Utility-scale solar and battery storage projects developer Emeren Group (formerly Renesola Power) posted a net profit of $4.8 million for the fourth quarter (Q4) of the financial year (FY) 2022 against the net loss of $1.6 million year-over-year (YoY).

The company’s European project development business and accruals from a recent acquisition of a UK-based solar farm in the last quarter drove its performance.

Emeren’s total revenue for the October-December quarter surged 79% YoY to $40.8 million.

The company said that its total project pipeline in Europe, the U.S., and China stood at 3,072 MW by the end of Q4. The largest pipeline is in Europe with 2,161 MW.

The company’s storage pipeline stood at 1.5 GW in the U.S. and Europe at the end of the fourth quarter.

ReneSola acquired Emeren in October 2022. The latter has been a strategic partner of Renesola Power to co-develop ground-mounted solar and storage projects in Italy since 2021.

Emeren’s CEO Yumin Liu said, “During Q4, we monetized about 192 megawatts of solar projects in 2022 compared to 128 megawatts in 2021. We acquired a 50 megawatts fully operational solar farm in Branston in the U.K., which initiated our European IPP strategy, adding predictable and stable cash flows to complement our project sales business.”

The company operationalized 252 MW of renewable projects, including 168 MW of distributed generation projects in China, 60 MW in Europe, and 24 MW in the U.S.

The company’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose 24% YoY to $8.3 million for Q4 2022.

Full Year 2022

Emeren posted a 14% YoY slump in its net income for the full year at $5.9 million. The company said that the drop in income was primarily due to capital expenditures related to constructing its IPP assets in Poland and Hungary.

The company’s revenue increased by 21% YoY to $81.4 million for FY 2022.

Emeren’s adjusted EBITDA dropped marginally by 2% to $17.4 million compared to $17.7 million in the previous year.

The company’s revenue for the third quarter stood at $28.89 million, an increase of 85% YoY, mainly driven by IPP solar assets in China, project development business in the U.S., and strong EPC revenue from Poland.

During the second quarter, Renesola signed 25-year power purchase agreements for new distributed generation projects in China. The company maintained its focus on the Yangtze River delta area with high economic growth. It has 156 MW of net metering projects under various stages of development in China.