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ReneSola (SOL) Secures Project Financing Worth $18 Million

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Renesola Ltd. (SOL - Free Report) has successfully secured funding worth $18 million from China Kangfu International Leasing Co., Ltd, an affiliate of State Power Investment Corporation (SPIC). The project funding will aid toward advancing the company’s 30 megawatts (MW) solar generation projects in Henan Province of China.

Other Projects of the Company

ReneSola continues to benefit from a steady flow of contracts from both domestic and international clients. With 335 MW of solar projects currently already under construction, the company has further plans to construct over 550 MW of projects in 2017 worldwide.

The company has the maximum provision for solar project construction in China where it already has solar rooftop projects of over 393 MW. With over 180 MW solar rooftop projects connected in China during the first half of 2017, it has further plans to build plants with a total capacity of 303 MW in the country this year.

Solar Emerging As the Future

The global solar market will touch 85 gigawatts (GW) in 2017, nearly doubling the installed capacity of 2014, per a report from GTM Research. Asian countries like China, India and Japan are aiming to tap the benefits of solar energy to generate electricity in larger volumes in the years to come.

The solar market in the region creates an excellent export opportunity for Chinese module producers like ReneSola, JA Solar Holdings , JinkoSolar Holding Co., Ltd. (JKS - Free Report) and Yingli Green Energy Holding Company Limited , among others.

Price Movement

Shares of ReneSola have lost 4.2% in last month wider than the industry’s decline of 3.4%.

Such underperformance can be attributed to the failure of shifting to higher-margin markets and its exposure to exchange rate fluctuations that might have caused a downward pressure in the company's performance in the last thirty days.

Zacks Rank

ReneSola carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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