Boston, MA 06/05/2014 (wallstreetpr) – Manufacturer of solar wafers and solar power products ReneSola Ltd. (ADR) (NYSE:SOL) announced that it has finalized orders of its Virtus II PV modules, which provides high efficiency, with GeoPeak Energy. The order announcement comes in the wake of the U.S. government slapping anti-dumping tariff against Chinese solar energy components.
Finalization of Order
ReneSola Ltd. (ADR) (NYSE:SOL) disclosed that it will deliver close to 200K PV modules of its Virtus II to the solar developer and EPC leader GeoPeak Energy. The order assumes significance since it will not have any modules of either Chinese or Taiwanese cells. The order will be fulfilled from its original equipment manufacturing (OEM) factory.
ReneSola said that the latest order illustrates its commitment towards the market in the U.S. and its mindset to amend itself quickly to the changing dynamisms of the market, as a result, of its OEM strategy.
ReneSola Ltd. (ADR) (NYSE:SOL) indicated that the schedule of delivery will commence in August, and the New Jersey manufacturing facility will be used as part of a ground-mounted solar project. The delivery will comprise a mix of its 295 watt, and 300 watt, and PV modules of 600 volt high-efficiency polysilicon Virtus II. The company expects project construction to be completed early in the fourth quarter.
Management Speaks
ReneSola America President Kevin Chen said that during the last three years, it has been positioned as a significant player in the PV market in North America. Its latest order is an indication of its readiness to take early call to not only keep its price competitive, but also leverage its global OEM network.
ReneSola Ltd. (ADR) (NYSE:SOL) believes that this could turn out be a key differentiator between itself and its rivals. This is because only on June 4, the U.S. Department of Commerce has slapped anti-dumping tariff for the PV solar products, which are imported, and assembled in China with components sourced from a third country.
