ReneSola Ltd. (SOL) announced that it has entered into a partnership with SolarMax to supply the latter’s solar inverters in Australia. Per the agreement, ReneSola will provide a combination of the SolarMax P-series and MT-series solar inverters and accessories, which are certified to be used in Australia and New Zealand, along with its solar panels to both residential and commercial customers.
Biel/Bienne, Switzerland-based SolarMax is engaged in the production and selling of grid-connected solar inverters. The firm provides inverters to a wide range of customers, starting from single-family home-owners to solar power plants. In addition, it also manufactures solar system monitoring tools. Apart from Switzerland, the firm has a presence in Germany, Italy, the U.K., Chile and the U.S.
The latest collaboration is the second product distribution deal between the two companies. On Jun 9, 2014, ReneSola formed an alliance with SolarMax to sell the inverters in the U.S. The company will install nine SolarMax 18-kilowatt (kW) inverters and its Virtus II 305-watt (W) modules for a 204-kW solar power project at Western Nevada College. The solar system will be able to generate almost 324,000 kilowatt-hour (kWh) annually.
ReneSola has a presence in Australia and is currently expanding its operations down under. During the first quarter of 2014, the company introduced its higher efficiency and longer working life second-generation string inverter in Australia.
Apart from ReneSola, its peers First Solar, Inc. (FSLR) and Enphase Energy, Inc. (ENPH) have significant operations in Australia. In May 2014, First Solar inked an agreement with Rio Tinto and Ingenero to develop the Weipa Solar Photovoltaic Project in Queensland, Australia. In the same month, Enphase Energy signed a partnership with Solar + Solutions, a unit of L&H Group, to distribute its micro-inverter system in Australia through the latter.
Globally, demand for renewable resources is on the rise mainly due to a growing awareness among the masses about its benefits. As solar is an important source of renewable energy, several solar product manufacturers are currently expanding their operations in Asia-Pacific, Africa and the Middle East to capitalize on the rapidly growing opportunity. The solar companies by way of geographical expansion are not only being able to diversify their revenue streams but also reduce country-specific risks.
ReneSola currently has a Zacks Rank #1 (Strong Buy). Another similar ranked stock in the same sector is Canadian Solar Inc. (CSIQ).
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