ReneSola posts record profits in 2021, margins increase

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March 24 (Renewables Now) – ReneSola Ltd (NYSE:SOL) reported record attributable net profit in 2021 on Wednesday, driven by increased revenue and significantly improved margins.

The solar project developer and operator closed 2021 with a GAAP attributable net profit of $6.9 million (EUR 6.3 million), marking a 147% increase in annual terms. At $79.7 million, ReneSola’s operating income increased by 8% thanks to the increased contribution of its project development activity and the disposal of several projects in the United States, Poland, Spain and in Hungary totaling 128 MW.

ReneSola’s project development business accounted for 77% of the company’s total revenue during the reporting period, earning $61.1 million. By region, Europe was responsible for the largest share of total revenue, with a 62% share.

After the gross margin jumped 88% year-on-year, the gross profit margin increased from 22.7% to 39.4%.

More details on ReneSola’s performance during the reference period can be seen in the table.

Results in millions of dollars 2021 2020 Q4 2021 Q4 2020
Income 79.7 73.5 22.8 15.5
GAAP gross profit 31.4 16.7 7.2 6.1
GAAP operating profit (loss) 12.7 6.8 (1.4) 2.7
Non-GAAP operating income (loss) 20 ten 3.5 3.2
Adjusted EBITDA 25.9 16.4 5.3 4.5
GAAP net income (loss) attr. to Rene Sola 6.9 2.8 (1.6) 0.7
Net income (loss) non-GAAP attr. to Rene Sola 14.7 3.7 2.5 1.7

ReneSola ended 2021 with a mid-to-late-stage pipeline project development pipeline of 2.2 GW, which exceeded its original target of 2 GW after adding new projects in all major regions, primarily in the United States. United and Europe. About 15 MW of capacity was under construction at the end of the year. Meanwhile, the company operated about 180 MW of solar parks, including 156 MW of rooftop panels in China and 24 MW in the United States.

Looking ahead, ReneSola expects to end 2022 with a 3 GW project development pipeline, expecting to reach 5 GW by the end of 2024. Financially, revenues in 2022 are expected to be between 100 million USD and 120 million USD, while the gross margin is estimated at 20%-25%. Net income is expected to be between $9 million and $10 million.

(1.0 USD = 0.907 EUR)

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