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ReneSola Sells 10.4-MW Solar Portfolio to Nautilus Solar
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ReneSola Ltd (SOL - Free Report) recently sold its 10.4-MW community solar portfolio to Nautilus Solar Energy, an owner and operator of utility-scale and distributed solar energy projects. The sites are expected to be operational by the first quarter of 2021.
Details of the Solar Portfolio Deal
The community solar portfolio comprises eight single-axis tracker solar installations, each commonly referred to as a solar garden. The projects are located in counties across the southern half of Minnesota and are expected to power more than 1,450 homes.
Per the deal terms, ReneSola will be responsible for securing the subscribers, in addition to developing the projects.
Furthermore, solar energy generated by these projects will directly benefit commercial and residential off-takers situated within Xcel Energy's (XEL - Free Report) service territory by providing energy cost savings while also advancing Minnesota's 10% solar energy goal by 2030.
What Favors Renesola?
Per a report by Solar Energy Industries Association (SEIA), the U.S. community solar market is expected to add as much as 3.4 gigawatts of solar power in 2020-2024, enough to power around 650,000 homes. To this end, ReneSola continues to anticipate the solar market in the United States to be an appropriate space for its expansion and has aggressively established its presence in this nation.
Interestingly, the recent solar portfolio deal is the fourth transaction between ReneSola and Nautilus in the last three years. As community solar remains an attractive market for ReneSola in the United States, it remains confident on again collaborating with Nautilus in the future.
On the global view front, ReneSola has been expanding its business in overseas markets like Canada, Spain, Poland, Hungary, France, Vietnam and Turkey. Also, this solar project developer is actively pursuing opportunities in new markets that include South Korea and India. Considering growth potential in the global solar market, expansion of ReneSola’s project portfolio internationally will likely improve profitability through the monetization of projects.
Price Performance
Shares of ReneSola have increased 11.1% in the past month compared to the industry’s growth of 11%.
Two similar-ranked stocks in the same sector are Canadian Solar Inc. (CSIQ - Free Report) and Enphase Energy, Inc. (ENPH - Free Report) .
Canadian Solar surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing on the other one, with average positive earnings surprise of 79.89%. The company boasts a solid long-term earnings growth rate of 32%.
Enphase Energy surpassed the Zacks Consensus Estimate in the trailing four quarters, with average positive earnings surprise of 23.85%. The year-over-year growth estimate for 2020 currently stands at 7.37%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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ReneSola Sells 10.4-MW Solar Portfolio to Nautilus Solar
ReneSola Ltd (SOL - Free Report) recently sold its 10.4-MW community solar portfolio to Nautilus Solar Energy, an owner and operator of utility-scale and distributed solar energy projects. The sites are expected to be operational by the first quarter of 2021.
Details of the Solar Portfolio Deal
The community solar portfolio comprises eight single-axis tracker solar installations, each commonly referred to as a solar garden. The projects are located in counties across the southern half of Minnesota and are expected to power more than 1,450 homes.
Per the deal terms, ReneSola will be responsible for securing the subscribers, in addition to developing the projects.
Furthermore, solar energy generated by these projects will directly benefit commercial and residential off-takers situated within Xcel Energy's (XEL - Free Report) service territory by providing energy cost savings while also advancing Minnesota's 10% solar energy goal by 2030.
What Favors Renesola?
Per a report by Solar Energy Industries Association (SEIA), the U.S. community solar market is expected to add as much as 3.4 gigawatts of solar power in 2020-2024, enough to power around 650,000 homes. To this end, ReneSola continues to anticipate the solar market in the United States to be an appropriate space for its expansion and has aggressively established its presence in this nation.
Interestingly, the recent solar portfolio deal is the fourth transaction between ReneSola and Nautilus in the last three years. As community solar remains an attractive market for ReneSola in the United States, it remains confident on again collaborating with Nautilus in the future.
On the global view front, ReneSola has been expanding its business in overseas markets like Canada, Spain, Poland, Hungary, France, Vietnam and Turkey. Also, this solar project developer is actively pursuing opportunities in new markets that include South Korea and India. Considering growth potential in the global solar market, expansion of ReneSola’s project portfolio internationally will likely improve profitability through the monetization of projects.
Price Performance
Shares of ReneSola have increased 11.1% in the past month compared to the industry’s growth of 11%.
Zacks Rank & Other Key Picks
ReneSola currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Two similar-ranked stocks in the same sector are Canadian Solar Inc. (CSIQ - Free Report) and Enphase Energy, Inc. (ENPH - Free Report) .
Canadian Solar surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing on the other one, with average positive earnings surprise of 79.89%. The company boasts a solid long-term earnings growth rate of 32%.
Enphase Energy surpassed the Zacks Consensus Estimate in the trailing four quarters, with average positive earnings surprise of 23.85%. The year-over-year growth estimate for 2020 currently stands at 7.37%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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