Renesola increased profit in Q1 2021 significantly yoy

Chinese solar project developer Renesola Ltd reported revenue of $22.8 million in the first quarter 2021, up both sequentially (Q4 2020: $16 million) and year-over-year (Q1 2020: $21 million). According to the company, revenue from project development was largely driven by the sale of solar projects in Hungary and Utah. The sale of a 12.3 MW portfolio of projects in Hungary to Denmark-based international solar investment company Obton has been completed, furthermore the sale of a 10 MW portfolio of solar projects in Utah, USA, to Greenbacker Renewable Energy Company.
Net income was $0.8million, compared to net loss of $4.4 million in the first quarter of 2020 and net income of $2.0 million in the fourth quarter of 2020.
For full year 2021, the Board of Directors continues to expect revenue in the range of $90 to $100 million and »a profitable 2021 with significant profit growth compared to 2020.« For the second quarter of 2021, revenue are expected to be in the range of $19 to $22 million.
© PHOTON

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