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ReneSola (SOL) Wins Contracts for Two Solar Projects in US
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ReneSola Ltd (SOL - Free Report) recently announced that it has earned 20-year Index Renewable Energy Credit (“REC”) contracts involving two of its solar projects in New York and Illinois, respectively. This, in turn, further strengthens ReneSola’s presence in the United States and enables the company to capitalize on the growing solar market of the two regions to curtail climate crisis effects.
Details of the Contract
On Jun 2, 2022, SOL’s 22-megawatt (MW) Roosevelt solar project in Massena, NY was picked by the New York State Energy Research and Development Authority as part of its endeavor to achieve 70% renewable-based energy by 2030 and zero emissions by 2040. Also, this project is one of the 22 projects that New York seeks to add to achieve its ambitious renewable target.
Meanwhile, on May 12, 2022, ReneSola’s 20 MW utility-scale solar project in Wilmington, IL was awarded a 20-year Index REC contract as Illinois aims to double its investment in renewable energy to reach 40% renewable-based energy by 2030 and 50% by 2040.
Such contract wins are likely to enhance ReneSola’s footprint in the U.S. solar market and assist the company in duly meeting its 3 gigawatts (GW) of a mid-to-late-stage pipeline target by end of 2022 and 5 GW by 2024.
U.S. Solar Outlook
Solar capacity additions in the United States are likely to go up by leaps and bounds due to the Biden-led government’s increased focus on making the environment carbon free and reducing dependence on fossil fuels.
In this context, per the latest short-term energy outlook report from the U.S. Energy Information Administration, solar capacity additions to the electric power sector will be 20 GW for 2022 and 22 GW for 2023, while the small-scale solar capacity is expected to grow to 39 GW by the end of 2022 and 46 GW in 2023.
Against this backdrop, we may safely conclude that the underlying strength in the U.S. solar market is likely to benefit major solar companies operating in the region. To this end, SOL and other solar companies that can enjoy the perks of the expanding U.S. solar market are:
Enphase Energy (ENPH - Free Report) : It enjoys a strong position in the global solar space as a leading U.S. manufacturer of microinverters and fully integrated solar-plus-storage solutions. In the fourth quarter of 2021, Enphase Energy introduced its IQ8 family of microinverters to residential installers in North America and expects to introduce the same internationally in the second half of 2022.
The Zacks Consensus Estimate for Enphase Energy’s 2022 sales implies a growth rate of 49.9% from the prior-year reported figure. ENPH shares have returned 22.8% in the past year.
Canadian Solar(CSIQ - Free Report) : It has a strong pipeline of projects and carries out various acquisitions and strategies to further consolidate its position. In May 2022, Canadian Solar completed the construction of a 100 MW renewable solar power plant near Ruleville in the Mississippi Delta. The Sunflower Solar Station is the largest solar installation in Mississippi and provides enough energy to power 16,000 homes.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates an improvement of 41.2% from the prior-year reported figure. CSIQ shares have returned 25.8% in the past month.
First Solar (FSLR - Free Report) currently operates many of the world’s largest grid-connected photovoltaic (PV) power plants. In May 2022, First Solar signed an agreement with Scout Clean Energy, a renewable energy developer and owner-operator headquartered in Boulder, CO, to supply 378 MW DC of advanced, responsibly produced thin-film PV solar modules.
First Solar’s long-term earnings growth rate is pegged at 13.2%. Shares of FSLR have rallied 0.6% in the past month.
Price Movement
In the past month, shares of ReneSola have rallied 10.1% compared with the industry’s rise of 27.6%.
Image: Shutterstock
ReneSola (SOL) Wins Contracts for Two Solar Projects in US
ReneSola Ltd (SOL - Free Report) recently announced that it has earned 20-year Index Renewable Energy Credit (“REC”) contracts involving two of its solar projects in New York and Illinois, respectively. This, in turn, further strengthens ReneSola’s presence in the United States and enables the company to capitalize on the growing solar market of the two regions to curtail climate crisis effects.
Details of the Contract
On Jun 2, 2022, SOL’s 22-megawatt (MW) Roosevelt solar project in Massena, NY was picked by the New York State Energy Research and Development Authority as part of its endeavor to achieve 70% renewable-based energy by 2030 and zero emissions by 2040. Also, this project is one of the 22 projects that New York seeks to add to achieve its ambitious renewable target.
Meanwhile, on May 12, 2022, ReneSola’s 20 MW utility-scale solar project in Wilmington, IL was awarded a 20-year Index REC contract as Illinois aims to double its investment in renewable energy to reach 40% renewable-based energy by 2030 and 50% by 2040.
Such contract wins are likely to enhance ReneSola’s footprint in the U.S. solar market and assist the company in duly meeting its 3 gigawatts (GW) of a mid-to-late-stage pipeline target by end of 2022 and 5 GW by 2024.
U.S. Solar Outlook
Solar capacity additions in the United States are likely to go up by leaps and bounds due to the Biden-led government’s increased focus on making the environment carbon free and reducing dependence on fossil fuels.
In this context, per the latest short-term energy outlook report from the U.S. Energy Information Administration, solar capacity additions to the electric power sector will be 20 GW for 2022 and 22 GW for 2023, while the small-scale solar capacity is expected to grow to 39 GW by the end of 2022 and 46 GW in 2023.
Against this backdrop, we may safely conclude that the underlying strength in the U.S. solar market is likely to benefit major solar companies operating in the region. To this end, SOL and other solar companies that can enjoy the perks of the expanding U.S. solar market are:
Enphase Energy (ENPH - Free Report) : It enjoys a strong position in the global solar space as a leading U.S. manufacturer of microinverters and fully integrated solar-plus-storage solutions. In the fourth quarter of 2021, Enphase Energy introduced its IQ8 family of microinverters to residential installers in North America and expects to introduce the same internationally in the second half of 2022.
The Zacks Consensus Estimate for Enphase Energy’s 2022 sales implies a growth rate of 49.9% from the prior-year reported figure. ENPH shares have returned 22.8% in the past year.
Canadian Solar(CSIQ - Free Report) : It has a strong pipeline of projects and carries out various acquisitions and strategies to further consolidate its position. In May 2022, Canadian Solar completed the construction of a 100 MW renewable solar power plant near Ruleville in the Mississippi Delta. The Sunflower Solar Station is the largest solar installation in Mississippi and provides enough energy to power 16,000 homes.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates an improvement of 41.2% from the prior-year reported figure. CSIQ shares have returned 25.8% in the past month.
First Solar (FSLR - Free Report) currently operates many of the world’s largest grid-connected photovoltaic (PV) power plants. In May 2022, First Solar signed an agreement with Scout Clean Energy, a renewable energy developer and owner-operator headquartered in Boulder, CO, to supply 378 MW DC of advanced, responsibly produced thin-film PV solar modules.
First Solar’s long-term earnings growth rate is pegged at 13.2%. Shares of FSLR have rallied 0.6% in the past month.
Price Movement
In the past month, shares of ReneSola have rallied 10.1% compared with the industry’s rise of 27.6%.
Image Source: Zacks Investment Research
Zacks Rank
ReneSola currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.