ReneSola signs 81.5 MW of module supply deals in China

Share

ReneSola has announced today the finalization of two solar module supply deals in China worth a combined shipment total of 81.5 MW.

The Tier-1 Chinese solar company will ship its 305 W, 310 W and 315 W modules to TBEA Xinjiang Sunoasis in volumes that collectively amount to 56.5 MW of panels.

A second agreement – comprising the delivering of 25 MW of ReneSola’s 265 W Virtus II modules – was struck with China Foma Group, which is building a large-scale solar farm in the Gansu Province of the country.

Shipment of both deals is expected to be completed by the end of next month, ReneSola confirmed in a press statement.

Recent movements in the market have seen ReneSola offload some the solar projects it has developed, including the recent sale of 9.7 MW of solar assets in Bulgaria. Company CEO Xianshou Li said at the time that the sale represented "another milestone in our strategic transformation into a leading downstream player".

Full year 2015 financial results published in March revealed that ReneSola’s downstream sales last year reached 72.8 MW – a figure that is expected to grow significantly in 2016 as the company pivots to downstream development in an attempt to salve the 18% revenue losses recorded last year.

However, these latest supply deal is a reminder that the Chinese module manufacturer is still among the top ten players in the world for PV panel production.