ReneSola Enters Consortium to Build 30MW Solar Plant in France
ReneSola Ltd SOL recently participated in a France-based consortium along with a leading power consulting company and a recognized leader in project crowdfunding. The consortium will develop an estimated 30 megawatt (MW) large-scale ground-mounted solar power plant in the town of Aups, situated in south of France.
The plant is expected to produce electricity of 46 gigawatt per hour (GWh) and supply it to approximately 10,000 households per year.
Solar Prospects in France
France is rapidly adopting renewable energy as the preferred source of energy for electricity generation. Per a report by Economic Times, in April 2020, France’s ecology minister cleared nearly 300 wind and solar power projects with total installed capacity of about 1.7 gigawatts.
This reflects the growing scope for solar in thenation, which must have ledReneSola to enter into the aforementioned consortium. With ReneSola already enjoying a well-established position in the European solar market, this consortium will allow the company to further boost its sales from Europe.
Global Solar Boom: ReneSola & Others
Per a report by Fortune Business Insights, global solar power market size is projected to reach 4766.8 MW in 2026 from 2019, exhibiting CAGR of 30.7%.
To reap the benefits of this expanding global solar market, ReneSola and other solar players are making every possible effort, which is expected to boost their profit.
During 2019, ReneSola connected about 60 MW of projects. Going ahead, it aims incremental project pipeline in its core markets to reach 1GW by the end of 2020.
In 2019, JinkoSolar JKS reported record high solar module shipment of 14.3 GW. For 2020, it projects total solar module shipments of 18-20 GW, indicating an improvement of approximately 35%.
Given the growing demand for solar modules, First Solar FSLR expects to increase its nameplate Series 6 manufacturing capacity to 6 GW by 2020 and 8 GW by year-end 2021.
Another solar player, SunPower SPWR won awards worth more than $500 million in 2019 and acquired bookings worth 26 megawatts in the fourth quarter. Such contract wins ensure future revenue growth.
Price Performance & Zacks Rank
In a year’s time, shares of ReneSola have gained 0.8% compared with the industry’s increase of 33.1%.
ReneSola currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Renesola Ltd. (SOL) : Free Stock Analysis Report
JinkoSolar Holding Company Limited (JKS) : Free Stock Analysis Report
First Solar, Inc. (FSLR) : Free Stock Analysis Report
SunPower Corporation (SPWR) : Free Stock Analysis Report
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