ReneSola Ltd today provided an updated outlook for its project business.
The Company currently has approximately 335MW of projects that are under construction and plans to construct over 550MW in 2017. During the construction phase, the projects will be financed by construction loans and also funded by the payment installments from the buyers.
The table below sets forth our project pipeline by location:
- In the U.S., the Company plans to construct 108MW of projects in 2017, of which 70MW are community solar projects. The projects are located in California, North Carolina and Minnesota.
- In the U.K., the Company intends to construct approximately 14MW of projects this year, of which 10MW are under the 1.2 Renewable Obligation Certificate (ROC) program and expected to be connected to the grid in March 2017.
- In January 2017, the Company won 13 solar utility projects in southern Poland, each with an installed capacity of 1MW. The projects are eligible for a guaranteed tariff of PLN 408.8/MWh under a 15-year power purchase agreement and are expected to be connected to the grid by December 2017.
- In Canada, the Company plans to construct approximately 9MW of small-scale utility projects under the Feed-in Tariff (FiT) 3.0 in the current calendar year.
- In Turkey, the Company intends to construct 13MW of projects this year. All of the projects are unlicensed, thus qualifying for the Feed-in-Tariff (FiT) of $134/Mwh.
- As of January 31, 2017, the Company had over 393MW of solar rooftop projects in "shovel-ready" stage in China. All of the projects have been filed with National Development and Reform Commission, and the Company has obtained legal rights to develop these projects. The projects are located in Zhejiang, Jiangsu, Anhui, Jiangxi, Shandong, Hubei, Henan, Hebei, Shanxi, Fujian and Guangdong Provinces. The Company plans to commence construction of all of these projects within the current calendar year.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "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. That said, we expect project sales to pick up in the second quarter. Overall, we remain optimistic about our project development business. We continue to gain traction in the domestic Chinese distributed generation market and remain focused on executing our efforts in developed markets which are expected to have stable returns and healthy cash flow. We look forward to further growing this business in the quarters ahead."