Utility-scale solar and battery storage projects developer Emeren Group’s revenue grew by 271% year-over-year (YoY) to $13 million in the first quarter (Q1) of the financial year (FY) 2023 with significant contribution from the company’s IPP (independent power producer) and engineering, procurement, and construction businesses.

The company’s net loss narrowed by 89% YoY to $194,000 for Q1 of FY 2023 compared to the loss of $1.7 million in Q1 2022.

Total operating expenses were $4.6 million for the January-March quarter compared to $3.4 million last year.

The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization grew to $1.8 million from a negative $0.05 million in Q1 2022.

Emeren has been a strategic partner of Renesola Power since 2021 to co-develop clean projects in Italy. The latter acquired the solar and battery storage projects developer last year in October.

Group CEO Yumin Liu said, “Our Q1 revenue reflected solid contribution from our IPP and EPC business, driven partially by our recent acquisitions. However, delays in receipt of the final approvals and more conservative judgment in the change of control in our RTB (ready-to-build) project sales business resulted in no revenue recognition during Q1 2023. In May, we completed the sale of 58 megawatts (MW) solar farm projects in Poland, and this will be recognized in our Q2 results.”

The company has 258 MW of IPP assets across Europe, the United States, and China by the end of Q1 2023, while the company has a mid-to-late stage project pipeline of 3.2 GW and a storage pipeline of 6.1 GW.

The developer said it plans to monetize approximately 500 MW of projects in 2023.

The company’s net income was $5.9 million for FY 2022, down by 14% YoY. Emeren said that the fall in revenue was mainly due to capital expenditures related to constructing its IPP assets in Poland and Hungary.