ReneSola Lands $706M Solar Project, Shares Jump

NEW YORK (AP) — Shares of ReneSola Ltd. jumped on Thursday on news that the Chinese solar maker scored an exclusive right to develop a $706 million, 150 megawatt solar power plant in China.

Shares climbed 78 cents, or 15.9 percent, to $5.69 in afternoon trading.

Xianshou Li, ReneSola's CEO, said the location for the on-grid solar plant, the Ningxia Hui Autonomous Region in Northern China, "is one of the sunniest regions in China, and this project is strategically located to fully take advantage of the abundance of natural sunlight in the local area."