ReneSola Ltd. (SOL - Free Report) has provided 31.7 megawatt (“MW”) of solar modules for an Isolux Corsan Servicios project in the U.K.
Isolux Corsan has expertise in engineering, procurement and construction ("EPC") projects for solar photovoltaic (“PV”) plants and is considered as a benchmark in the field of concessions, energy, construction and industrial services.
ReneSola has supplied Isolux Corsan with 9.7 MW of Virtus I modules and 22 MW of Virtus II modules for the project located in Suffolk, England. The project utilizing ReneSola modules was connected to the grid in Dec 2013.
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.
Jiashan, the Peoples Republic of China-based ReneSola is a leading global manufacturer of high-efficiency solar PV modules and wafers. The latest shipment to the U.K. enhanced its market share in the region and positioned it as the top supplier in the country’s budding solar market.
As solar is regarded as a major alternate energy resource, several Chinese solar product manufacturers are currently expanding their overseas operations to capitalize on the aforesaid opportunity. ReneSola continued to grow its module business while focusing more on the geographic diversification of its sales. This has resulted in record shipments in the third quarter of 2013 and guidance beating revenues.
Although ReneSola booked a wider loss during the quarter, its net revenue surged 92.2% year over year, supported by increased shipments. During the third quarter, total solar wafer and module shipments were 851.0 MW, up 59.8% year over year and 0.2% sequentially. Its module shipments were 462.9 MW, up a considerable 219% year over year and 6.6% sequentially.
The company expects fourth quarter 2013 total module shipments to be between 490 MW and 510 MW, with overall gross margin in the range of 9% to 11%. Full-year 2013 solar wafer and module shipments are forecast between 3.0 gigawatts (GW) and 3.1 GW, with solar module shipments of 1.7 GW to 1.75 GW.
Again, China is anticipated to install up to 15 GW of solar power in 2014 which will give a fillip to ReneSola’s momentum. The government’s policy of refunding 50% of the value-added tax for sales occurring from Oct 2013 through Dec 2015 to local solar manufacturers helped trigger the rising demand trend.
ReneSola presently carries a short-term Zacks Rank #4 (Sell). Some better-ranked solar players include Zacks Ranked #1 (Strong Buy) JinkoSolar Holding Co. Ltd. (JKS - Free Report) and First Solar Inc. (FSLR - Free Report) , and Zacks Ranked #2 (Buy) SolarCity Corporation .