ReneSola (SOL) announced it’s signed a 5 year loan agreement with China Construction Bank to fund the construction of ReneSola’s polysilicon production facility in Meishan, Sichuan.
“We are pleased to announce that we’ve secured additional financing for our Sichuan polysilicon manufacturing facility,” said Charles Bai, ReneSola’s chief financial officer. “The agreement, combined with previously acquired financing, provides ReneSola with approximately 90% of the capital necessary to fund the project to completion. Our ability to secure … Read the rest
ReneSola and BP Solar have signed a supply agreement with each other. Under the contract, ReneSola will provide 120 MW of monocrystalline and multicrystalline solar wafers in 2009. BP will then provide ReneSola with 700 metric tons of polysilicon.
ReneSola’s CEO, Mr. Xianshou Li, commented on the significance of the deal:
”This contract demonstrates our continuing efforts to strengthen ties with existing global customers and expand our international business beyond Asia.”–PV Tech
I’m back from vacationing in Troncones, Mexico and looking forward to bringing you the latest in alternative and renewable energy stocks in the coming year! Thanks for all the comments from visitors in the 6 months since this site was launched. . my goal is to continue to push forward and make GreenStocksCentral.com the #1 source for breaking news and tracking of green stocks with an increasing number of analysis coming in 2009.
According to StreetInsider.com, Piper Jaffray is out cutting estimates on the solar sector due to poor visibility. Piper analyst Jesse Pichel lowered industry estimates for the 1st half of 09 and downgraded their rating of Canadian Solar (CSIQ) to Sell and ReneSola (SOL) to Neutral due to low order visibility for Q1 in Germany and zero visibility in other markets but expects some recovery in late spring, early summer but only if credit markets … Read the rest
Shares of ReneSola (SOL) are off nearly 15% in premarket trading after the company reported an EPS for the 3rd quarter of .46/share, which topped estimates of .36/share but the company sees FY08 revs of $640 to 670 vs estimates of $698. In addition, the COO resigned effective Nov 1 to pursue other interests.
“Looking ahead, we are confident the current challenges in the industry are temporary and that the mid- to long-term prospects remain … Read the rest
ReneSola announced that it has secured additional credit lines from two of the largest bank in China, Industrial and Commercial Bank of China and Agricultural Bank of China. This gives ReneSola additional credit of RMB1.06 billion for total available credit lines of RMB2.8 billion.
ReneSola also released an update on its production capacity expansion. The company recently added 90 MW of production capacity for multicrystalline ingot and wafers and 35 MW of capacity production capacity … Read the rest
ReneSola (SOL) has announced that it has secured additional credit lines from two of China’s largest banks to the tune of RMB1.06 billion.
The company is also announcing that it has completed 90 MW of multicrystalline ingot and wafer capacity and an additional 35 MW is on schedule bringing the total annualized monocrystalline ingot and wafer production capacity to 325 MW and the multicrystalline capacity to 250 MW. With the delivery of an additional 70 … Read the rest
24/7WallStreet.com notes that Credit Suisse has lowered price targets on several major solar stocks. Apparently, with the economic downturn, shares just aren’t selling for as much as the used to, and the price targets were adjusted to reflect the new economic reality. According to the article, they may be starting a trend, as we can expect other brokerage firms to start taking similar actions. Here’s a quick rundown of the affected companies:
ReneSola (SOL) posted outstanding results this morning with an EPS of .38, nearly 4x higher than the year ago quarter and 6 cents ahead of analyst estimates. Revenues came in at 173 million, a 289% increase over the year ago quarter and more than 30 million ahead of estimates.
The company sees FY revenues of 640-670, vs prior guidance of 570 – 590 and the analyst estimate of 612.
Jeff from The Option Addict came out with a note showing some short candidates in the Solar Energy space due to their technical weakness. Stocks include CSIQ, LDK, SOL, STP, TAN, WFR, and YGE.… Read the rest
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