ReneSola, a global solar project developer with an office in Stamford, Connecticut, posted an increased Q3 22 revenue of $28.9 million, an 86% increase from $15.5 million of revenue in Q3 21, despite foreign exchange currency risk creating a stronger dollar and other economic challenges.
The company said economic conditions surrounding revenue from Europe and China could have resulted in an additional $3 million revenue boost without the stronger dollar denomination.
Despite a higher third quarter, the integrated solar company lowered its Q4 22 guidance to $44 million to $49 million, compared to the market consensus of $73 million, reflecting recent acquisitions of European assets taken on its balance sheet.
After installing a 10.2 MW Hungarian project in October, ReneSola decided to withhold 110 MW of Poland and Hungarian solar project sales in Q4 22, which includes notice to proceed stage assets, forgoing $20 million of revenue in Q4 22 based on the company’s European shift to an IPP business model.
The company expects to energize the remainder of the 100 MW European portfolio in Q3 23.
Quarterly Activity:
In September, ReneSola closed the acquisition of a 50 MW UK solar farm portfolio from P&T Global Renewable Energy for $41 million. The acquisition establishes ReneSola as a European independent power producer. In October, ReneSola announced the launch of a 10.2 MW utility-scale solar project Csomád 1-2 in Hungary. In the same month, the company acquired Emeren, an Italy-based solar and storage developer, for $16 million in an all-cash transaction. The target has a 2.5 GW project development pipeline.
Also in October, ReneSola closed on the sale of a 70 MW portfolio of Pennsylvania solar projects to asset manager AB CarVal Investors.
Full-Year Guidance:
Due to its European IPP shift, ReneSola reduced its full year 2022 revenue range to $85 million to $90 million, from prior quarterly estimates of $100 million to $120 million for full year 2022.
ReneSola’s management highlighted a 4 GW portfolio of deploying mid to late-stage projects in 2023, an increase from its current pipeline of 3 GW, driven by European growth.
The company said it plans to sell the majority of its 165 MW Chinese operating portfolio in 2023.
With a $305.5 million market capitalization, ReneSola shares trade at $4.55 today, down from $6.06 per share a year ago. Since going public in 2008, ReneSola has shifted from being a local maker of solar wafers to an international solar IPP developer.
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