Manufacturer and seller of solar power products ReneSola Ltd. SOL announced that it sold two of its utility scale projects in Japan. The projects are located in Tochigi Prefecture, with capacity of 920 kilowatt (“kW”) and 590 kW, respectively, and both are qualified for Japan's 32 Yen FiT scheme.

Earlier, in Sep 2015, the company sold its first 300 KW low voltage project in Japan. The project was purchased by a local firm with the intention of utilizing it for the capitalization of tax incentives for investments made in small-scale renewable projects (read: ReneSola Sells 300KW Project, Its First in Japan).

ReneSola is gradually shifting to downstream operations and scaling back its module business. The company is also expanding its footprint in the Asian, African and European markets to offset the slowdown in U.S. orders. ReneSola generates considerable portion of its sales from the UK. The company sold 71 MW of project in the UK and has another 75 MW that are expected to be completed and connected by the beginning of 2016.

As of third-quarter 2015, ReneSola had closed the sale of 35 MW of projects, including 33.7 MW in the UK, 0.9 MW in Japan. In Japan, the company currently has 31MW of projects in the pipeline. Japan could be next big destination for all solar power product producers as it has an objective to add nearly 100GW of solar power by 2030.

In Oct 2015, Canadian Solar Inc. CSIQ entered into an agreement with Mashiki Town and Kumamoto Prefecture to build a 47-megawatt peak (“MWp”) solar plant. The Mashiki plant is scheduled to begin commercial operations in early 2017 (read: Canadian Solar to Build its Largest Solar Plant in Japan).

Beside Japan, India and China have also planned to add 100 GW of solar power in their respective electricity fleet by 2022 and 2020, respectively. Apart from ReneSola, the Zacks Rank#1 (Strong Buy) stock, other solar players like JA Solar Holdings Co., Ltd. JASO and JinkoSolar Holding Co., Ltd. JKS are also expected to gain from the surge in demand for solar products from these Asian countries.  

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>