ReneSola Power eyes European growth and 2GW solar project pipeline

Facebook
Twitter
LinkedIn
Reddit
Email
A PV project from ReneSola in Poland. Image: ReneSola Power.

ReneSola Power is aiming to build on its solid first quarter financial performance to reach a 2GW PV project pipeline by the end of the year, as it prepares to enter at least two new Europen markets.

The small-scale solar specialist posted an 8% year-on-year increase in revenue to US$22.8 million, which was driven by the sale of a 12.3MW portfolio of 20 solar farms in Hungary to investment company Obton and a 10MW portfolio of behind-the-meter projects in Utah that was sold to Greenbacker Renewable Energy Company.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Gross margin for the quarter was above the company’s expectations at 29.9%, while adjusted EBITDA was up more than 250% sequentially to US$6.1 million. Q1 represented the firm’s fourth consecutive quarter of profitability.

In a letter to shareholders, ReneSola Power CEO Yumin Liu said the company’s differentiated business model has enabled it to navigate the current supply-constrained environment, with the firm “not impacted by the recent short-term material cost increases in the solar supply chain”.

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

The company formed a joint venture in January with asset management firm Eiffel Investment Group that will aim to develop up to 1GW of solar in Europe in the coming years. Liu revealed during a conference call with investors that ReneSola’s is considering expanding into two or three European countries.

Meanwhile, building on last year’s acquisition of selected assets from Nova Development Management, the company is evaluating opportunities in the solar-plus-storage and standalone energy storage segments in both the US and UK.

For full year 2021, ReneSola expects revenue in the range of US$90 million – US$100 million, up from last year’s US$73.9 million, and gross margin of over 25%.

Conference call transcript from Seeking Alpha.

Read Next

July 3, 2025
Malaysian engineering and infrastructure giant Gamuda has expanded its presence in the Australian renewables sector by partnering with Tasmanian landowners to build a 1.2GW portfolio, which includes solar PV.
July 2, 2025
The US Senate has narrowly passed – with a 51-50 vote and with vice-president JD Vance breaking the tie – the reconciliation bill yesterday (1 July) without the solar and wind excise tax.
July 1, 2025
Spanish independent power producer (IPP) Zelestra has secured financing and reached financial close for its 220MW solar-plus-storage plant in Chile.
July 1, 2025
Independent power producer (IPP) Arevon Energy has closed a US$600 million credit facility to support its solar PV and energy storage portfolio in the US.
June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 30, 2025
The Spanish government has launched a €100 million (US$117 million) aid programme to help promote the recycling and reuse of materials from renewable energy projects.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK