ReneSola misses out on Q3 revenue quote as pipeline maintains growth

• Solar developer ReneSola Power reported Q3 revenue below its assistance as a result of postponed PV project sales however stated its pipeline is expanding faster than previously anticipated.

While the small-scale solar professional saw its Q3 earnings jump 59% year-on-year to US$ 15.5 million, this was under the US$ 19-- 21 million range it had anticipated for the quarter.

This was partially due to hold-ups in closing project sales. Although it sold 6MW of plants in Poland as well as 5.5 MW in the United States state of Maine, one project in Spain that was on track to be offloaded in Q3 is now rather readied to be offered this month, creating around US$ 2 million in profits, while project sales in Pennsylvania were delayed for management reasons as well as should close either in Q4 or Q1 2022.

In a letter to shareholders, ReneSola management said they are not concerned by the earnings miss out on: "On a quarterly basis, sales can conveniently move in between durations, skewing the results for a quarter but having no influence on the business economics of our business. This was the case in the 3rd quarter."

Adjusted EBITDA was down 28% year-on-year to US$ 4.5 million while gross profit went to the high end of guidance at 39.2%. Q3 represented the 6th successive quarter of profitability for ReneSola.

The firm stated its pipeline development is exceeding expectations, reaching 1.8 GW at the end of September as well as on track to be near 2.2 GW by the end of the year, up on the previously anticipated figure of 2GW. The current pipe spans markets including Poland, the United States, Spain, the UK and also China.

ReneSola also claimed it remains in the onset of manipulating the many opportunities in power storage space as well as plans to construct a "significant pipe" of solar-plus-storage as well as standalone projects in the coming quarters.

Since the Q2 results statement in August, the firm has actually downgraded its full-year revenue assistance from US$ 90-- 100 million to US$ 77-- 83 million.

Throughout a teleconference with investors adhering to the Q3 results news, ReneSola monitoring attended to a report published last week by Grizzly Research that claims the developer "has actually been greatly misstating its project growth pipeline".

ReneSola chief executive officer Yumin Liu claimed: "This report has no merit. Any individual that recognizes our service will certainly translucent the author's deceptive verdicts and false allegations."