ReneSola Ltd. (SOL) has entered into a contract with S&C Electric Company ("S&C") to provide 250-watt (“W”) high-efficiency polycrystalline solar photovoltaic (“PV”) modules.
The 250W polycrystalline modules also known as Virtus II modules feature a high module conversion efficiency. It is a unique combination of high quality and efficiency. These modules carry a mechanical load capability of up to 5400 Pascal. Also, they abide by existing International Electro Technical Commission certifications and Underwriters Laboratories listings.
Per the contract, ReneSola will supply 7,200 solar PV modules to S&C. Chicago-based S&C Electric Company provides equipment and services for electric power systems. It will utilize these modules for a solar project it plans to build in Roswell, New Mexico this year.
In order to comply with stringent environmental legislations, most energy producers are moving towards a solar landscape. The New Mexico Renewable Portfolio Standard calls for 20% renewable energy by 2020. This project leveraging world class Renesola modules will help the state to achieve this target.
Renesola has a solid hold on its supply chain. Moreover, the company has indicated that it intends to continue its partnership with project developers who are building projects that have special requirements like some specific kind of module and are on a tight schedule. To this end, ReneSola recently agreed to provide 300W high-efficiency Virtus II 72-cell polycrystalline solar modules to Strata Solar, LLC ("Strata Solar"). Strata Solar will utilize the modules in five 6.5-megawatt ("MW") solar farms in North Carolina.
Of late, ReneSola has fine-tuned, diversified and enlarged its product mix. Moreover, the company is also focused on cost reductions by reducing its module and wafer processing costs.
However, the countervailing duties and anti-dumping duties imposed in the U.S. are a matter of concern for Chinese companies like ReneSola, JinkoSolar Holding Co., Ltd. (JKS) and LDK Solar Co., Ltd. (LDK). ReneSola presently retains a short-term Zacks Rank #2 (Buy). STR Holdings, Inc. (STRI) with a Zacks Rank #2 (Buy) may also be considered in the alternative energy space.
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