The stock is up 17% on the news. There is a lot of uncertainty/time lag in the deal. If you can borrow the shares it's probably a short at $5.75.
* Wins right to develop $706 mln, solar power plant in China
* Shares jump as much as 21 percent
* Blair says China increasingly committed on climate change
* CEO sees opportunities for significant new revenue streams
* China seen moving from solar products maker to end user
Chinese solar wafer manufacturer ReneSola (SOLA.L) (SOL.N) has won exclusive rights to develop a $706 million, 150 megawatt solar power plant in northern China, prompting a 21 percent jump in its share price.
The project, awarded by the Taiyangshan Development Zone, is subject to a feasibility study and government approval but construction is expected to begin in 2010 and take around four years, the company said on Thursday.
The plant will be built near the city of Wuzhong in the northern Ningxia Hui Autonomous Region, which ReneSola described as one of the sunniest parts of the country.
Winning the contract to develop the plant, whose 150 MW capcity equates to some of the larger wind farms operating in Europe and the United States, fits the company's strategy of branching out from its core business of solar wafer production....MORE