ReneSola go back to earnings, acquires 'corresponding' United States properties

Aug 28, 2020 01:28 PM ET
  • PV project programmer and operator ReneSola Power is increasing down on initiatives to expand its organisation in the United States and Europe, targeting a complete project pipeline of 1GW by the end of 2020.
ReneSola go back to earnings, acquires 'corresponding' United States properties
Image: ReneSola

The business, which last year moved its head office from China to Connecticut, has just recently enhanced its setting in Poland as well as Hungary as well as US states such as Minnesota as well as New York, CEO Yumin Liu claimed in a conference call the other day following the magazine of its second-quarter outcomes.

The company posted revenue of US$ 26.2 million throughout Q2, up more than 20% sequentially as well as practically dual (up 93%) than that tape-recorded in the exact same quarter last year. That growth was greatly a result of the sale of 14MW of projects in Hungary.

After taping a loss in the very first quarter of 2020, ReneSola published non-GAAP net income of US$ 3.6 million in Q2, below US$ 5 million in the year-ago period.

The firm said the positive figures were likewise partly as a result of the sale of a 10.4 MW Minnesota community solar profile to Nautilus Solar Energy and the connection of 15MW "micro-projects" in Hungary. It likewise accepted join a consortium to develop a massive ground-mounted solar plant in the south of France.

Despite headwinds from COVID-19, ReneSola has seen the full return of regular task in the majority of its operations around the world, CEO Liu stated. "We don't see any kind of hold-ups or do not expect any type of hold-ups on the supply chain [or] shipment of the modules," he included.

To reach its 1GW target, the firm is aiming to include incremental project pipeline in its core markets of the United States, UK, Spain, Poland, France, Germany and also Hungary, with each of those nations anticipated to have a pipeline capacity of 100MW-- 200. Since 30 June 2020, the company's pipeline was around 700MW, with its late-stage pipe of around 500MW, up from 423MW on the previous quarter.

Magazine of the results comes the exact same week as ReneSola introduced an arrangement to acquire specific possessions from an undisclosed solar developer in the United States for US$ 8 million-- an offer that will give it accessibility to US states such as Pennsylvania, California, New York, Maine, Illinois and also Arizona.

The obtained group is said to have experience in the growth of US dispersed generation as well as small-scale utility projects with battery storage space, locations that ReneSola wishes to will certainly match its history in US area solar and European distributed generation.

During the conference call, Liu claimed: "We have not yet got involved actively in the small-scale utility sections of the market. Because of that, we have essentially no overlap with this programmer. As such, the acquisition of [these] solar assets is really complementary to what we do today."

While expecting some slowdown in customer task in FY 2020, ReneSola anticipates profits for the year to be in the US$ 80-- 100 million array.

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