Company Update (NYSE:SOL): ReneSola Ltd. (ADR) to Supply 20MW of Solar Modules for Utility-Scale Projects in Germany
ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy efficient products, today announced it has agreed to provide 20 megawatts (“MW”) of solar modules to an international leading EPC company in Europe. The modules will be used in several utility-scale projects in Germany.
Under the terms of the agreement, ReneSola’s contracted OEMs will deliver 20MW of the Company’s high-efficiency Virtus II solar modules for the projects between July and August of this year.
“We are delighted to provide our high-quality modules for these projects in Germany, a developed market that has long been a leading source of demand and a destination for renewable energy alternatives,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “Clients in both developed and emerging solar markets continue to turn to ReneSola because of our track record for delivering quality products, integrated service and support, and our global brand equity.” (Original Source)
Shares of Renesola closed yesterday at $1.36. 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 $1.41 and its 200-day moving average is $1.46.
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 -11.4%, a 28.0% success rate, and is ranked #3673 out of 3707 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.