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ReneSola Lands 100MW Contract, Raises 2012 Outlook

July 13, 2012

Investors in ReneSola (SOL :NYSE) certainly aren’t buying Friday the 13th curses as the solar manufacturer now has a deal with Greece’s Big Solar for 100 megawatts (MW) of modules to be delivered over the next 12 months.

ReneSola and Big Solar have a history as the former has delivered 40 MW of modules to the latter in the first half of this year.

Delivering a large order to a Greece-based company may seem like a risky proposition to bet on but ReneSola also raised its 2012 guidance.

For the first half of 2012, ReneSola is now saying they will deliver almost 1 gigawatts (GW) of wafers and modules. Considering they delivered 466 MW in Q1 2012 and had offered guidance of 460 MW to 480 MW in Q2, that’s not a large improvement.

But the full-year guidance looks dramatically better as the company raised its shipments 2.2 GW to 2.4 GW, a substantial improvement from the previously offered range of 1.8 GW to 2 GW.

Shares of ReneSola were up 9.55 percent in afternoon trading.

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