Renesola reported shrinking revenue by 38 percent in 2020
Post date: 03/05/2021 - 10:28
Chinese solar project developer Renesola Ltd reported net revenue decreasing by 38 percent from $119.1 million in 2019 to $ 73.5 million in 2020.This include $49.2 million from the project development business, $23.5 million from the IPP business, primarily from the sale of electricity in China, and $0.8 million from operations and maintenance.
Operating income increased by 7.8 percent to $6.8 million (2019: $-1 million). Net income increased significantly from loss of $8.8 million in 2019 to profit of $2.8million in the full year 2020.
The company sold 15.0 MW of DG projects in Hungary and 11.0 MW of projects in Poland, furthermore 10.6 MW community solar projects in U.S. and 7.0 MW FiT projects in Canada. Additionally, Renesola sold 15.4 MW ground-mounted projects in Romania and 4.3 MW of rooftop projects in the U.K. for a combined price of more than $30 million. As of December 31, 2020, the late-stage solar power project pipeline stood at approximately 1.0 GW.
In 2021, the solar company intends »to add incremental project pipeline in our core markets to reach 2 GW«. This includes 500 MW in the USA, 400 MW in Poland and 100 MW in Hungary. In Spain, France, both Germany and Italy, UK and China the pipeline targets comprises 200 MW in each region.