ReneSola’s Chinese projects generate 29 GWh in Q3

The integrated PV manufacturer — which describes the Chinese rooftop PV market as a “lucrative opportunity” — is now developing more than 130 MW of such projects in the country. Most of that capacity is concentrated in a number of eastern provinces. It expects to own up to 200 MW of rooftop PV capacity by the end of this year.

“Our efforts in the China rooftop market enable us to become the only U.S.-listed company levered to the exciting China rooftop opportunity,” said Xianshou Li, the Shanghai-based company’s chairman and chief executive.

Several weeks ago, ReneSola reported a net loss of $31.5 million for the second quarter of 2017, from a loss of $23.2 million in the first three months of the year. However, the company — which is currently transforming itself into a pure-play downstream solar project developer — said that its results for the April-June period do not provide an accurate picture of its financial health, because most of the declines it recorded for the quarter were tied to operations that are being sold off.

In September, ReneSola unveiled plans to sell off parts of its solar manufacturing business to the CEO as part of an ongoing restructuring push. The announcement followed reports in late August that the company was in danger of having its American Depositary Shares (ADS) delisted from the New York Stock Exchange (NYSE). The warning from the NYSE was the second that ReneSola had received in less than a year from the market regulator.