ReneSola

The ruling was issued on Thursday after the matter was referred by a U.K. tax tribunal which, in March last year, upheld the U.S.-headquartered solar manufacturer’s claim the assembly of cells into panels is an important step, which should render such products Indian.

The solar plant developer, which is now based in the States, was upbeat in its first-quarter figures but balance sheet borrowings remain a concern.

The Shanghai-based project developer – which will soon relocate to the U.S. – says the profit margins are not high enough in those markets and has cancelled its project pipeline in the nations. The company has also changed its CEO after less than five months and is on a drive to reduce capital costs.

The project developer trumpeted its return to the black in the second quarter and appears set to secure an $11 million cash injection from its main shareholder. It needs the cash to help settle a near-$29 million debt due for repayment in March.

The Shanghai company’s decision to go forward as a pure play developer puts it at odds with its peers and the diminishing margins reported in its Q1 figures illustrate why it may prove to be a high-stakes gamble to bet against manufacturing.

Developer has posted positive financial results for the second quarter running, following the company’s restructuring. Though its discontinued module manufacturing operations are not included in financial results for the first quarter, the company more than tripled net income on the previous three-month period.

The Sequoia Economic Infrastructure Income Fund has extended a loan to ReneSola Ltd to €36 million for the implementation of 55 MW of solar PV projects in Poland.

The Chinese project developer expects quarterly revenue to be higher by up to $15 million, and solar module prices to drop significantly in the second half of the year.

The solar superpower’s departure from its ambitious PV targets has shaken the industry and put a dampener on share prices. Analysts from U.S. investment bank Roth Capital expect a module oversupply mountain of more than 30 GW as a result of the policy change.

ReneSola Ltd has sold a 40.13% stake in its Zhejiang ReneSola Investment Limited subsidiary, which deals with its distributed generation (DG) solar PV projects in China.