Renesola (SOL) Secures 26MW Solar Project Deal in Poland
Renesola Ltd. SOL recently
announced that it was awarded 26 solar utility projects in Poland,
with a capacity of 1 megawatt (MW) each.
All the 26 projects are under Poland's Contract for Difference
(CFD) regime and are eligible for a 15-year guaranteed tariff of
PLN 354.8-358.8 per megawatt hour (MWh), which is close to the
highest auction price of PLN 364.9/MWh.
Renesola’s Outlook
As of Sep 30, the company had a 783-MW pipeline of total late-stage
projects, of which 71.5 MW, 236 MW, 42.6 MW, 41 MW and 16.6 MW is
located in France, India, Hungary, Poland and Canada, respectively.
Notably, the United States continues to be a large and robust
market for ReneSola.
As of the same date, the company had 347 MW shovel-ready stage
projects in the United States, of which 24 MW are currently under
construction. Also, it has various small utility projects in Utah,
Texas, Florida, Arizona, Colorado and
ReneSola boasts a global pipeline of approximately 1.65 GW of
projects in various stages.
Growing Solar Demand
Per the latest release from the U.S. Energy Information
Administration (EIA), solar generation in the United States will
rise 26.4% to 268,000-megawatt hour per day (MWh/d) in 2018 and
further increase 13.1% to 303,000 MWh/d in 2019 from 212,000 MWh/d
in 2017. The above projection from EIA indicates a massive addition
of solar generation in the electricity production mix.
Solar Energy source has been gaining momentum globally. Per
International Energy Agency (IEA), the power generation via solar
witnessed record growth of 34% in 2017. Also, the IEA anticipates
average annual growth of solar power generation of nearly 17%
between 2017 and 2030 time frame.
SunPower Corporation SPWR is one of the most forward-integrated
solar companies, which is fortifying its footprint in the global
market, with plans to build six solar projects across many regions
in Mexico.
Other solar companies like Canadian Solar CSIQ, which currently has
multiple late-stage utility-scale solar power projects under
construction, are also solidifying their foothold in the global
solar space. Another company in the same arena, JinkoSolar Holding
Co. JKS, also boasts multiple global solar projects in its
pipeline.
Price Performance
Shares of Renesola have underperformed its industry over a month.
The stock has only inched up 14.5% compared with 15.6% growth of
its industry.
Zacks Rank
Currently, Renesola has a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy)
stocks here.
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