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Renesola (SOL) Secures 26MW Solar Project Deal in Poland

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Renesola Ltd. (SOL - Free Report) recently announced that it was awarded 26 solar utility projects in Poland, with a capacity of 1 megawatt (MW) each.

All the 26 projects are under Poland's Contract for Difference (CFD) regime and are eligible for a 15-year guaranteed tariff of PLN 354.8-358.8 per megawatt hour (MWh), which is close to the highest auction price of PLN 364.9/MWh.

Renesola’s Outlook

As of Sep 30, the company had a 783-MW pipeline of total late-stage projects, of which 71.5 MW, 236 MW, 42.6 MW, 41 MW and 16.6 MW is located in France, India, Hungary, Poland and Canada, respectively. Notably, the United States continues to be a large and robust market for ReneSola.

As of the same date, the company had 347 MW shovel-ready stage projects in the United States, of which 24 MW are currently under construction. Also, it has various small utility projects in Utah, Texas, Florida, Arizona, Colorado and
 
ReneSola boasts a global pipeline of approximately 1.65 GW of projects in various stages.

Growing Solar Demand

Per the latest release from the U.S. Energy Information Administration (EIA), solar generation in the United States will rise 26.4% to 268,000-megawatt hour per day (MWh/d) in 2018 and further increase 13.1% to 303,000 MWh/d in 2019 from 212,000 MWh/d in 2017. The above projection from EIA indicates a massive addition of solar generation in the electricity production mix.

Solar Energy source has been gaining momentum globally. Per International Energy Agency (IEA), the power generation via solar witnessed record growth of 34% in 2017. Also, the IEA anticipates average annual growth of solar power generation of nearly 17% between 2017 and 2030 time frame.

SunPower Corporation (SPWR - Free Report) is one of the most forward-integrated solar companies, which is fortifying its footprint in the global market, with plans to build six solar projects across many regions in Mexico.

Other solar companies like Canadian Solar (CSIQ - Free Report) , which currently has multiple late-stage utility-scale solar power projects under construction, are also solidifying their foothold in the global solar space. Another company in the same arena, JinkoSolar Holding Co. (JKS - Free Report) , also boasts multiple global solar projects in its pipeline.

Price Performance

Shares of Renesola have underperformed its industry over a month. The stock has only inched up 14.5% compared with 15.6% growth of its industry.

 


Zacks Rank

Currently, Renesola has 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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