Chinese module manufacturer ReneSola has opened new warehouse and office facilities in Canada and Mexico as the company looks to completely serve the entire North and Central American PV market.
Following a successfully active period serving the U.S. market, ReneSola has ramped up its presence in that nations neighboring countries as it looks to capitalize on growing solar demand in the region.
Mexico is proving particularly attractive to the company, thanks largely to the countrys ambitious target of producing 35% of its energy from renewable sources by 2024. In 2012, that figure was a mere 4%, but the appetite for solar PV in Mexico is strong, with analysts expecting the market to surge to 240 MW at the end of this year, growing from 60 MW at the end of 2013.
In Canada, opportunities to develop a solar footprint have been boosted by Ontarios recent decision to scrap domestic content requirements in the third phase of its feed-in tariff (FIT) program a move that will mean Canadas most dynamic solar region is open for more foreign influence than previously.
ReneSolas new Canadian office will be located in Mississauga, Ontario. "With this office, we can provide enhanced solutions to optimize support for our Canadian customer base of distributors and installers," said ReneSolas president of Americas, Kevin Chen.
Speaking of both Mexico and Canada, Chen added: "These new offices will allow ReneSola to better serve our local customer base with a centrally located, easy-access hub. Furthermore, the expansive facilities offer fast freight processing and state-of-the-art security."
The Mexico offices and warehouse facilities will be located in the capital, Mexico City. Earlier this year, ReneSola made similar strides in both the U.K. and Japan, partnering with local Japanese semiconductor specialists Vitec Co. to produce solar panels in Japan, and utilizing its Polish warehouse to supply modules to U.K. projects.
The companys Q3 financial results, published last week, revealed that shipments of its wafers and modules fell on both a quarterly and annual basis, but that its gross margins had increased by 15.3% on the back of increased shipments in the higher-cost European market, with the U.K.s current solar strength once again providing a welcome boost to revenue.