Jan. 6 (Bloomberg) -- ReneSola Ltd., a Chinese solar panel maker, won a contract to supply 420 megawatts of products to a project developer in Japan, its biggest sale into the nation.
The panels will be used for more than 10 ground-mounted solar farms in the mountain regions of Japan, Shanghai-based ReneSola said today in a statement on its website. The buyer and financing terms weren’t disclosed.
ReneSola has been increasing shipments to Japan after the nation started offering above-market rates to spur investment in renewables such as solar and wind. Japan, its fifth biggest market, accounted for 4.9 percent of ReneSola’s panel sales in the third quarter, according to a Dec. 5 presentation on its website.
“This is the biggest order ReneSola has secured in Japan,” Laura Chen, ReneSola director of investor relations, said by phone from Shanghai. The company has a combined panel production capacity of 2.7 to 2.8 gigawatts annually including that in original equipment manufacturing in China and overseas, she said.
The company will start delivery of the products this month and expects to complete it by December 2015, ReneSola said.
--Feifei Shen. Editors: Madelene Pearson, Tony Barrett