Company Update (NYSE:SOL): ReneSola Ltd. (ADR) to Develop 22.5 MW of Utility-Scale Solar Projects in Japan
ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy efficient products, today announced that it has acquired the total project development rights for 22.5 MW of ground-mounted, utility-scale solar projects in Japan.
The projects, most of which are expected to commence production and connect to the grid beginning in late 2015 and early 2016, will primarily utilizeReneSola’s PV modules, specifically the company’s top-rated Virtus II module.
“Japan has established itself as an important market for clean energy products and we are delighted to build on our track record and expand our downstream solar project business into this key developed market,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “We will continue to expand our presence and diversify our portfolio of downstream projects in markets like Japan, which we believe offer attractive growth and monetization opportunities.” (Original Source)
Shares of Renesola are currently trading at 1.33, up $0.02, or 1.86%. SOL has a 1-year high of $3.62 and a 1-year low of $1.20. The stock’s 50-day moving average is $1.42 and its 200-day moving average is $1.47.
On the ratings front, Roth Capital analyst Philip Shen reiterated a Hold rating on SOL, with a price target of $1.30, in a report issued on June 3. The current price target represents a slight downside potential from current levels. According to TipRanks.com, Shen has a total average return of -11.5%, a 29.0% success rate, and is ranked #3660 out of 3694 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.