Company Update (NYSE:SOL): ReneSola Ltd. (ADR) Sells 300 KW Project in Japan
ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy-efficient products, today announced that it has sold its 300 KW low voltage project in Kyoto, Japan to a local firm that intends to utilize the project to capitalize on tax incentives for investments made in small-scale renewable energy projects.
“The Kyoto project is our first project sale in Japan and continues our momentum as we expand our business across key developed markets within the downstream segment of the solar industry,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “The project sale is representative of our long-term strategy to build a portfolio of small-sized ground or commercial rooftop projects that we can sell to retail and institutional investors with attractive pricing and favorable payment terms. We have more than 32 MW in our Japan project pipeline and are implementing similar strategies that are focusing on small ground and commercial rooftop projects in other developed markets including the UK, France and the US.” (Original Source)
Shares of Renesola LTD closed last Friday at $0.95. SOL has a 1-year high of $3.45 and a 1-year low of $0.94. The stock’s 50-day moving average is $1.24 and its 200-day moving average is $1.44.
On the ratings front, Renesola has been the subject of a number of recent research reports. In a report issued on August 26, Roth Capital analyst Philip Shen reiterated a Hold rating on SOL, with a price target of $1.16, which represents a potential upside of 22.1% from where the stock is currently trading. Separately, on August 5, Cowen’s Jeff Osborne upgraded the stock to Buy .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Jeff Osborne have a total average return of -15.2% and -10.4% respectively. Shen has a success rate of 22.8% and is ranked #3740 out of 3765 analysts, while Osborne has a success rate of 40.4% and is ranked #3619.
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.