ReneSola posts record shipments and sales in 2010

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

A true turnaround year was seen at ReneSola in 2010, having posted a loss (US$71.9 million) in 2009, the integrated PV manufacturer posted net revenues of US$1,205.6 million, an increase of 136.2% from US$510.4 million in 2009. Record revenues were said to be driven by higher wafer ASPs and strong growth in module shipments. Total solar wafer and module shipments for the full year were a record 1,182.8MW, an increase of 124.6% from 526.6 MW for the full year 2009.

ReneSola reported total solar wafer and module shipments of 349.4MW for the fourth quarter of 2010, an increase of 7.5% from 324.9MW in the previous quarter and a new quarterly record. Net revenue was reported as US$386.4 million, an increase of 7.7% from US$358.7 million in the third quarter of 2010.

A record US$119.3 million was reported as net profit with a gross margin of 30.9%, compared to gross profit of US$116.7 million with a gross margin of 32.5% in the previous quarter. Net income was US$61.0 million.

ReneSola reported total solar wafer (887.6MW) and module shipments for the full year 2010 were a record 1,182.8 MW, an increase of 124.6% from 526.6 MW for the full year 2009. Full year 2010 net revenues were a record US$1,205.6 million, an increase of 136.2% from US$510.4 million in 2009.

Gross profit for the year was a record US$348.0 million with a gross profit margin of 28.9%, compared to a gross loss of US$43.2 million with a gross margin of negative 8.5% in 2009. The full year 2010 operating income was US$245.9 million with an operating margin of 20.4%, compared to an operating loss of US$90.6 million with an operating margin of negative 17.7% in 2009. Net income was a record US$169.0 million in 2010.

“We delivered excellent value to our shareholders for the full year 2010, achieving a record return on equity of 34.4%,” commented Xianshou Li, ReneSola's chief executive officer. “Capitalizing on robust market demand, we expanded our capacities and increased our shipments throughout the year to reach record revenues of over US$1.2 billion. We continued to execute on our cost-reduction strategy in the fourth quarter, lowering our non-silicon wafer processing cost to US$0.24/W. Our polysilicon plant also began to contribute to profitability as we continued to ramp up polysilicon production and reduce production cost to US$45/kg in February against a macro environment of rising polysilicon spot prices.”

In the conference call to discuss its financial results, Xianshou Li said that non-silicon wafer processing costs would decline to US$0.18/W by the end of 2011, due to further manufacturing efficiency and optimization strategies are implemented.

“We intend to further reduce our wafer processing cost in 2011 and increase the current polysilicon production to 3,500MT through de-bottlenecking while reducing cost to US$35/kg by the end of 2011. The de-bottlenecking would add 500MT capacity, according to Li.

Management also said in the call that it would be expanding polysilicon capacity by a further 5,000MT per annum with construction of additional facilities as it attempted to keep up with wafer demand.  Polysilicon capacity is therefore expected to reach 8,500MT in its next expansion phase.

ReneSolar had record module shipments of 126.8MW with its third-party module ASP of $1.85 in Q4 2010.  The company noted that it expected to ship between 400MW to 450 MW of modules in 2011.

Management said that it planned to spend US$350 million in 2011 to increase wafer capacity 1.9GW, up from 1.3GW in 2010. Module capacity would also increase to meet branded and non-branded module demand from a growing number of customers to 600MW, up from a capacity of 400MW at the end of last year.

ReneSolar said that its CapEx in the fourth quarter was US$56.3 million, bringing total CapEx in 2010 to US$140.9 million.

The company gave guidance of wafer and module shipments reaching 320MW – 330MW in the first quarter of 2011. Revenue in the first quarter was guided between US$310-330 million with gross profit margin to be in the range of 30% to 32%.

Total solar wafer and module shipments for 2011 were guided to be in the range of 1.6GW -1.7GW.

1 December 2021
Join over 500 attendees at this virtual conference on 1-2 December 2021 for expert presentations covering PV Module Technology, Supply & Site Optimisation for Utility-Scale. Delegates can access streamed presentations, session recordings and chat/messaging tools to connect with fellow delegates and speakers. Speakers include leading developers, manufacturers, testing and research institutes, including: NREL, Silicon Ranch, Sonnedix, Heliene, Powertis, LONGi Solar, JinkoSolar, PVEL, Risen Energy, Seraphim, STS, Trina Solar, Eternalsun Spire, QEERI, Fraunhofer, Estuary Capital Partners, VDE, First Solar, Longroad Energy, Powertis and DNV Energy Systems
2 December 2021
Intersolar is the world’s leading exhibition & conference series for the solar industry. As part of this event series, Intersolar India in Mumbai is India’s most pioneering exhibition and conference for India’s solar industry. It takes place annually and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. Since 2019, Intersolar India is held under the umbrella of The smarter E India – India’s innovation hub for the new energy world.
9 December 2021
The Smart Energy Council is hosting Australia’s second Virtual Smart Energy Conference and Exhibition on Thursday, 9 December 2021. This event will show that the industry powers on despite COVID-19 and we are standing together undeterred in spirit. Bringing our global community together using the latest technology.
13 January 2022
Intersolar North America and Energy Storage North America “Come Together” for the first time in Long Beach, CA—connecting installers, developers, utilities, technology providers, policy makers, and key stakeholders from around the world to advance the clean energy future. With best-in-class conference programming, integrated exhibits and pavilions, and the live Solar Games installer competition, #isnaesna21 will showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets. Register today to redeem our exclusive offer for PV Tech readers—free expo hall or 20% off full conference pass.
1 February 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.

Read Next

December 1, 2021
The price of shipping containers from Asia to Europe and North America remains high but should start to come down in the new year, although the main price drops won’t occur in earnest until 2023 when new capacity is brought online. That additional capacity, however, may be offset by new International Maritime Organisation (IMO) rules to address the industry’s emissions
December 1, 2021
Enefit Green, the renewables subsidiary of Estonian state-owned utility Eesti Energia, is looking to procure up to 500MW of solar modules in the next three years.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
December 1, 2021
Global solar PV deployment is on track to grow by 17% this year in spite of surging commodity prices increasing manufacturing costs, according to the International Energy Agency (IEA).
December 1, 2021
The European Commission (EC) has approved the extension of Poland’s auction scheme for renewable resources that is predicted to support the creation of 9GW of renewables after it passed EU state aid rules
December 1, 2021
LONGi Solar has dropped its wafer prices by as much as 9.75%, its first such fall in more than a year, as signs continue to mount that industry prices are set to normalise into next year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal