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What: Shares of ReneSola Ltd. (NYSE:SOL) rose more than 10% early Thursday after the company announced a significant solar module delivery.
So what: Specifically, ReneSola confirmed it has delivered approximately 45,900 high-efficiency modules to Tozzi Sud's 11.7 MW ground-mounted solar project, the Photovoltaic Plant of Ferrara Aranova.
Now what: After noting that the modules were manufactured in the EU by one of its OEM partners -- which means ReneSola was able to receive additional feed-in-tariff payments on the sale -- CEO Xianshoul Li weighed in: "Our reputation for producing high-quality reliable modules was central to our ability to win this deal. We look forward to partnering with Tozzi Sud on additional projects in the future."
This is the latest in a string of wins so far this year, with others notably including both ReneSola's 32 MW deal with Isolux Corsan Servicios for power plants in the U.K., and a massive 420 MW contract with a project developer in Japan. With ReneSola shares currently trading at just 0.25 times last year's sales -- and if it can continue effectively implementing its OEM strategy to win business while keeping risks low -- I think there could be little to prevent ReneSola from rewarding patient investors from here.
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