Dallas, Texas 02/11/2014 (FINANCIALSTRENDS) – China based solar power equipment manufacturer ReneSola Ltd. (ADR) (NYSE:SOL) announced in the last week of January that it has entered into a binding agreement with global construction giant Isolux Corsan. As per the contract the engineering major which has its operations covering energy, construction and support services will be procuring solar power panels from ReneSola Ltd. (ADR) (NYSE:SOL) to set up and operationalise three stand alone solar power farms in U.K. The three plants in aggregate have a power production capacity of 57 megawatts, for which the Chinese firm will be supplying the requisite number of Virtus PV modules. Each module of PV will have power generation output capacity of 250 W. The project has already been kick started with the delivery of the solar panels by ReneSola Ltd. (ADR) (NYSE:SOL) and the parks are expected to start delivery of power to the grid by March of 2014.
Commenting on the tie up, ReneSola Ltd. (ADR) (NYSE:SOL) chief executive officer) Mr. Xianshou Li has been quoted to have said that, “We are proud to deepen our relationship with Isolux Corsan. This collaboration follows our successful partnership with Isolux Corsan regarding another UK solar project at the end of last year, and will help us solidify our local market share.”
The firm also believes that the successful completion of this project will help it build long-lasting customer relationships with energy players from across the solar industry. ReneSola Ltd. (ADR) (NYSE:SOL) has also disclosed that the panels which will go into the commissioning of these power parks in U.K will get manufactured by its OEM partners located in Poland and India. This approach signals a laser sharp execution of firms stated goal of expanding its market presence in these select markets to further its future growth plans. The company has a market cap of $302 million.