ReneSola boosts Q3 revenue guidance on increased project sales

Solar panels. Featured Image: pornvit_v/Shutterstock.com

October 16 (Renewables Now) - ReneSola Ltd (NYSE:SOL) expects to book third-quarter revenues of up to USD 60 million (EUR 54.4m), three times more than its earlier guidance, thanks to “significant” contributions from project sales.

The Chinese solar project developer said on Tuesday, citing preliminary unaudited results, that its revenues in July-September will range between USD 55 million and USD 60 million. This compares with earlier projections for a range of USD 15 million-20 million.

Third-quarter gross margin is seen at 15%-17%, against a prior guidance range of 35%-40%.

Shelley Xu, ReneSola’s CEO, explained that the company has managed to close certain project sale deals more quickly than expected, getting significant revenues in September.

“Sale activity is increasing across many of our geographies, helping to accelerate our business momentum. We are confident in our ability to successfully monetise our robust project pipeline in the coming quarters," the CEO added.

(USD 1.0 = EUR 0.906)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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