In the second half of 2017, ReneSola Ltd grid connected over 90 MW of rooftop PV projects in China. The company owns 70 MW, and provided EPC services for the other 20 MW.
“The company continues to pursue opportunities in small-scale projects in diversified regions and believes its strategy meets the development trend of solar energy,” it said in a statement released.
It added, “As of December 31, 2017, the company had approximately 212 MW of operating projects globally, of which 187.2 MW are in China, 15.4 MW in Romania and 9.3 MW in the United Kingdom.”
Last October, ReneSola announced its Chinese distributed-generation PV projects generated around 29 GWh of electricity in the third quarter of 2017. Most of the capacity is located in China’s eastern provinces.
Meanwhile, in September it posted 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.
Shortly before it announced its financial results, ReneSola said CEO, Xianshou Li, would purchase 100% of the company’s solar manufacturing and LED division shares, as part of a restructuring procedure. The goal is to focus more on asset-light and high-margin project operations.
The company’s total assets are expected to shrink to about $250 million after Li purchases all of the company’s share capital, from $1,154.9 million. Total liabilities will fall from $1,140.2 million to $169.5 million.