ReneSola Power eyes European growth as well as 2GW solar project pipe

• ReneSola Power is aiming to improve its strong first quarter economic performance to get to a 2GW PV project pipe by the end of the year, as it prepares to go into at least two brand-new Europen markets.

The small-scale solar expert uploaded an 8% year-on-year increase in earnings to US$ 22.8 million, which was driven by the sale of a 12.3 MW portfolio of 20 solar farms in Hungary to investment firm Obton and a 10MW portfolio of behind-the-meter projects in Utah that was marketed to Greenbacker Renewable Energy Business.

Gross margin for the quarter was above the firm's assumptions at 29.9%, while changed EBITDA was up greater than 250% sequentially to US$ 6.1 million. Q1 represented the company's fourth consecutive quarter of productivity.

In a letter to investors, ReneSola Power Chief Executive Officer Yumin Liu stated the firm's differentiated service design has actually allowed it to browse the existing supply-constrained environment, with the company "not influenced by the recent temporary material cost increases in the solar supply chain".

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

The firm created a joint endeavor in January with asset management company Eiffel Investment Group that will intend to establish as much as 1GW of solar in Europe in the coming years. Liu disclosed during a teleconference with financiers that ReneSola's is considering increasing right into two or 3 European countries.

On the other hand, building on last year's purchase of selected assets from Nova Development Management, the business is reviewing chances in the solar-plus-storage and standalone power storage space sections in both the United States and also UK.

For complete year 2021, ReneSola anticipates income in the range of US$ 90 million-- US$ 100 million, up from last year's US$ 73.9 million, as well as gross margin of over 25%.