Dallas, Texas 04/16/2014 (FINANCIALSTRENDS) – ReneSola Ltd. (ADR) (NYSE:SOL) too was part of the leading solar stocks which have been dropping prices on the stock market. With the exception of Trina solar, which was the lone marginal gainer, at the end of trading session on Tuesday, all other leading solar stock saw slow movement forward. With LDK Solar Co. reporting prices drop of over 6.45%, it remained a spot higher than SOL’s 6.55% drop.
However, other leading solar stock, such as Suntech Power Holding, Yingli Green Energy reported drop in stock prices varying between 2.96% and 0.50%, with Jinkosolar Holding showing the least drop of 0.46%.
Solar caution in china
ReneSola Ltd. (ADR) (NYSE:SOL) and others are currently in the red, largely due to a cautious sentiment expressed by investors.
ReneSola Ltd. (ADR) (NYSE:SOL) is now under higher pressure as industry leader Trina Solar has announced first quarter shipment cuts and guidance too for the next quarter being not as encouraging.
Throughout 2013, the solar market in China has boomed, quickly outwitting industry leader Germany. Besides one of the largest solar power companies in the world – Canadian Solar – too has begun to swing into profit with the loss making
ReneSola Ltd. (ADR) (NYSE:SOL) intends to gain despite the lukewarm solar module in the first quarter, because of the ongoing emphasis on increased carbon emissions, climate change as well as environmental causes.
As solar players cut back on the first quarter outlook, players are decidedly affected. Additionally, Chinese government has increased an overall installation capacity – from the earlier 12 GW to the new 14GW requirement for 2014.
In the recent years, the increased emphasis on sustainable energy forms – such as power generation, where wind and water too are harnessed to produce energy has been gaining high currency.
ReneSola Ltd. (ADR) (NYSE:SOL) with its Chinese origins will be a key player in the new solar energy plan which the Chinese government has proposed.