ReneSola looking at EU development after tailwinds counter United States, China travails

• Solar developer ReneSola Power is seeking to expand into more European markets after slowdowns in the United States and China contributed to a revenue collapse in its opening up quarter.

A solid policy environment in Europe, made more powerful by the recent REPowerEU plan, has triggered the programmer to eye a growth throughout the continent, with ReneSola Power chief executive officer Yumin Liu informing analysts as well as investors today the company is "exploring the possibilities" to enter newer markets.

"We are taking into consideration presently including at the very least a couple of more nations in our planned tasks by speaking to our existing collaborations and the joint venture partners in Europe," said Liu.

The growth plans comply with a near revenue wipeout in the opening quarter, revenue having stood at US$ 3.5 million, down 85% from the US$ 22.8 million signed up in Q1 2021. The efficiency was, nevertheless, in line with the company's overview and is an outcome of its independent power manufacturing (IPP) assets in China and also the United States, ReneSola stated.

The solar developer had actually already forecast for solar projects sales to begin ramping up throughout Q2 as well as will certainly continue to increase throughout the year.

ReneSola's project advancement system's mid-to-late-stage pipe currently stands at 2GW and is expected to get to 3GW by the year's close. A substantial part of this is coming from Europe-- Poland leads all countries with 620MW, adhered to by Spain (304MW) as well as the UK (235MW)-- due to favourable policy support, pointing out to name a few campaigns Germany's strategy to greater than treble its solar PV capacity to 215GW by 2030.

The firm's European pipeline boosted by 107MW throughout the quarter, primarily from projects in Hungary, Spain as well as the UK, stated Liu.

"To put it basic, with the context of our largest market, Europe, taking advantage of positive policies in addition to greater PPA rates, we are delighted to see the value of our pre-NTP as well as NTP project pipeline in Europe increasing," added Liu.

Furthermore, the firm anticipates to reach 5GW of mid-to-late stage pipe by 2024, with Europe once again acting as the primary market for development.

Apart from solar PV, ReneSola has a 2GWh of storage pipe between the US and also Europe, of which 1GWh is in mid-to-late stage.

ReneSola has stated its forecast assumptions for 2022 with revenue varying in between US$ 100-120 million with projects sales beginning to ramp up in Q2 and also with revenue between US$ 13-16 million.

Net revenue for the fiscal year continued to be between US$ 9-10 million and a gross margin for the year of 20-25%.