poland.
Solar Power Prospects in Poland
The solar market is still at a nascent stage in Poland, where coal currently accounts for around 75% of electricity generation. Interestingly, Poland is increasingly becoming a solar hotspot in Europe, with the nation witnessing rapid and significant developments in its solar market in recent times. Notably, the country deployed approximately 916 MW of new solar PV capacity for the first seven months of 2020, and is well poised to install around 2.5 GW PV capacity by the end of 2020 compared to the installed PV capacity of 1.3 GW in 2019.
Per a report by the Polish Ministry of Climate, a 1.7 GW of solar capacity is expected to be assigned in renewable auctions in Poland in 2021.
Notably, such projections and developments increase ReneSola’s probability of constructing and selling more solar projects in the country, which in turn, should boost its profitability. The company also remains confident of a supportive regulatory and financing environment, which will enable ReneSola to expand its footprint in Poland over the next several years, with the latest divestment being one of the initiatives directed toward that.
Project Monetization
With the rapidly expanding solar market across the globe, monetization of projects is significantly favoring solar players and boosting their top-line performance. To this end, we notice that ReneSola has been rapidly expanding its business in overseas markets like Canada, Spain, Poland, Hungary, France, Vietnam and Turkey. Also, the solar project developer is actively pursuing opportunities in new markets that include South Korea and India.
Apart from the latest project sale in Poland, ReneSola sold its 4.3-MW community solar portfolio to Atmosclear Investments, comprising 1,509 residential rooftop projects, in November 2020. Earlier, in June, the company sold its 10.4-MW community solar portfolio to Nautilus Solar Energy. Such deals are likely to improve ReneSola’s profitability through the monetization of projects.
Another solar company following a similar strategy is Canadian Solar (CSIQ - Free Report) , which completed the sale of the Suffield solar project in September to BluEarth Renewables.
Price Performance
ReneSola’s shares have gained 243.6% in the past three months compared with the industry’s growth of 37.9%.
SunPower delivered positive earnings surprise of 49.23%, on average, in the last four quarters. The company boasts a solid long-term earnings growth rate of 34.5%.
Azure Power Global delivered positive earnings surprise of 71.15%, on average, in the last four quarters. The Zacks Consensus Estimate for fourth-quarter earnings has risen 100% to 8 cents in the past 60 days.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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ReneSola (SOL) Sells 16-MW Solar Projects in Poland to Modus Asset
ReneSola Ltd (SOL - Free Report) recently sold a 16-MW portfolio of solar parks in Poland to Modus Asset Management, a renewable energy investment company that invests in the Polish solar market. The portfolio comprises 16 projects equipped with bifacial solar panels, which has been awarded a 15-year contract-for-difference support mechanism in Poland.
Solar Power Prospects in Poland
The solar market is still at a nascent stage in Poland, where coal currently accounts for around 75% of electricity generation. Interestingly, Poland is increasingly becoming a solar hotspot in Europe, with the nation witnessing rapid and significant developments in its solar market in recent times. Notably, the country deployed approximately 916 MW of new solar PV capacity for the first seven months of 2020, and is well poised to install around 2.5 GW PV capacity by the end of 2020 compared to the installed PV capacity of 1.3 GW in 2019.
Per a report by the Polish Ministry of Climate, a 1.7 GW of solar capacity is expected to be assigned in renewable auctions in Poland in 2021.
Notably, such projections and developments increase ReneSola’s probability of constructing and selling more solar projects in the country, which in turn, should boost its profitability. The company also remains confident of a supportive regulatory and financing environment, which will enable ReneSola to expand its footprint in Poland over the next several years, with the latest divestment being one of the initiatives directed toward that.
Project Monetization
With the rapidly expanding solar market across the globe, monetization of projects is significantly favoring solar players and boosting their top-line performance. To this end, we notice that ReneSola has been rapidly expanding its business in overseas markets like Canada, Spain, Poland, Hungary, France, Vietnam and Turkey. Also, the solar project developer is actively pursuing opportunities in new markets that include South Korea and India.
Apart from the latest project sale in Poland, ReneSola sold its 4.3-MW community solar portfolio to Atmosclear Investments, comprising 1,509 residential rooftop projects, in November 2020. Earlier, in June, the company sold its 10.4-MW community solar portfolio to Nautilus Solar Energy. Such deals are likely to improve ReneSola’s profitability through the monetization of projects.
Another solar company following a similar strategy is Canadian Solar (CSIQ - Free Report) , which completed the sale of the Suffield solar project in September to BluEarth Renewables.
Price Performance
ReneSola’s shares have gained 243.6% in the past three months compared with the industry’s growth of 37.9%.
Zacks Rank & Other Key Picks
ReneSola currently holds a Zacks Rank #2 (Buy). A couple of other top-ranked stocks in the same industry are SunPower Corporation (SPWR - Free Report) and Azure Power Global Ltd. , each carrying a Zacks Rank #2 You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SunPower delivered positive earnings surprise of 49.23%, on average, in the last four quarters. The company boasts a solid long-term earnings growth rate of 34.5%.
Azure Power Global delivered positive earnings surprise of 71.15%, on average, in the last four quarters. The Zacks Consensus Estimate for fourth-quarter earnings has risen 100% to 8 cents in the past 60 days.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>