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ReneSola Sells Solar Project to Panda Green Energy's Unit

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Solar project developer, ReneSola Ltd. (SOL - Free Report) , announced that it has inked an agreement to sell a solar project in North Carolina to a subsidiary of Panda Green Energy Group Limited, a leading investor and operator in the renewable energy sector.

The ground-mounted modules have a capacity to generate 24 megawatt (MW) of power. This project will utilize ReneSola's Virtus II 320 watt (W) and 325W modules and will sell the entire power produced to a local utility under a 15-year power purchase agreement.

Other Projects of ReneSola

ReneSola continues to benefit from a steady inflow of contracts from both domestic and international clients. As such, the company is taking continuous steps to expand operations both globally and domestically.

Notably, this deal marks ReneSola’s second divestment of a solar project in North Carolina in a span of five months. Earlier during the month of April, the company had entered into an agreement with New York-based Greenbacker Renewable Energy Company, LLC to sell its utility-scale project. (Read more: ReneSola Inks Deal to Sell 6.75MW of Solar Project in NC)

Recently, ReneSola connected two ground-mount projects, with a combined capacity of approximately 10 MW, to the grid located in North Yorkshire and Shropshire, UK.

Peer in News

Last month, First Solar, Inc. (FSLR - Free Report) sold a 40 MW alternative current (ac) Cuyama Solar Project to D. E. Shaw Renewable Investments, L.L.C. (DESRI) affiliate. The project developed by First Solar is located in Santa Barbara County, CA, and currently in its construction phase. (Read more: First Solar Sells 40 MW Solar Project to DESRI Unit)

Price Movement

Shares of ReneSola have advanced 7.5% in last six months compared with the industry’s gain of 34%.

Such underperformance can be attributed to solar industry trends, market volatility and unfavorable changes in supply or demand for solar power products that pose a potential threat to ReneSola’s business.

Zacks Ranks & Peer Picks

ReneSola currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space are JA Solar Holdings, Co., Ltd. and SolarEdge Technologies, Inc. (SEDG - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

JA Solar delivered an average surprise of 716.67% in the trailing four quarters. Its 2017 estimates have risen by 6000% to 61 cents per share in the last 90 days.

SolarEdge delivered an average surprise of 21.72% in the trailing four quarters. Its 2017 estimates have risen by 30.7% to $1.79 per share in the last 90 days.

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