ReneSola Ltd (SOL Quick QuoteSOL - Free Report) recently announced the receipt of environmental approval for its 12 megawatts (MW) solar plant located in the municipality of Caravaca in the region of Murcia, Southern Spain. It represents the most advanced project in ReneSola Power’s 350 MW worth pipeline of projects at different development stages in Spain.

 

The company has opened a sales and business development office in Madridin a bid to expand its presence in Spain.This is insync with its strategy to broaden its sales network andcustomer service capabilities in the region. 

 

This project,construction anticipated to commence in early 2022, is likely to strengthen ReneSola’s project development capabilities in the European solar market.

The solar market in Spain is improving as indicated by the data released by SolarPower Europe. Evidently, 2.6 gigawatts (GW) of solar power have been installed in this country last year.

  

Following the introduction of the National Energy and Climate Plan for 2021-2030, Spain’s government is aiming to increase the renewable share to 42% by 2030 and eventually 100% by 2050.

 

This is likely to provide a boost to the solar market in Spain. According to a report from Mordor Intelligence, the Spain solar market is projected to witness a CAGR of 10% over the period of 2020-2025.

 

No doubt, such growth projectionsindicate ample opportunities for prominent solar players like ReneSola to capitalize on. The latest solar plant project by ReneSola is a testament to that.

Considering the aforementioned discussion, it is imperative to mention that not only Spain but the solar market is booming across the entire European Union (EU). As per a Solar Power Europe report, the EU could witness solar power installations of 22.4 GW in 2021, 27.4 GW in 2022, and 30.8 GW in 2023, thus bringing the total installed capacity to 253 GW.

 

Such growth prospects bode well for solar companies to expand their footprint in the region. Prior to the aforementioned project, ReneSola through a joint venture called European Solar Energy Development JV announced its first batch of solar projects in Europe. With a combined capacity of 200 MW, the project takes the company one step closer to its goal of building 700 MW of solar projects over the span of three years in Europe. Spain is one of the targeted regions in the project.

Other solar players are also expanding their footprint in the rapidly growing solar market of Europe.

 

For instance, in July 2021, Canadian Solar (CSIQ Quick QuoteCSIQ - Free Report) signed a 10-year power purchase agreement with Centrica Energy Trading A/S for two solar power projects totaling 12 MW-peak in Italy. The projects are expected to start construction before the end of 2021.

 

Earlier in September 2020, Enphase Energy (ENPH Quick QuoteENPH - Free Report) entered into strategic partnerships with three solar distribution companies in Belgium and the Netherlands to distribute the Enphase IQ 7 family of microinverters to residential installers, across both these nations.

 

In the same month, First Solar's (FSLR Quick QuoteFSLR - Free Report) advanced Series 6 photovoltaic (PV) solar modules were chosen by JP Energie Environnement (JPee) to power its 59-MW DC Labarde solar power plant, the largest urban photovoltaic power plant in France.

In the past one year, shares of ReneSola have soared 111.3%% compared with the industry’s growth of 21.2%.

 

ReneSola currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.