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ReneSola Power eyes European growth and 2GW solar project pipeline
TIME£º2021-05-27    VIEWNUM£º945    SOURCE£ºPV-TECH

By PV-TECH-May 26, 2021

Image: ReneSola Power.

ReneSola Power is aiming to build on its solid first quarter financial performance to reach a 2GW PV project pipeline by the end of the year, as it prepares to enter at least two new Europen markets.

The small-scale solar specialist posted an 8% year-on-year increase in revenue to US$22.8 million, which was driven by the sale of a 12.3MW portfolio of 20 solar farms in Hungary to investment company Obton and a 10MW portfolio of behind-the-meter projects in Utah that was sold to Greenbacker Renewable Energy Company.

Gross margin for the quarter was above the company¡¯s expectations at 29.9%, while adjusted EBITDA was up more than 250% sequentially to US$6.1 million. Q1 represented the firm¡¯s fourth consecutive quarter of profitability.

In a letter to shareholders, ReneSola Power CEO Yumin Liu said the company¡¯s differentiated business model has enabled it to navigate the current supply-constrained environment, with the firm ¡°not impacted by the recent short-term material cost increases in the solar supply chain¡±.

ReneSola ended the quarter with a late-stage project pipeline of 1.3GW, up from 1GW at the end of last year, that is spread across eight markets: the US, Poland, the UK, Spain, China, France, Hungary and Germany.

The company formed a joint venture in January with asset management firm Eiffel Investment Group that will aim to develop up to 1GW of solar in Europe in the coming years. Liu revealed during a conference call with investors that ReneSola¡¯s is considering expanding into two or three European countries.

Meanwhile, building on last year¡¯s acquisition of selected assets from Nova Development Management, the company is evaluating opportunities in the solar-plus-storage and standalone energy storage segments in both the US and UK.

For full year 2021, ReneSola expects revenue in the range of US$90 million ¨C US$100 million, up from last year¡¯s US$73.9 million, and gross margin of over 25%.