ReneSola has earned $64.8 million in revenues for the fourth quarter ended December 31, 2017 – up 78.6 percent Q-o-Q and up 61.2 percent Y-o-Y.
Revenue from the Project Development business was $44.4 million, through projects of capacities 44.2 MW in China, 8.1 MW in Turkey and 13.3 MW in Minnesota.
Revenue from the EPC business was $15.4 million of which China accounted for 25 MW.
Revenue from the sale of electricity was $5.0 million. The Company generated 22.6 million kwh of electricity from its operating projects in China during the quarter.
Xianshou Li, ReneSola’s Chief Executive Officer, commented, “2017 was a transformative year for the Company. We exited the manufacturing business, becoming a pure play in the rapidly growing project development market. As a result, the fundamentals for our project business significantly improved.”
Li continued, “Fourth quarter results were largely in-line with our expectations. On a year-over-year basis, Q4 revenue growth was over 60 percent, and operating income was up over 136 percent. We remain excited about the opportunities ahead of us, and believe that our talented team, diversified geographic coverage and track record of success at every stage of project development will position us for profitable growth,” Li added.
For the full year ending December 2017, ReneSola’s revenue from continuing operations was $103.0 million was up 27.9 percent Y-o-Y. Revenue from the Project Development business was $64.8 million. Revenue from the EPC business was $25.9 million. Revenue from the sale of electricity was $12.3 million.
Gross profit of $14.1 million was up 95.4 percent Y-oY.
For the first quarter of 2018, the Company’s project business is expected to generate revenue in the range of $30 to $35 million and overall gross margin in the range of 15 percent to 20 percent. During the first quarter of 2018, the Company expects to connect 5 MW to 10 MW of DG projects in China, and to monetize 5 MW projects in international markets.
For 2018, the Company expects to generate revenue in the range of $130 to $140 million with overall gross margin in the range of 20 to 25 percent. The Company intends to connect 150 MW to 200 MW of DG projects in China, and to monetize 50 MW to 70 MW projects in international markets.