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ReneSola Power, a solar developer, posted net revenue of $8.6 million for the second quarter (Q2) of 2022, a year-over-year (YoY) fall of 54% from $18.88 million.
The company attributed the dip in revenue to persistent supply chain disruptions due to the Covid-19 pandemic and delays in closing product sales in the U.S.
The net income loss attributable to Renesola Limited was $355,000, a 95% drop from a profit of $7.5 million in the same period last year.
Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) was $2.2 million, down 78% from $10 million in the same period last year.
ReneSola has signed 25-year power purchase agreements for new distributed generation projects in China. The company has 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.
The company sold 175 MW of clean projects awarded in the previous five years in Poland. The company has approximately 705 MW of solar and ready-to-build projects under construction and development in Poland.
By the end of Q2, ReneSola’s utility and community solar projects in the U.S. totaled 653 MW.
ReneSola’s yield in Europe improved with projects deployed in the south of Spain, primarily in the Murcia region, which has over 2 GW per year. It has around 304 MW of projects under development in Spain.
In the United Kingdom, the company operates 4.3 GW of projects and sold 127 MW of projects until the end of Q2. The company has 235 MW of projects under development in the country.