It will primarily use construction loans to finance development of the projects.
“We now anticipate fewer external module shipments in the first quarter of 2017 as we had redirected more module sales to our own downstream projects,” said ReneSola chairman and CEO Xianshou Li, adding that the company expects project sales to accelerate in the second quarter of the year.
Rooftop PV projects in China account for the lion’s share of the capacity the company is now building, at 393 MW.
By the end of January, it had “shovel-ready” projects in Zhejiang, Jiangsu, Anhui, Jiangxi, Shandong, Hubei, Henan, Hebei, Shanxi, Fujian and Guangdong provinces.
ReneSola’s second biggest global downstream market is Turkey, where it is building 12.7 MW of unlicensed projects at a feed-in tariff rate of $134/MWh.
It plans to install 108 MW in the US market this year, including 70 MW of community PV capacity in California, Minnesota and North Carolina.
The company is now building 9.9 MW in the UK, with a total of 14.3 MW in the pipeline by the end of the year.
About 10 MW of the capacity it will build in the UK will be developed under the 1.2 Renewable Obligation Certificate (ROC) scheme, with grid connection scheduled by the end of March.
Last month, ReneSola won the rights to build 13 MW of capacity in southern Poland. The 1 MW arrays will all be constructed at a tariff rate of 408.8 Polish złoty ($100.18)/MWh over 15 years. They are scheduled for grid connection by December.
In Canada, the company will build roughly 9 MW of small utility-scale PV projects this year under Ontario's Feed-in Tariff 3.0 scheme.
“We remain optimistic about our project development business,” said Li. “We continue to gain traction in the domestic Chinese distributed generation market and remain focused on executing our efforts in developed markets.”
ReneSola has increasingly shifted its focus to solar project development over the past year. Its downstream business contributed to a 37.2% quarter-on-quarter jump in revenue in the June-September period last year.
Last week, the company regained compliance with the New York Stock Exchange’s listing requirements, after receiving a de-listing warning in December.
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