ReneSola Ltd. (SOL) announced that it has supplied 1 megawatt (“MW”) of its 305 watt (“W”) Virtus II photovoltaic ("PV") modules to Hecate Energy. Hecate Energy will utilize these modules at its project in Georgia.
Hecate Energy provides planning, construction and other operational services for power projects. The company has expertise in solar and wind power projects, natural gas plants, and energy storage services.
Virtus II polycrystalline modules have high module conversion competence and are a unique combination of high quality and efficiency. These modules carry a mechanical load capacity of up to 5400 Pascal and abide by the existing International Electro Technical Commission certifications and Underwriters Laboratories listings.
Jiashan, the Peoples Republic of China-based ReneSola is a leading global manufacturer of high-efficiency solar PV modules and wafers. The company continues to upgrade its existing products while adding new ones to its portfolio. The company’s high-conversion efficiency modules help to develop energy-efficient infrastructure in a cost-effective manner with higher output generating capacity.
These positives enable ReneSola to maintain a strong foothold in the U.S. solar market. Despite the implementation of countervailing duties and anti-dumping duties on Chinese solar products by the U.S. government, the company is continuously winning contracts in the U.S.
Recently, the company inked a deal with OCI Solar Power, a solar PV project developer, to provide over 178,000 PV modules. OCI Solar Power will utilize the modules at its two upcoming 53.5 MW projects – Alamo II based in San Antonio and the Texas development project.
The demand for renewable energy is gradually rising mainly due to a greater awareness among the masses regarding its benefits; thereby influencing utility providers to shift to clean energy from traditional sources.
As solar is a major alternate energy resource, several Chinese solar product manufacturers are currently expanding their overseas operations to capitalize on the aforesaid opportunity.
We appreciate ReneSola steady effort towards upgrading its existing modules, which will enable to capture the growing solar market in the Middle East and Asia. Recently, the company has signed an agreement with a Pakistan-based company to provide micro-inverters, string inverters and mounting products. These initiatives will help the company to get more orders, thereby securing a stable revenue stream going forward.
ReneSola currently has a Zacks Rank #3 (Hold). Solar module manufacturers which are worth considering include Enphase Energy, Inc. (ENPH), First Solar, Inc. (FSLR) and Trina Solar Limited (TSL), each with a Zacks Rank #2 (Buy).
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