ReneSola (SOL) Raises 2008 Guidance, New 6-Yr Supply Deal
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ReneSola Ltd (NYSE: SOL) is increasing its previously issued full year production output and revenue guidance for 2008. Full year production output for 2008 is now expected to be in the range of 310 megawatts (MW) to 320 MW, up from the Company's previously issued guidance of 300 MW.
Net revenues for 2008 are expected to be in the range of US$530 million to US$550 million, as compared to the Company's previously issued guidance of US$480 million. The consensus is $521.6 million.
ReneSola also announced it has signed a six-year wafer supply agreement with Shenzhen Topray Solar Co., Ltd.. Under the terms of agreement, ReneSola will supply Topray Solar with 105 MW of solar wafers over a six-year period commencing in mid-2008. [LJ]
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