ReneSola (SOL) to Develop 13.3MW Community Solar Portfolio
ReneSola Ltd SOL plans to develop 13.3 Megawatt (MW) community solar portfolio, which will be acquired by Nautilus Solar Energy, LLC. This will be the company’s second solar project to be acquired by Nautilus Solar. This community solar portfolio also qualified under Xcel Energy's XEL rapidly expanding community solar program in Minnesota and will supply clean energy to the customers.
Early-stage development capital was provided by Nautilus Solar. The company will be responsible for long-term asset management services and maintenance of the projects. Its minority shareholder, Virgo Investment Group, will be the owner of the projects. The programs are expected to be complete by the end of 2018 and will be online by the first quarter of 2019.
International Business
ReneSola is an international leading brand of solar project developer and operator. Though the company is based in China and has large scope in the domestic market, it is expanding business in the international markets like Canada, India, Poland, Hungary, France, Spain, Turkey, South Korea, New York and New Jersey.
As of Jun 30, 2018, the company had a project pipeline of more than 1.51 Gigawatt (GW), of which 670.2 MW are late-stage.
Scope in United States
The United States is a large and robust market for ReneSola. The company has nearly 285.5 MW of late-stage projects, of which approximately 69.3 MW is community solar in different states like Minnesota and New York
Per an Energy Information Administration (EIA) report, net energy generation from solar in United States surged 69.6% to 1,165 thousand MW in the past three years. EIA expects solar generation to rise 24% from 2017 to 2018 and 10% in 2019.
Price Performance
In six months’ time, ReneSola’s shares have lost 12.4% compared with the industry’s 15.1% decline.
Zacks Rank & Key Picks
ReneSola has a Zacks Rank #3 (Hold). Some better-ranked stocks in the same sector are Northern Oil and Gas, Inc NOG and Alliance Resource Partners, L.P. ARLP.
Northern Oil and Gas, with a Zacks Rank #2 (Buy), has an average earnings surprise of 138.54% in the past four quarters. The Zacks Consensus Estimate for 2018 earnings moved up 40.5% in the past 60 days.
Alliance Resource Partners sports a Zacks Rank #1 (Strong Buy) and reported an earnings surprise of 1.59% in the last reported quarter. The Zacks Consensus Estimate for 2018 earnings moved up 8.1% in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
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