Renesola increased revenue in Q3
Post date: 25/11/2019 - 18:48
Chinese solar project developer Renesola Ltd achieved revenue of $66.0 million, up sequentially and year-over-year and above guidance. In October, the company increased its guidance to between $55 million and $60 million, compared to its previous guidance of $15 million to $20 million. Revenue from project development was largely driven by the sale of the 55 MW portfolio in Poland. Energy sales were mostly from the 67.8 million kWh generated by rooftop DG projects in China.
Net Income attributed to Renesola Ltd was $2.4 million, compared to $5.1 million in Q2 2019 and $1.5 million in Q3 2018. The development pipeline is at around 1.1 GW, of which 399 MW are late-stage; 23.5 MW of the late-stage projects are under construction. For 2019, the company expects revenue in the range of $130 to $140 million, and for the fourth quarter of 2019 to be in the range of $45 to $50 million.