ReneSola Ltd.’s third-quarter financial results yielded quite an optimistic view of the company’s future. The vertically integrated Chinese wafer and cell manufacturer is looking to expand wafer production to 1GW (from 825MW); cell production to 360MW (from 120MW); and module production to 375MW (from 135MW).
Wafer shipment guidance for 2009 has also been raised from the 450-500MW range to 490-520MW. This figure has been guided further upwards for CY10 to 900-950MW based on a wafer ASP fall of 5-10%. Cell and module ASPs are expected to decline by 15-20% year-on-year in 2010.
ReneSola’s recent acquisition of Dynamic Green Energy (DGE) cost the company US$88.5m, and following the transaction’s close in 4Q09, sales are expected to commence in CY10. This year also saw the company acquire Wuxi Jiacheng Solar Energy Technology Co. (“JC Solar”), shipping 11MW of modules from the division in the third quarter.
The company’s Q3 net revenues exceeded guidance, coming in at US$140.9 million, an increase of 70.6% from US$82.6 million in the previous quarter. This quarter’s total shipments reached 146.9MW, a significant increase on the second quarter’s 85.9MW.
“We witnessed a strong rebound in customer demand for our quality products in the third quarter of 2009 and reached a corporate landmark as ReneSola achieved the highest quarterly shipments of solar products in its history,” said Mr. Xianshou Li, ReneSola’s CEO. “The benefits of our strategic acquisition of JC Solar and evolution into an OEM based, vertically integrated solar manufacturer expedited with the recently announced acquisition of Dynamic Green Energy are allowing us to build upon our strong wafer manufacturing platform and deliver high quality, low cost products throughout the solar production value chain.”