China-based supplier of green energy products ReneSola Power recorded a revenue of $3.5 million in the first quarter (Q1) of the current fiscal year (FY), a year-over-year (YoY) dip of 85% from $22.7 million in Q1 2021.

The company said that the Covid lockdowns in China during April and May, supply chain constraints, and certain government actions resulted in the loss of revenue, primarily in the U.S. and China. Inflation and trade risks also impacted the revenue in the quarter.

The company generated 33 million kWh of energy from its rooftop solar projects in China and the U.S.

ReneSola had 74 MW(DC) of distributed generation projects under development during Q1.

The company focussed on diversifying its projects in 10 countries in Q1, with a solid development pipeline in the U.S. and Europe. ReneSola’s operating projects totaled 183 MW during the quarter, with a storage pipeline capacity of 1 GWh.

ReneSola’s net loss increased 112% YoY to $1.7 million during the quarter from $0.8 million in Q1 2021, while the company registered a gross profit of $1.1 million, down 84% YoY from $6.8 million last year.

The company’s operating expenses totaled $3.4 million in Q1, a YoY growth of 26% from $2.7 million in Q1 2021. The company’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to $0.6 million in Q1, down 90% YoY from $6.1 million.

The independent power producer expanded its services in nine countries, including China. In the U.S., ReneSola had 552 MW of utility-scale and solar community projects in various development stages. To maintain its business growth focus on both acquisitions and greenfield development, the manufacturer is pursuing utility-scale projects in most states in the U.S., including California and New York.

In Poland, the company’s project development was leveraged with the sale of 175 MW of small-scale projects with feed-in-tariff, which were awarded in the auctions of the past five years. It had approximately 620 MW(DC) of small-scale projects under development and construction stages during Q1 2022.

The capacity of ReneSola’s ground-mounted projects in Spain reached 304 MW(DC) in Q1. In the UK, the company operationalized 4.3 MW of projects and sold projects of 127 MW capacity by Q1 2022. The manufacturer had 235 MW of ground-mounted solar plus storage projects under development in the UK during the quarter.

In Germany, ReneSola operationalized 40 MW(DC) of ground-mounted projects.

The company had 112 MW(DC) of ground-mounted solar projects under development in France during Q1.

ReneSola had posted net revenue of $79.7 million for FY 2021, a YoY jump of 8% from $73.5 million.

In November 2021, ReneSola Power awarded a to-be-constructed solar portfolio in Maine to Greenbacker Renewable Energy, an operator of sustainable infrastructure and energy efficiency projects.