ReneSola (SOL) Secures Project Financing Worth $18 Million
Zacks Investment Research | Aug 23, 2017 09:02PM ET
Renesola Ltd. (NYSE:SOL) has successfully secured funding worth $18 million from China Kangfu International Leasing Co., Ltd, an affiliate of State Power Investment Corporation (SPIC). The project funding will aid toward advancing the company’s 30 megawatts (MW) solar generation projects in Henan Province of China.
Other Projects of the Company
ReneSola continues to benefit from a steady flow of contracts from both domestic and international clients. With 335 MW of solar projects currently already under construction, the company has further plans to construct over 550 MW of projects in 2017 worldwide.
The company has the maximum provision for solar project construction in China where it already has solar rooftop projects of over 393 MW. With over 180 MW solar rooftop projects connected in China during the first half of 2017, it has further plans to build plants with a total capacity of 303 MW in the country this year.
Solar Emerging As the Future
The global solar market will touch 85 gigawatts (GW) in 2017, nearly doubling the installed capacity of 2014, per a report from GTM Research. Asian countries like China, India and Japan are aiming to tap the benefits of solar energy to generate electricity in larger volumes in the years to come.
The solar market in the region creates an excellent export opportunity for Chinese module producers like ReneSola, JA Solar Holdings (NASDAQ:JASO) , JinkoSolar Holding Co., Ltd. (NYSE:JKS) and Yingli Green Energy Holding Company Limited (NYSE:YGE) , among others.
Price Movement
Shares of ReneSola have lost 4.2% in last month wider than the Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.