ReneSola development pipeline gets to 2.2 GW amid 'great demand' for solar in Europe

• Solar developer ReneSola Power greater than doubled its project pipeline in 2021 and expects to maintain growth this year amid rising demand for renewables as European markets seek to attain even more energy independence.

With the company's project development unit's mid-to-late-stage pipeline reaching 2.2 GW at the end of the year-- above its target of 2GW-- thanks to proceed in the United States as well as Europe, it currently intends to close 2022 at 3GW, with a considerable part of the boost from Europe as a result of good policy assistance.

"Our team believe the solar industry will certainly experience extraordinary growth as the situation in the Ukraine has stired up a globally wish and sense of seriousness to achieve power independence," ReneSola CEO Yumin Liu claimed throughout a teleconference with financiers.

Management said there are already indicators of this acceleration, with the European Payment exposing strategies earlier this month to simplify renewables permitting and Germany aiming to speed up solar and also wind release as the country aims to decrease its dependence on Russian gas.

"The present European market, as we see, in the 7 to eight nations we have activities, all have great demand for solar," Yumin Liu said, including that greater than 60% of the firm's 3GW pipeline target will certainly remain in Europe.

ReneSola's existing mid-to-late-stage pipeline in Europe contains projects in Poland, Spain, the UK, Germany, France, Hungary and also Italy, where it created a partnership last year with developer Emeren to service ground-mount plants.

On top of that, the business has a 114MW asset development pipeline in China as well as 728MW under development in the US, of which 76MW are community solar projects in Minnesota, Maine and also New York.

While full-year revenue leapt 8% year-on-year to US$ 79.7 million, it was listed below the company's prior guidance of US$ 90-- 100 million. The increase was driven by the project development system, which represented 76.7% of the firm's revenue in 2021, up from 67.1% in 2020.

Readjusted EBITDA for 2021 was up 58% year-on-year to US$ 25.9 million, while gross margin was 39.4%, compared with 22.7% in 2020.

Last year ReneSola marketed a total amount of 128MW of solar projects, 75MW of which remain in Poland. The business introduced in January it completed the sale of 37MW of assets in Poland to Danish solar financial investment as well as administration company Obton.

ReneSola is forecasting revenue development to accelerate this year as well as remain in the variety of US$ 100-- 120 million, with gross margin expected to be 20-- 25%.