ReneSola ups 2012 shipment guidance

In contradiction with many solar companies’ 2012 guidance, ReneSola has said that having shipped nearly one GW of photovoltaic wafers and modules in the first half (1H) of 2012, it is upping its full year shipping guidance from between 1.8 to two GW, to 2.2 to 2.4 GW.

CEO, Xianshou Li stated, "We expect to maintain our leadership position in wafer manufacturing while at the same time expanding our module business. We believe our industry expertise, low-cost manufacturing, and strong balance sheet position us well for longer-term growth."

Meanwhile, the Chinese manufacturer has entered into a distribution agreement with Big Solar, a Greek stockholder and distributor of photovoltaic systems. Under the agreement, ReneSola will supply Big Solar with 100 MW worth of its Virtus modules over the next 12 months.

Commenting, Li said, "In the first half of 2012, ReneSola delivered 40 MW of our high-efficiency Virtus modules to Greece, becoming one of the country’s biggest module suppliers. We are also among the top module suppliers in Australia and Belgium, thanks in part to the technology development and commercialization of ReneSola’s high-efficiency Virtus modules, which have an average power generation of 255W."