ReneSola Power Releases Preliminary First Quarter 2021 Results

By Saur News Bureau/ Updated On Mon, May 3rd, 2021

Connecticut-headquartered solar project developer and operator ReneSola Ltd recently announced its preliminary unaudited financial results for the first quarter of fiscal year 2021, based on which the company now expects revenue for the first quarter of 2021 to exceed $20 million, higher than the previously announced guidance range of $18 million to $20 million.

Additionally, gross margin for the first quarter of 2021 will likely be more than 15%, compared to prior guidance of 10% to 11%, and a profitable first quarter with positive non-GAAP net profits is being looked forward to by the firm.

With regard to the matter, Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, “Business momentum continued in the first quarter. We successfully completed the sale of our 10 MW portfolio of solar projects sooner than expected, which positively contributed to our Q1 results. Solid revenue, coupled with our continued focus on prudent cost control, has enabled us to deliver positive bottom-line results. We are excited about the expanding pipeline of project activity, and are optimistic about our outlook for 2021.”

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These financial results are preliminary and the company states that it is planning to release its official first quarter 2021 financial results in the last week of May 2021. The actual results are subject to the completion of ReneSola Power’s financial closing procedures and review procedures by the company’s independent registered public accounting firm.

The company filed its Annual Report on Form 20-F for the year ended December 31, 2020 with the U.S. Securities and Exchange Commission on April 28, 2021. The Annual Report on Form 20-F can be accessed on ReneSola Power’s investor relations website or on the SEC’s website.

ReneSola Power focuses on solar power project development, construction management and project financing services. With business spread across multiple countries with growing potential for solar energy, the company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the company claims to have a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.