Company Update (NYSE:SOL): ReneSola Ltd. (ADR) Announces Sale of Two Projects in Japan
ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy-efficient products, announced that it has sold two projects in Japan. The projects, located in Tochigi Prefecture, are utility scale systems with capacity of 920 kW and 590 kW, respectively, and both are qualified for Japan’s 32 Yen FiT scheme. The transaction was closed this week and the Company has received all proceeds from the sale.
“The sale of the Tochigi projects extends our track record of rapidly developing and monetizing projects in attractive developed markets,” said Mr. Xianshou Li,ReneSola’s chief executive officer. “Japan is one of our focus markets, due to attractive project economics driven by their FiT regime, combined with streamlined development infrastructure. Our project pipeline there is 31 MW, so we expect the region to be a strong source of revenue growth in the years ahead.” (Original Source)
Shares of Renesola closed yesterday at $1.49, up $0.18 or 13.74%. SOL has a 1-year high of $1.97 and a 1-year low of $0.91. The stock’s 50-day moving average is $1.33 and its 200-day moving average is $1.31.
On the ratings front, Roth Capital analyst Philip Shen upgraded SOL to Buy, with a price target of $1.70, in a report released yesterday. The current price target implies an upside of 14.1% from current levels.
According to TipRanks.com, Shen has a total average return of -7.9%, a 32.3% success rate, and is ranked #3507 out of 3645 analysts.
ReneSola Ltd is a manufacturer of solar wafers and producer of solar power products based in China, which are thin sheets of crystalline silicon material made by slicing monocrystalline or multicrystalline ingots.