ReneSola Ltd (SOL) has agreed to provide 300 watt ("W") 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.
More than 108,000 ReneSola modules will be utilized in the five solar farms with each farm using 21,677 modules approximately. The solar modules will be delivered in Jun and Jul 2013.
The 300W Virtus II 72-cell polycrystalline solar modules featuring high module conversion efficiencies carry a mechanical load capability of up to 5400 Pascal. Moreover, these modules are easy to handle and can be installed on various applications. Also, these modules abide by existing International Electro Technical Commission certifications and Underwriters Laboratories listings.
Strata Solar LLC is a leading provider of complete solar energy systems and installations in the U.S. It provides a full array of engineering, procurement and construction services. Strata Solar is trying to bring in solar projects to North Carolina. To this end, in Feb 2013, it also entered into a partnership with Canadian Solar Inc. (CSIQ) for the development of utility-scale solar power projects in the state.
China-based ReneSola manufactures and sells solar wafers and related products. The company enjoys a geographically-diversified customer base. Besides having excellent reach for silicon that is required for its wafers, cells and other key module components, the company has a solid hold on its supply chain.
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. Therefore, its competitive price per watt, high-efficiency solar modules and reliable delivery schedules attract customers.
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).
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