ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar photovoltaic ("PV") modules and wafers, today announced it has agreed to provide more than 108,000 of its 300 watt ("W") high-efficiency Virtus II 72-cell polycrystalline solar modules to Strata Solar, LLC ("Strata Solar"), one of the top solar developers and EPCs in the United States, for use in five 6.5-megawatt ("MW") solar farms in North Carolina.
"ReneSola has a firm grip on its material supply chain and excellent visibility into the availability of silicon for its wafers, cells and other key module components," said Markus Wilhelm, chief executive officer of Strata Solar. "We selected ReneSola for its competitive price per watt, high-efficiency solar modules and reliable delivery schedules. Moreover, we prefer ReneSola's ability to increase module efficiencies and improve temperature coefficients through its proprietary wafer technology, as opposed to the less economical route of trying to achieve such milestones on the cell side."
"We recognize Strata Solar has many choices when selecting module suppliers," said Mr. Xianshou Li, chief executive officer of ReneSola. "Being able to meet the expectations and strict due diligence requirements of firms such as Strata Solar demonstrates the quality and performance of our products, as well as our leadership in the marketplace. We're thrilled to provide Strata Solar with our high-quality modules for this multiple array utility scale project. This project shows the confidence investors and banks have in the ability of both our firms to deliver cost-effective solutions with tremendous staying power."
According to the terms of the contract, ReneSola will deliver its solar modules to Strata Solar project sites in June and July of this year. The five 6.5 MW solar farms will utilize 21,677 ReneSola modules each.