ReneSola Ltd (SOL Quick QuoteSOL - Free Report) announced that it has entered into an agreement with New York-based Greenbacker Renewable Energy Company, LLC to sell its utility-scale project located in North Carolina. 

 

 

The project is powered by ReneSola's Virtus II 315W modules and has an approximate capacity of 6.75 megawatts (MW). The generated power will be sold to the local utility under a 15-year purchase deal. ReneSola considers the U.S. to be an important market and stated that it has about 105 MW of mid-to-late stage pipeline projects in the country.

 

 

In Mar 2017, ReneSola announced its plans to build over 550 MW of solar projects in 2017. The company said that it intends to build plants with a total capacity of 303 MW in China this year. It already has solar rooftop projects of over 393 MW in the country.

 

In Jan 2017, the company sold two of its solar projects in Holyoke, MA (the "Projects") to New York-based C2 Special Situations Group, LLC. The latter is a private investment firm that focuses on investments in the distributed generation sector. These projects offered a potential capacity of approximately 1.3 MW DC which was to be sold to the local utility under a 20-year purchase agreement.

 

In the same month, SunPower Corporation (SPWR Quick QuoteSPWR - Free Report) announced that it has clinched an order to supply 130 megawatts (MW) of its high efficiency E-Series solar panels for installation in France’s large-scale solar power projects. The company plans to manufacture a significant amount of these panels at its facilities in Toulouse, France. (Read more: SunPower to Supply 130MW E-Series Solar Panels to France)

 

 

During 2016, U.S. utility companies installed over 14,800 MW of Solar PV (photovoltaic) to reach 42.4 gigawatts (GW). This is enough to provide electricity to about 8.3 million American Homes. 

 

The industry is well placed to witness a three-fold growth over the next five years, surpassing 100 GW nationwide. Harnessing renewable energy, especially solar power, is expected to lower the emission level while generating electricity.

 

 

In the last one month, ReneSola Ltd’s shares gained 3.3%, as compared to the Zacks categorized Solar Industry’s loss of 4.1%.

 

 

For a viable environmental preservation, more utility companies are tilting towards renewable and clean source of energy. As a result, supplier of green energy products like ReneSola stands to gain a lot in the near future.

 

 

ReneSola currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the same space are 8point3 Energy Partners LP and Sunrun Inc. (RUN Quick QuoteRUN - Free Report) , both carrying a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

 

8point3 Energy Partners’ Zacks Consensus Estimate for 2017 earnings moved up approximately 7% to 91 cents from 85 cents per share in the last 60 days.

 

Sunrun’s Zacks Consensus Estimate for 2017 earnings moved up to 56 cent from a breakeven in the last 60 days.

 

 

If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course. 

 

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