Solar photovoltaic (PV) product manufacturer ReneSola Ltd. (SOL) has provided 45,900 units of solar modules to Italian company Tozzi Sud S.p.A. (“Tozzi Sud”). Each solar module has a power generation capacity of 255 watt.
Tozzi Sud is engaged in designing, developing and installing the electric, instrumental, and telecommunication systems. The firm will utilize the solar modules, delivered by Renesola, at a photovoltaic plant of an 11.7-megawatt (MW) ground-mounted solar project called Ferrara Aranova in Italy.
European Union-based original equipment manufacturers (OEMs) have produced ReneSola’s modules, which will enable the company to receive extra feed-in-tariff payments on this transaction.
ReneSola has a strong presence in Europe, winning orders at regular intervals. On Feb 20, 2014, the company announced that it has delivered 13-MW of its Virtus and Virtus II polycrystalline solar modules to a U.K.-based investor of renewable energy developers and projects called Low Carbon.
We note that requirement for renewable resources are gradually improving primarily due to a growing awareness about its advantages. As solar is an important alternate energy resource and easily accessible, the utility providers are slowly diversifying their mode of power generation and moving towards emission free clean energy from fossil fuel.
ReneSola is currently expanding its operations to capitalize on the rapidly growing opportunity, primarily for solar modules and related services. We appreciate the company’s efforts towards keeping its strong foothold in the U.S. while expanding its operations in the European, Asian, African and Middle-East territories. Subsequently, these initiatives will help the company to get more contracts and boost its future cash inflow.
ReneSola currently has a Zacks Rank #3 (Hold). However, some better-ranked stocks in the same industry include Canadian Solar Inc. (CSIQ), JinkoSolar Holding Co., Ltd. (JKS) and Trina Solar Limited (TSL). While Canadian Solar and JinkoSolar carry a Zacks Rank #1 (Strong Buy), Trina Solar holds a Zacks Rank #2 (Buy).
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