A leading global manufacturer of solar photovoltaic ("PV") modules and wafers ReneSola Ltd. (SOL - Analyst Report) has supplied 10 MW of its 245 Watt (“W”) and 250 W multi crystalline solar modules to saferay GmbH ("saferay").
Located near Schwarzheide in Brandenburg, Germany, saferay GmbH is a leading large-scale PV power plant installer. ReneSola is engaged in delivering 10 MW of its 245 W and 250 W multi crystalline high-quality solar modules directly to saferay for use in a new PV power plant.
Saferay is also a leader in the field of efficient and fast installations of large-scale photovoltaic power plants. Saferay realizes and finances plants primarily for its own asset base. The company has experience from over 350 MW installed PV capacity. It utilizes solar modules of various solar companies for using in its new PV power plant. In November 2011, Canadian Solar Inc. (CSIQ - Analyst Report) had delivered its solar modules to saferay for an 8.5 MW power plant located in Lindenhof near Neubrandenburg in the German state of Mecklenburg-Vorpommern. The photovoltaic system used 36,000 CS6P-P solar modules manufactured and supplied by Canadian Solar.
Moreover, ReneSola Ltd. continues to supply its new range of quality PV panels. Recently, it announced that it will supply its 245 watt and 250 W Virtus modules to Segen Ltd ("Segen").
ReneSola is a leading global manufacturer of high-efficiency solar PV modules and wafers. Leveraging its proprietary technologies, economies of scale and technical expertise, ReneSola uses in-house virgin polysilicon and a vertically integrated business model to provide customers with high-quality, cost-competitive products. ReneSola solar PV modules can be found in projects ranging in size from a few kilowatts to multi-megawatts in markets around the world, including the United States, Germany, Italy, Belgium, Greece, Spain, China and Australia.
ReneSola Ltd. enjoys a geographically-diversified customer base. The company’s focus is on improving its operating efficiencies, generating material cost savings through its vertically-integrated production structure and introduction of innovative products like the power conserving microinverter Replus.
However, the company’s significant presence in the solar module original equipment manufacturing (“OEM”) market will be hurt by Europe’s challenging financing environment. Also, we are concerned due to the tepid demand for solar products in Europe, rising competition, credit risk from its customers, oversupply of solar wafer & modules in the market, and the company’s high research and development expenses.
The company presently retains a short-term Zacks #2 Rank (Buy). We have a long-term Neutral recommendation on the stock.