22/10/2007
Bruised solar power star ReneSola has clinched a three-year polysilicon supply deal with another Chinese group.
AIM-quoted ReneSola, whose shares were knocked off their 639p February pedestal by production and supply delays, has reached agreement with Sichuan Yongxiang Polysilicon for the supply of 3,700 tonnes of virgin polysilicon. The deal, which comes into force in the second half of next year, lasts for three years and should enable ReneSola to produce more than 450 million megawatts of ‘photovoltaic’ silicon wafers over that period.
Recommended by Growth Company Investor at 94p last year, ReneSola shares hit 639p last February and we suggested partial profit-taking in April at 538.25p. The shares are now 406.5p, up 18.75p today, and, though not without risk, offer speculative medium-term appeal.
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