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<p><a href="http://www.renesolapower.com/" target="_blank" rel="noopener">ReneSola Ltd</a>, a fully integrated solar project developer and operator, has announced its unaudited financial results for the second quarter which ended June 30, 2018.</p>
<p>The gross profit was $8.2 million, compared to $8.4 million in Q1 2018 and $1.1 million in Q2 2017. The gross margin recorded was 30 percent, compared to 19 percent in Q1 2018, mainly due to a greater mix of electricity sales due to the seasonality of solar irradiation.</p>
<p>The generated revenue was $27.8 million, compared to $44.8 million in Q1 2018 and $1.6 million in Q2 2017. According to the company, revenue from the project development business was $10.1 million, due mainly to sales of 6.7 MW of utility-scale projects in North Carolina, United States. Revenue from the EPC business was $7.6 million due to EPC services for 8.4 MW of distributed generation projects in China. Revenue from the sale of electricity was $9.9 million. The company generated 63.3 million kWh of electricity from its operating distributed generation projects in China.</p>
<p>Operating expenses were $2.3 million, slightly down from $2.5 million in Q1 2018 and up from $1.9 million in Q2 2017. Sales and marketing expenses were $0.2 million, slightly up from $0.1 million in Q1 2018. General and administrative expenses were $2.7 million, slightly up from $2.4 million in Q1 2018.</p>
<p>Operating income was $5.9 million, same as operating income in Q1 2018 and compared to an operating loss of $0.7 million in Q2 2017. Total non-operating expenses of $5.5 million included interest expenses of $2.6 million and foreign exchange loss of $2.9 million, mainly driven by the depreciation of EUR, GBP, and PLN against USD.</p>
<p>Income before income tax and non-controlling interests was $0.4 million, compared to an income of $5.4 million in Q1 2018 and a loss of $0.8 million in Q2 2017. Net income was $0.4 million, compared to an income of $5.4 million in Q1 2018 and $0.8 million in Q2 2017.</p>
<p>The company had cash and equivalents of $24.8 million as of June 30, 2018, compared to $10.9 million as of March 31, 2018. Long-term borrowings were $72.7 million as of June 30, 2018, compared to $32.7 million as of March 31, 2018.</p>
<p>In India, according to Renesola, it has a 30 MW project pipeline of self-consumption distributed generation projects with various commercial and industrial off-takers.</p>
<p><a href="https://mercomindia.com/brookfield-renesola-distributed-solar-china/" target="_blank" rel="noopener">Recently</a>, Renesola signed an exclusivity agreement with an affiliate of <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a>. Under the agreement, ReneSola agreed to negotiate exclusively with Brookfield Asset Management to sell its distributed generation operating solar assets in China.</p>
<p>Image credit: ADB</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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