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ReneSola Pursues Divestment Strategy, Sells 2 Projects to C2
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ReneSola Ltd. (SOL - Free Report) announced that it has sold two solar projects in Holyoke, MA to New York-based C2 Special Situations Group, LLC ("C2”). Together, the projects will generate 1.3 megawatts (MW) of renewable energy, which will be sold to a local authority under a 20-year power purchase agreement.
These two solar projects were completed during the fourth quarter of 2016 and are eligible for the Massachusetts RPS Solar Carve-Out II Program.
The United States – A Key Market for ReneSola
The U.S. is a major market for ReneSola given the nation’s increasing focus on lowering emission and the government’s endeavor to find a viable alternative for electricity generation.
At present, the company has more than 100 MW of solar projects in its pipeline in the U.S.
Shift in Focus at ReneSola
ReneSola has shifted its focus from manufacturing solar modules to develop fully integrated solar projects. The company is presently working to develop and monetize projects in the more attractive developed markets.
The company has successfully developed and sold solar projects in the UK and Japan. Globally, the company has nearly 448 MW of integrated solar projects in its pipeline.
ReneSola’s global presence, and extensive distribution and sales network will allow it to approach a diverse array of customers for selling its integrated solar projects.
Price Movement
Shares of ReneSola have lost nearly 61% in the last 12 months, while the Zacks categorized Solar industry lost 52.9%.
Current Industry Scenario
The unexpected victory of Donald Trump resulted in uncertainties for the solar industry. Note that the President-elect promised to revive coal, which will definitely hurt the prospects of renewable energy as a whole.
This is evident from the fact that since the results of the Presidential election, shares of First Solar Inc. (FSLR - Free Report) fell nearly 49%, while SunPower Corporation’s stock lost 76.5%.
Sunrun’s earnings surpassed the Zacks Consensus Estimate by 137.2% in the last reported quarter. Its loss estimates for 2017 narrowed to 28 cents from $1.94 over the last 60 days.
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Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>
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ReneSola Pursues Divestment Strategy, Sells 2 Projects to C2
ReneSola Ltd. (SOL - Free Report) announced that it has sold two solar projects in Holyoke, MA to New York-based C2 Special Situations Group, LLC ("C2”). Together, the projects will generate 1.3 megawatts (MW) of renewable energy, which will be sold to a local authority under a 20-year power purchase agreement.
These two solar projects were completed during the fourth quarter of 2016 and are eligible for the Massachusetts RPS Solar Carve-Out II Program.
The United States – A Key Market for ReneSola
The U.S. is a major market for ReneSola given the nation’s increasing focus on lowering emission and the government’s endeavor to find a viable alternative for electricity generation.
At present, the company has more than 100 MW of solar projects in its pipeline in the U.S.
Shift in Focus at ReneSola
ReneSola has shifted its focus from manufacturing solar modules to develop fully integrated solar projects. The company is presently working to develop and monetize projects in the more attractive developed markets.
The company has successfully developed and sold solar projects in the UK and Japan. Globally, the company has nearly 448 MW of integrated solar projects in its pipeline.
ReneSola’s global presence, and extensive distribution and sales network will allow it to approach a diverse array of customers for selling its integrated solar projects.
Price Movement
Shares of ReneSola have lost nearly 61% in the last 12 months, while the Zacks categorized Solar industry lost 52.9%.
Current Industry Scenario
The unexpected victory of Donald Trump resulted in uncertainties for the solar industry. Note that the President-elect promised to revive coal, which will definitely hurt the prospects of renewable energy as a whole.
This is evident from the fact that since the results of the Presidential election, shares of First Solar Inc. (FSLR - Free Report) fell nearly 49%, while SunPower Corporation’s stock lost 76.5%.
Zacks Rank & a Key Pick
ReneSola currently carries a Zacks Rank #5 (Strong Sell). A better-ranked stock in the same space is Sunrun Inc. (RUN - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunrun’s earnings surpassed the Zacks Consensus Estimate by 137.2% in the last reported quarter. Its loss estimates for 2017 narrowed to 28 cents from $1.94 over the last 60 days.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>