ReneSola Agrees To Supply 63-MW PV Modules To Thailand Company

By AsiaEnergyJournal, July 29th, 2013

ReneSola Ltd. (Jiashan, China) on July 22 said it has agreed to provide its photovoltaic (PV) modules for installation in Nakornsawan, Thailand.

Under the agreement, ReneSola will deliver 63 MW of its Virtus II PV modules to Thailand-based Energy Absolute PCL between August and October of this year.

Financial details of the agreement were not disclosed.

“We have been a leading provider of PV products in Southeast Asia since last year. This contract demonstrates to our customers that our high-efficiency Virtus modules not only meet the requirements of traditional European and American markets, but also are suited for the high temperatures and tropical conditions of Southeast Asia. As we look ahead, we hope to generate additional business in the emerging solar markets of Southeast Asia,” ReneSola’s Chief Executive Officer (CEO) Xianshou Li said in a statement.

ReneSola gets higher credit rating

In addition, ReneSola announced that it has been awarded the highest possible credit rating by China Export & Credit Insurance Corp., a provider of export credit insurance, including coverage for the export of high value-added goods, and China’s largest and only state-backed insurer.

“This upgrade speaks volumes to our credit history, operations and internal risk management,” ReneSola’s Chief Financial Officer (CFO) Henry Wang said.

“We pay strict attention to our credit processes and guidelines, which is one of the major reasons we’ve been able to avoid the bad debt issues that other PV module suppliers in today’s global solar industry face. Sinosure operates under stringent standards and we’re grateful it has recognized that ReneSola does the same.”

Earlier this month, ReneSola was upgraded to Tier One status by Bloomberg New Energy Finance (BNEF).

Wang added: “We believe that developers and engineering, procurement and construction (EPC) contractors recognize that achieving these two landmarks isn’t easy, so this announcement will play a big part in our growing brand awareness in the U.S. market.”

 

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