ReneSola Power, a fully integrated solar project developer and operator, announced the financial results for the fourth quarter (Q4) of 2021.
The company recorded a net revenue of $22.8 million, a quarter-over-quarter (QoQ) increase of 47% from $15.5 million in the previous quarter. The net revenue was up 39% year-over-year compared to $16.4 million in Q4 2020.
Gross profit in Q4 was $7.2 million, a QoQ increase of 19% compared to $6.1 million in Q3. Compared to the same period in 2020, the gross profit grew by 260%.
The company posted a net loss of $1.6 million, compared to $0.7 million net income in Q3 2021 and $2 million net income in Q4 2020.
The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 2021 was $5.3 million, a QoQ increase of 17% compared to $4.5 million in the preceding quarter. EBITDA increased by 212% compared to Q4 2020.
The net revenue of ReneSola was $79.7 million in 2021, a YoY increase of 8% compared to $73.5 million in 2020.
The company’s net income increased to $6.9 million in 2021, a YoY increase of 147% compared to $2.8 million in 2020.
The adjusted EBITDA was $25.9 million, a 58% increase from $16.4 million in the previous year.
Solar project development
The company sold multiple projects totaling 128 MW, including 12.3 MW of distributed solar projects in Hungary, 75 MW in Poland, and 12 MW in Spain. It also sold 28.8 MW of community solar projects in the US.
The company raised $290 million in a follow-on equity offering in January 2021, which helped reduce its debts throughout the financial year.
ReneSola Power focuses on solar power project development, construction management, and project financing services. It aims to specifically pursue high-margin project development opportunities in the US and Europe.
The company repurchased 3 million American Depository Shares (ADS), amounting to about $18 million in the fourth quarter.
The company more than doubled its project development business’ mid-to-late-stage project pipeline from 1 GW to 2.2 GW, surpassing the original growth target of 2 GW in 2021. The projects are spread across the US, Poland, Spain, the United Kingdom, Germany, France, Hungary, Italy, and China.
It has 180 MW of solar projects in operation, with 156 MW of distributed generation projects in China and 24 MW of solar projects in the U.S.
Mercom had reported that ReneSola closed the sale of 37 MW of solar projects located in Poland to Obton, an international solar investment firm. The portfolio comprised 37 solar projects across Poland with a capacity of 1 MW each, totaling 33 MW and a 4 MW project. The projects were awarded to ReneSola Power in the country’s solar power auction in September 2021.