ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy-efficient products, today announced that it has formed a partnership with UCK Group, a leading Turkish solar energy solution provider to develop a pipeline of solar power projects in Turkey with a total installed capacity of 116 MW. All of the projects are unlicensed thus qualifying for the Feed-in-Tariff of $134/Mwh.
Under the terms of the partnership agreement, UCK Group’s Berak Enerji will develop and construct the solar power plants, while ReneSola will design the plants and supply high-efficiency solar modules and inverters. With the start of operation, the projects will be transferred into a new joint venture in whichRenesola and UCK Group will each hold 50%. The joint venture intends to own 70 MW of the operating projects by early 2017.
Xianshou Li, ReneSola’s Chief Executive Officer and Atilla Uckardes, Chief Executive Officer of UCK Group said, “We are excited to partner to develop this pipeline of projects in Turkey. This partnership enables both companies to gain traction on the attractive Turkish PV market, while also demonstrating our technology leadership and strong competitive advantages. We look forward to further supporting solar deployment in Turkey with our cost-effective, high quality products.” (Original Source)
Shares of Renesola LTD closed yesterday at $1.2, down $0.05 or -4.00%. SOL has a 1-year high of $1.95 and a 1-year low of $0.91. The stock’s 50-day moving average is $1.34 and its 200-day moving average is $1.43.
On the ratings front, Renesola has been the subject of a number of recent research reports. In a report issued on March 9, Roth Capital analyst Philip Shen reiterated a Hold rating on SOL, with a price target of $1.45, which represents a potential upside of 20.8% from where the stock is currently trading. Separately, on March 8, Credit Suisse’s Patrick Jobin maintained a Sell rating on the stock and has a price target of $1.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Patrick Jobin have a total average return of -17.3% and -15.9% respectively. Shen has a success rate of 25.5% and is ranked #3820 out of 3842 analysts, while Jobin has a success rate of 26.8% and is ranked #3705.
ReneSola Ltd. engages in the manufacture of solar wafers and modules. The company operates through two segments: Wafer Sales and Module Sales. The Wafer sales segment includes the manufacture and sale of monocrystalline and multicrystalline solar wafers and processing services. The Module Sales segment involves in the manufacture and sale of photovoltaic cells and modules. Its solar products include virgin polysilicon, monocrystalline and multicrystalline solar ingots, wafers, photovoltaic cells and modules.