3.13

Gigawatts

of completed solar projects (p. 15) since founding in 2005

1.4

Million Metric Tons

of CO2 emissions avoided

156

Megawatts

of solar assets sold since 2018


The Path to Drawdown: PV Solar Development

To solve climate change and remain below 1.5ºC of global warming, the globe needs to switch to generating power from fossil fuels to using 100% emissions free sources.

The largest source of this clean energy is the sun (barring advances in nuclear fusion). Photovoltaic or PV solar panels (the kind you see on rooftops) have emerged as the predominant way of capturing the sun's energy and converting it into electricity.

The industry has been growing fast and, as of 2020, solar panels are now the cheapest source of electricity in most places on earth.

Solar produces ~2% of global electricity today. According to Project Drawdown, to be on a path to remain under 1.5ºC of warming, utility scale solar (as opposed to rooftop solar) will need to be generating a combined ~26% of global electricity by 2050.

To get there, the PV solar industry is going to need to continue to massively scale over the few next decades:

  • 720 TWh of solar electricity generated in 2019
  • 28,200 TWh needed by 2050
  • CAGR of 12.56% from 2019 - 2050

Another analysis from the IEA predicts that in order to reach a 100% clean electricity grid by 2050, annual solar panel manufacturing capacity will need to scale from 134 GWs in 2020 to 630 GWs in 2030 (p. 74).

About

Headquartered in Samford, Connecticut, Renesola Power (SOL) is a global solar project developer and operator, focusing on solar power project development, construction management and project financing services. SOL has projects in over 10 countries where solar power project markets are rapidly growing.

SOL's Role in Drawdown

SOL’s had a total of 3.13 GWs in completed solar projects in 2020, or an estimated 3.89% of global utility solar production of 80.3 GWs. Assuming they retain a similar market-share, this would mean they will need to produce 14.7 GW of utility-scale solar power annually to stay below 2C° by 2030.

Such growth would necessitate a 16.75% annual increase in production capacity. Given that SOL grew their operational capacity 6.13% annually from 2018-2020, it will need to accelerate its production in the short-term to maintain its market share in an industry poised for net-zero emissions by 2030.

SOL: What We Like

SOL has been focused on developing and operating small-scale utility solar projects in a diverse range of geographic regions. The solar power it has generated helps offset GHG emissions, contributing to the path toward net zero emissions.

  • SOL has projects in 10+ countries, from the US, China, Western and Eastern Europe
  • 2.221 GWh of electricity generated since 2018, 
  • 1.4 million metric tons of CO2 emissions avoided since 2019 due to its solar panel production.

SOL: What We Want to See Improve

Publish ESG Reports


While SOL includes brief descriptions of its environmental and social efforts in its SEC Form 20-F, we would like to see it issue stand-alone and in-depth annual ESG reports. This would allow shareholders to transparently evaluate SOL’s progress towards becoming a zero-emissions company.

Set Clear Sustainability Goals


With respect to energy and material inputs, SOL has significant opportunities to improve its efforts to achieve sustainable production. But currently investors have no way of evaluating SOL’s sustainable production goals.

Clean Supply Chain


We would like to see SOL insisting on an emissions-free supply chain from its business partners. At present, no such supply chain commitments exist. We believe ethical considerations, as well as the potential to proactively reduce supply chain risks from future carbon taxes, should drive SOL management to pursue these commitments.

Other Solar Developer Stocks in the Climate Index

Attend Our Next Webinar

Attend Our Next Webinar

Join our next Sustainable Investing 101 webinar, get our favorite DIY options, and walk through how we build our portfolios.

Register
Get Our Newsletter

Get Our Newsletter

Go a level deeper with us and investigate the potential impacts of climate change on investments like your retirement account.

Join Newsletter
Talk To A Human

Talk To A Human

Joining a new investment service can be intimidating. We’re here for you. Click below to email us a question or book a quick call.

Ask a Question