Shawshank, VA 7/13/12 (StreetBeat) – ReneSola Ltd (NYSE: SOL) announces an increase to its full year 2012 shipment outlook and enters an exclusive distribution agreement to provide 100 megawatts of its high-efficiency Virtus modules to Big Solar S.A. Under the terms, ReneSola will ship its modules in the coming 12 months directly to Big Solar.
ReneSola is trading up 12% at $1.53 after this deal with Big Solar, the biggest Greek stockholder and distributor in the field of photovoltaic systems for electricity production through solar energy.
Mr. Xianshou Li, ReneSola's chief executive officer, said, "We are pleased to be expanding our relationship with BIG SOLAR. This deal reflects not only our strong position in key solar markets like Greece, but also our continued push in global sales. 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."
Mr. Ionnnis Bitros, BIG SOLAR's president, commented, "Our companies have successfully worked together since the beginning of 2011 and our efforts will be strongly reinforced by this exclusive agreement. Through BIG SOLAR, ReneSola is poised to become the leader of the Greek photovoltaic modules market, and we anticipate a long and mutually beneficial partnership for years to come."
The revision in the company’s shipment guidance includes estimates of its total solar wafer and module shipments to be close to 1 GW in the 1st half of 2012. For the full year, SOL expects these shipments to range from 2.2 GW to 2.4 GW, compare to the previously guided range of 1.8 GW to 2.0 GW.
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