ReneSola sets up shop in Mexico, Canada

Dec 2, 2014 - ReneSola Ltd (NYSE:SOL) said today it has opened new offices and warehouse facilities in both Mexico and Canada, aiming to strengthen its positions on the North American photovoltaic (PV) market.

The Chinese photovoltaics (PVs) maker explained that the move is aimed at providing better technical and business solutions to its customers in the two countries. Its new facilities are located in Mexico city and the city of Mississauga in Canada's Ontario province.

The company had chosen the new locations based on its success in similar markets, president Kevin Chen explained. Mexico, for instance, is expecting a significant jump in both its solar and wind capacities, as the country aims to generate as much as 35% of its electricity from renewable sources by 2024. By contrast, the comparable figure from 2012 stood at 4%.

Looking at the solar segment alone, the two countries provide great long-term development opportunities. Mexico’s installed PV capacity is expected to increase four times to 240 MW solely in 2014. Meanwhile, Ontario’s feed-in-tariff (FiT) programme makes the segment very attractive to investors, especially after the "domestic content" requirements for solar equipment have been lifted under its third phase, the company noted.

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