ReneSola just announced that it has share purchase agreement to acquire Dynamic Green Energy. Dynamic Green owns Jiawei Solarchina Co and other subsidiaries, owns production facilities for solar ingots and PV modules and also assists other solar manufacturers with original equipment manufacturing. Under the agreement, ReneSola will gain ownership of all of Dynamic Energy’s shares in exchange for the following: 26,787,210 shiny new ordinary shares of ReneSola and a $10 million convertible promissory note.
Not sure how I missed this earlier today.. I may need to make the coffee a bit stronger tomorrow morning. Renesola (SOL) announced it has signed a letter of intent with Taiyangshan Development Zone in Wuzhong city to develop a 150MW on-grid solar project. The project is still subject to a feasibility study and government approval but I can’t image that’s going to be a problem. The deal is a big one with a budget … Read the rest
Goldman Sachs is out giving Renesola (SOL) shares a boost by upgrading the stock from Neutral to Buy and adding it to its conviction buy list. Goldman likes Renesola’s cost structure and its exposure to the BRIC countries which the firm believes will be a source of big growth. Shares of SOL are trading up about 15% in premarket.
Surprisingly, Credit Suisse is out upgrading Renesola (SOL) from Neutral to Outperform despite a tough quarter for the company. Piper Jaffray is downgrading SOL from Neutral to Underweight and lowering the price target from $6 to $4.50.
Hat tip to StreetInsider for the following analyst comment from Piper:
“We believe Renesola is making the right moves by vertically integrating downstream to cells/modules. Failure to integrate downstream, in our opinion, would result in anemic margin and … Read the rest
ReneSola (SOL) reported a narrower than expected Q2 loss of $0.03, beating estimates by .03/share but came up short on the revenue side, posting $82.6 million vs. the consensus of $90.23 million (and more than a 50% plunge over the year ago quarter). On the bright side, it appears the company is doing a good job of cutting costs and increasing efficiencies.
“The second quarter of 2009 marked an historic quarter in ReneSola’s evolution as … Read the rest
Yesterday, Renesola (SOL) got a bit of a pop higher on news it has signed letters of intent for 505MW in government solar contracts. The first is a potential deal with the Yancheng city government for a 500MW on grid solar project consisting of mainly ground mounted systems and 10MW of rooftop installations to be built over the course of six years. The second deal is a 5MW rooftop solar project with the Panzhihua … Read the rest
Renesola (SOL) has announced that the first trial run has been completed at its shiny new plant in China’s Sichuan province. This is the first phase of a two phase, 3000 MT annualized capacity plant which uses the Siemens process and a closed loop to produce the polysilicon. Phase 2 is expected to reach mechanical completion in September.
“The launch of our in-house polysilicon manufacturing facility represents another exciting strategic milestone for ReneSola,” commented … Read the rest
Along with its earnings announcement this morning, ReneSola (SOL) also announced the acquisition of JC Solar for RMB 118 million. JC Solar is an established solar cell and module manufacturer with about 300 employees and annual cell production capacity of 25MW and annual module production capacity of 50MW. It posted an unaudited net profit of RMB 69 million last year. The move is a first step towards downstream integration for ReneSola and gets the company … Read the rest
ReneSola (SOL) missed on both EPS and revenue consensus estimates and the stock is taking a bit of a hit as a result, off about 8% and testing the 50 day moving average. The company reported an earnings per ADS of .04/share, just below estimates of .06 while revenues came in shy of expectations at $107 million vs estimates of $113 million. As we saw with Suntech, the company is doing a good job of … Read the rest
ReneSola (SOL) has received approval to begin a 5MW building integrated PV (BIPV) rooftop project in China’s Zhejiang province which will provide solar energy across five government buildings across 80K square meters. It should be noted that the project is subject to final approval by the Chinese Ministries Finance & Housing and Urban-Rural Development, although that shouldn’t be a problem given China’s ambitious solar plans. The project will be financed with a government subsidy program … Read the rest
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