So Much For Chinese Alternative Energy As Solar Firm Tanks Over 12% On Weak Projected Demand

China Solar

Chinese solar firm ReneSola is down over 12% after lowering its guidance for the first quarter and decreasing its full year production expectations.

The company is projecting quarterly revenue between $310 million and $330 million while analysts were hoping for closer to $341.75 million.

CFO Julia Xu said they expect to face a lot more competition this year and there have been price increases in polysilicon which is the material used in photovoltaic modules.

The firm is also facing declining demand as a result of a decline in European subsidies.

The company posted earnings that topped revenue expectations for Q4.

Here’s why Bank of America Merrill Lynch think Chinese solar firms may be a good bet >

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