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ReneSola (SOL) To Develop 8MW Solar Projects in Hungary

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ReneSola Ltd (SOL - Free Report) inked a long-term project financing to develop multiple solar power projects in Hungary. The projects will be financed by one of the largest banking and financial services firms in the country — K&H Bank.

The project consists of 14 individual solar plants, each with a capacity of 0.5 Megawatt (MW) and is licensed with Hungarian feed-in tariff scheme — KAT. Approximately, the projects with a capacity of 8 Megawatts (MW) are expected to be connected with grid from October, 2018.

Scopes in Domestic & International

ReneSola is a China-based manufacturer as well as seller of solar wafers and related products. To expand business and establish presence in the China market, rooftop projects are playing significant role for ReneSola. The company owned more than 193.6 MW of rooftop projects and has more than 27 MW projects under construction in the country.

Not only in domestic, ReneSola is expanding its business in the international markets like Canada, India, Poland, Hungary, France, Spain, Turkey, South Korea and New York. The company currently has 748 MW late-stage projects pipeline globally. In Europe, it has almost 60% projects in pipeline and in the United States it is more than 25%. Such projections, when fulfilled, will improve the company’s revenue growth.

Solar: A Prominent Alternate Energy

The concern about pollution-free environment is accelerating the shift to renewables. Rising demand for carbon-constrained practices and declining cost of alternate energy like solar and wind makes the outlook for the renewable energy industry attractive.

A key area in the renewable industry is solar energy. Per an Energy Information Administration (EIA) report, global renewable energy consumption will increase to 129 quadrillion Btu by 2040.

Price Movement

In three months time, ReneSola’s shares have lost 8.7% compared with the industry’s 12.4% decline.

Zacks Ranks & Key Stocks

ReneSola has a Zacks Rank #3 (Hold). A few better-ranked stocks in the same sector are Eclipse Resources Corporation , Northern Oil and Gas, Inc (NOG - Free Report)     and Denbury Resources Inc (DNR - Free Report) . Eclipse Resources sports a Zacks Rank #1 (Strong Buy). Northern Oil and Gas and Denbury Resource carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Eclipse Resources delivered an average earnings surprise of 183.33% in the past four quarters. The Zacks Consensus Estimate for 2019 earnings moved up 100% in the past 30 days.

Northern Oil and Gas delivered an average earnings surprise of 138.54% in the past four quarters. The Zacks Consensus Estimate for 2018 earnings moved up 13.6% in the past 30 days.

Denbury Resources delivered an average earnings surprise of 162.86% in the past four quarters. The Zacks Consensus Estimate for 2018 earnings moved up 17.5% in the past 30 days.

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