Stock Update (NYSE:SOL): ReneSola Ltd. (ADR) Signs 30MW Solar Module Sales Agreement
ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy efficient products, today announced it has agreed to provide Cofely Solar Technics, a major player in energy efficiency, with 30 megawatts (“MW”) of solar modules, which will be used in a ground-mounted, utility-scale project in Nottinghamshire in the UK.
Under the terms of the agreement, ReneSola’s contracted OEMs will deliver 30MW of the Company’s high-efficiency 260w Virtus II solar modules produced inPoland for the project between July and September of this year.
“The UK continues to serve as an important market for ReneSola, be it for our self-developed downstream projects or for our solar module supply contracts with buyer partners like Cofely Solar Technics who have their own projects within the country,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “Regardless of the end-market, our Virtus II modules remain in high demand for their consistent quality and efficiency. We are pleased to enter into this 30MW supply agreement and look forward to future opportunities for collaboration.” (Original Source)
Shares of Renesola closed last Friday at $1.30. 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 $1.40 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 -13.4%, a 26.0% success rate, and is ranked #3684 out of 3712 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.