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ReneSola To Ship 5.95 MW To Australia

July 23, 2012

Solar leaders First Solar (FSLR :NASDAQ) and Suntech Power (STP :NYSE) have been busy developing the Australian solar market and now ReneSola is making its move down under as they will be shipping 5.95 megawatts (MW) of modules to Australian solar distributor, Solargain.

ReneSola states they have already shipped over 40 MW to Australia this year.  The China-based solar manufacturer plans on completing this order in the near future.

Targeting AustraliaAccording to Australia’s photovoltaic researcher Martin Green, Australia has as much installed capacity as Germany. Over 750,000 homes boast rooftop installations providing a capacity of 1.7 gigawatts (GW).  And despite a slowdown installation, Australia is expected to add another 600 MW to rooftops in 2012.

The real key to developing Australia is utility-scale projects that the government is beginning to develop. Earlier this month First Solar was awarded 159 MW in Solar Power Projects for AGL Energy Under Australia’s Solar Flagships Program. And in November 2011 First Solar began work on the 10 MW AC Greenough River Solar Farm, the government’s first utility-scale project.

Shares of ReneSola couldn’t escape the European debt crisis as shares were down 0.75 percent in afternoon trading. But they were fairing better than First Solar shares that were off 4.73 percent while shares of Suntech were off 1.24 percent.

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