Renesola (SOL) Shares Lost About 25% Over The Week, But Added 317% So Far This Year
Integrated solar power systems provider ReneSola Ltd (SOL) sold projects in the UK, which on November 27 was the catalyst of a 33.1% share rise to $7.48 in trading. But most of the gain so achieved has been leveled over the past 5 sessions losing -25.47 percent to close the session at $5.91 on Monday.
ReneSola has sold its portfolio of projects to Atmosclear Investments Ltd, a European solar direct investment company. 1,509 solar panel projects with a total capacity of 4.3 MW on the roofs of residential buildings in Scotland were part of the assets sold. The ventures have been active since 2015 and have thus become part of the strategic sales that ReneSola carries out on a regular basis.
ReneSola has regional teams in more than 10 countries and in some markets. In terms of generation volume, the organization is one of the pioneers in many countries and regions including Hungary, Poland, and Minnesota and New York in the United States. In regions where green energy demand occurs, ReneSola generates high-yield ventures and later sells them at a profit.
The company is unprofitable and still tiny, with annual revenue still not touching $150 million. At the same time, ReneSola is working in a promising direction, providing facilities for the installation and maintenance of solar power plants, residential building generation systems and street lighting systems that are energy efficient.
ReneSola has big projects, such as the 34.6 MW power plants at UK Port Farms and 16.5 MW power plants at Membury. ReneSola is preparing to install more than 1 GW of solar power plants at the end of 2020. The biggest portfolio of the company is in the United States, followed by those in France and Hungary.
ReneSola Ltd (SOL) has market capitalization of about $336 million, while stock price has surged by 317.67 percent since start of the year.
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