| ReneSola (SOL) Sells 16.5MW UK Project to Foresight Group | |
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ReneSola Limited SOL sold its 16.5-megawatt (“MW”) UK-based Membury utility scale project to Foresight Solar Fund Limited.
The project utilizes ReneSola's Virtus II modules. It was connected to the grid in Mar 2015 and is qualified for the UK’s 1.4 Renewable Obligation Certificate (“ROC”) scheme.
This marks ReneSola’s third project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager. Its previous transactions include the sale of the 34.6-MW Port Farm project to Foresight in Aug 2015 and the 6.4-MW Field House project in Jul 2015 to other funds managed by Foresight.
The Membury project was the last part of an initial pipeline of 71 MW of projects that the company had developed in the UK.
ReneSola generates a considerable portion of its sales from the UK. During the second quarter of 2015, it added 28 MW to its UK project pipeline, all of which is expected to be connected to the grid by Mar 2016.
The company is gradually transitioning toward downstream development and servicing from original equipment manufacturing. Monetization of the Membury project is part of this transition.
In order to reduce carbon emissions as well as to ensure energy security, renewables are increasingly being used for power generation worldwide. Responding to growing demand for large-scale solar plants, ReneSola has been scaling back its global OEM capacity from the beginning of 2015 to concentrate more on downstream projects.
The company is of the view that with a deep pipeline of quality downstream projects of over 500 MW, it will be on track with its downstream strategy, and be able to generate cash flow and profitability in 2016 and further.
ReneSola’s strategic shift of operations is also evident from its joint venture with Pristine Sun during the second quarter. The new venture, Baynergy, will develop, construct and operate more than 300 MW of solar projects in the U.S. Baynergy will bring into operation 150 MW of solar projects by the end of 2016. The joint venture will benefit from the U.S. downstream projects of a potential 25 GW capacity in the next five years. Baynergy is expected to yield strong returns for investors of both the companies and step up its efforts to promote the use of renewable energy in local communities.
Zacks Rank
ReneSola currently has a Zacks Rank #1 (Strong Buy). JA Solar Holdings Co. Ltd. JASO, SolarEdge Technologies, Inc. SEDG and Trina Solar Limited TSL are other favorably placed stocks in the alternate energy space. While JA Solar and SolarEdge share the same rank as ReneSola, Trina Solar carries Zacks Rank #2 (Buy).
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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 JA SOLAR HOLDGS (JASO): Free Stock Analysis Report TRINA SOLAR LTD (TSL): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report SOLAREDGE TECH (SEDG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Trina Solar Ltd.
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CODE : TSL |
ISIN : US89628E1047 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Trina Solar is based in China. Trina Solar is listed in United States of America. Its market capitalisation is US$ 4.4 billions as of today (US$ 4.3 billions, € 3.9 billions). Its stock quote reached its highest recent level on April 22, 2016 at US$ 9.99, and its lowest recent point on January 16, 2018 at US$ 0.01. Trina Solar has 449 180 000 shares outstanding. |