–Higher Guidance Reflects Growing Business Momentum —
–Expected Equipment Price Declines Should Support IRRs for Unsubsidized Projects —
SHANGHAI: ReneSola Ltd (“ReneSola” or the “Company”) (NYSE:SOL), a leading fully integrated solar project developer and operator, today raised its guidance for the revenue of the first quarter of 2018.
The Company expects to formally announce Q1 2018 results on Wednesday, June 20, 2018.
The Company also commented today on the “2018 Solar PV Power Generation Notice” issued by the Chinese government ministries last Friday.
ReneSola’s Chief Executive Officer Xianshou Li said, “Our existing projects will continue to receive the subsidies to which they are entitled. Our future projects will also benefit from a likely significant decline in prices for equipment and construction in the second half of 2018. Furthermore, commercial/industrial electricity prices are higher in the eastern provinces in which our DG projects are mainly deployed. We believe the lower equipment cost and stable electrical rates will enable us to find unsubsidized net-metered and self-consumption projects at grid parity with reasonable rates of return. We believe net metering and self-consumption projects could experience tremendous growth in the second half of 2018. Distributed generation in China will continue to be an important growth driver for us over the long-term.”
Li added, “Importantly, China DG is only one driver of our growth. Our China business complements our extensive pipeline of high quality projects around the world. We anticipate significant declines in module prices that will benefit our overseas projects by increasing returns and thus project values. ReneSola has steadily built business momentum since the divestiture of the manufacturing business, and we are confident growth can continue. As a result, we are raising our guidance for Q1 revenue to a range of $40 to $45 million, which is well ahead of the $30 to $35 million we originally expected.”
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.