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Boston, MA – (NYSEPOST) – 03/04/2014 – A JV-PV module assembly plant called Vitec Global Solar, between ReneSola Ltd. (ADR) (NYSE:SOL) & Vitec, the semiconductor & electrical products supplier, will now produce the Virtus II modules at its plant located in Japan and will have an annual name-plate capacity of 80 Megawatts. ReneSola Ltd. (ADR) (NYSE:SOL)’s Chief Executive officer, Xianshou Li said that this is a very important strategic-step for the company as they continue to prioritize the company’s growth plan in Japan, which is one of the most important markets for the company.
This JV will enable ReneSola Ltd. (ADR) (NYSE:SOL) to meet the government requirements for all local manufacturing, which is the primary core advantage of the company’s OEM model. He said that their collaboration with Vitec will increase ReneSola Ltd. (ADR) (NYSE:SOL)’s cost competitiveness in the country and also enable them to provide their customers with much increased levels of support. The plant that is based in the city of Otawara , Tochigi Prefecture, in Japan is projected to begin production in April, as per ReneSola Ltd. (ADR) (NYSE:SOL) ReneSola.
Recently, ReneSola Ltd. (ADR) (NYSE:SOL) has revealed its ambitious plans to expand the company’s solar presence in the U.K. and in Japan. The company announced that it will be supplying 13 Megawatts of solar modules to the solar park in England & will partner with Vitec, the Japanese trading company to manufacture solar-panels in Japan.
In the U.K., ReneSola Ltd. (ADR) (NYSE:SOL) will supply the company’s high-efficiency Virtus & Virtus II polycrystalline solar-modules to a company called Low Carbon. This is a British investor in the renewable energy projects. Low Carbon is also project-managing creation of the 13 Megawatt ground-mounted Photovoltaic park located in the Wiltshire county. They will all arrive in full over the next 5 weeks.