ReneSola raises shipment outlook

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(Global Markets) - Solar products maker ReneSola Ltd (SOL.N) raised its full-year shipment outlook after reaching a deal to sell modules to Greece's Big Solar SA, sending its shares up by as much as 17 percent in early trading.

ReneSola, which produces polysilicon, wafers and panels, said it agreed to provide 100-megawatt (MW) high-efficiency solar modules to Big Solar over the next year.

The China-based company now expects full-year shipments of between 2.2 gigawatts (GW) and 2.4 GW, up from its earlier forecast of 1.8 GW to 2 GW.

American depositary shares of the company, valued at $816.4 million, touched a more than three-week high of $1.59 on the New York Stock Exchange.

(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Maju Samuel)