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					</table><p>Utility-scale solar and battery storage projects developer <a href="https://emeren.com/" target="_blank" rel="noopener">Emeren Group</a> recorded a net income of $8.3 million during the second quarter (Q2) of 2023, marking the highest level seen in the past five years and accounting for a massive year-over-year (YoY) improvement from a loss of $204,000.</p>
<p>The surge in net income was attributed to solar and battery storage project execution in Europe.</p>
<p>The company recorded a revenue of $33.85 million, a YoY increase of 312.3%, which was driven by strong contributions across all of its business lines.</p>
<p>The gross profit margin reached 37.4%, mainly due to a better blend of more profitable projects, especially in Europe, where they capitalized on increased energy prices.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were recorded at $9.31 million, a YoY improvement of 307% from $2.29 million.</p>
<p><strong>Operational Highlights in Q2 </strong></p>
<p>In their project development business, the company completed the sale of two solar projects in Poland and Hungary, totaling 62 MW.</p>
<p>In July, the company successfully concluded the sale of an 11.5 MW solar project in Germany to the Swiss-based energy firm <a href="https://group.met.com/en" target="_blank" rel="noopener">MET Group</a>.</p>
<p>Additionally, during the quarter, healthy revenue and margin contributions were observed from the recently acquired solar farm in Branston, U.K., attributed to favorable energy pricing.</p>
<p>Furthermore, in the second quarter, the company executed its storage pipeline strategy and commenced its monetization process by initiating 260 MW of battery energy storage system projects in Italy.</p>
<p>The initiative was part of their recently announced strategic partnership with <a href="https://matrixrenewables.com/" target="_blank" rel="noopener">Matrix</a>, aimed at developing up to 1.5 GW of a portfolio of battery energy storage systems in Italy.</p>
<p><strong>1H 2023</strong></p>
<p>During the first half (1H) of the year, the company recorded a net income of $8.15 million, an impressive improvement of 331% YoY from a loss of $1.89 million.</p>
<p>Emeren Group’s revenue for the period of January to June accounted for $46.72 million, a YoY improvement of 298%.</p>
<p>The company’s EBITDA for 1H stood at $8.8 million, a YoY increase of 205% as compared to $2.88 million.</p>
<p>Emeren has been a strategic partner of Renesola Power since 2021 to co-develop clean projects in Italy. The latter <a href="https://www.mercomindia.com/funding-and-ma-roundup-form-energy" target="_blank" rel="noopener">acquired</a> the solar and battery storage projects developer last year in October.</p>
<p>The company&#8217;s revenue <a href="https://www.mercomindia.com/emerens-q1-revenue-surgeshigh-income-epc-businesses" target="_blank" rel="noopener">grew</a> by 271% year-over-year (YoY) to $13 million in Q1, with significant contributions from the company’s IPP (independent power producer) and engineering, procurement, and construction businesses.</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/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</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/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Renewable Developer Emeren’s Net Income Hits Five-Year High in Q2 2023


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					</table><p>Utility-scale solar and battery storage projects developer <a href="https://emeren.com/" target="_blank" rel="noopener">Emeren Group</a>’s revenue grew by 271% year-over-year (YoY) to $13 million in the first quarter (Q1) of the financial year (FY) 2023 with significant contribution from the company’s IPP (independent power producer) and engineering, procurement, and construction businesses.</p>
<p>The company’s net loss narrowed by 89% YoY to $194,000 for Q1 of FY 2023 compared to the loss of $1.7 million in Q1 2022.</p>
<p>Total operating expenses were $4.6 million for the January-March quarter compared to $3.4 million last year.</p>
<p>The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization grew to $1.8 million from a negative $0.05 million in Q1 2022.</p>
<p>Emeren has been a strategic partner of Renesola Power since 2021 to co-develop clean projects in Italy. The latter <a href="https://www.mercomindia.com/funding-and-ma-roundup-form-energy" target="_blank" rel="noopener">acquired</a> the solar and battery storage projects developer last year in October.</p>
<p>Group CEO Yumin Liu said, “Our Q1 revenue reflected solid contribution from our IPP and EPC business, driven partially by our recent acquisitions. However, delays in receipt of the final approvals and more conservative judgment in the change of control in our RTB (ready-to-build) project sales business resulted in no revenue recognition during Q1 2023. In May, we completed the sale of 58 megawatts (MW) solar farm projects in Poland, and this will be recognized in our Q2 results.”</p>
<p>The company has 258 MW of IPP assets across Europe, the United States, and China by the end of Q1 2023, while the company has a mid-to-late stage project pipeline of 3.2 GW and a storage pipeline of 6.1 GW.</p>
<p>The developer said it plans to monetize approximately 500 MW of projects in 2023.</p>
<p>The company’s net income was $5.9 million for FY 2022, <a href="https://www.mercomindia.com/emeren-group-in-q4-on-european-projects" target="_blank" rel="noopener">down</a> by 14% YoY. Emeren said that the fall in revenue was mainly due to capital expenditures related to constructing its IPP assets in Poland and Hungary.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Emeren’s Q1 Revenue Surges 271% YoY on High Income from IPP and EPC Businesses


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					</table><p><a href="https://www.renesolapower.com/" target="_blank" rel="noopener">ReneSola Power</a>, a solar developer, posted net revenue of $8.6 million for the second quarter (Q2) of 2022, a year-over-year (YoY) fall of 54% from $18.88 million.</p>
<p>The company attributed the dip in revenue to persistent supply chain disruptions due to the Covid-19 pandemic and delays in closing product sales in the U.S.</p>
<p>The net income loss attributable to Renesola Limited was $355,000, a 95% drop from a profit of $7.5 million in the same period last year.</p>
<p>Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) was $2.2 million, down 78% from $10 million in the same period last year.</p>
<p>ReneSola has signed 25-year power purchase agreements for new distributed generation projects in China. The company has maintained its focus on the Yangtze River delta area with high economic growth. It has 156 MW of net metering projects under various stages of development in China.</p>
<p>The company sold 175 MW of clean projects awarded in the previous five years in Poland. The company has approximately 705 MW of solar and ready-to-build projects under construction and development in Poland.</p>
<p>By the end of Q2, ReneSola’s utility and community solar projects in the U.S. totaled 653 MW.</p>
<p>ReneSola’s yield in Europe improved with projects deployed in the south of Spain, primarily in the Murcia region, which has over 2 GW per year. It has around 304 MW of projects under development in Spain.</p>
<p>In the United Kingdom, the company operates 4.3 GW of projects and sold 127 MW of projects until the end of Q2. The company has 235 MW of projects under development in the country.</p>
<p>ReneSola <a href="https://mercomindia.com/renesola-power-revenue-dips-q1-2022/" target="_blank" rel="noopener">recorded</a> a revenue of $3.5 million in Q1, an 85% fall from $22.7 million in Q1 2021. It had a net income of $6.9 million in 2021, <a href="https://mercomindia.com/renesola-net-income-up-2021/" target="_blank" rel="noopener">increasing</a> 147% from $2.8 million in 2020.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Supply Chain Disruptions, Delayed Product Sales Hit ReneSola’s Financials in Q2 2022

<p><a href="https://www.renesolapower.com/" target="_blank" rel="noopener">ReneSola Power</a>, a fully integrated solar project developer and operator, announced the financial results for the fourth quarter (Q4) of 2021.</p>
<p>The company recorded a net revenue of $22.8 million, a quarter-over-quarter (QoQ) increase of 47% from $15.5 million in the previous quarter. The net revenue was up 39% year-over-year compared to $16.4 million in Q4 2020.</p>
<p>Gross profit in Q4 was $7.2 million, a QoQ increase of 19% compared to $6.1 million in Q3. Compared to the same period in 2020, the gross profit grew by 260%.</p>
<p>The company posted a net loss of $1.6 million, compared to $0.7 million net income in Q3 2021 and $2 million net income in Q4 2020.</p>
<p>The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 2021 was $5.3 million, a QoQ increase of 17% compared to $4.5 million in the preceding quarter. EBITDA increased by 212% compared to Q4 2020.</p>
<p><strong>Full-year 2021</strong></p>
<p>The net revenue of ReneSola was $79.7 million in 2021, a YoY increase of 8% compared to $73.5 million in 2020.</p>
<p>The company’s net income increased to $6.9 million in 2021, a YoY increase of 147% compared to $2.8 million in 2020.</p>
<p>The adjusted EBITDA was $25.9 million, a 58% increase from $16.4 million in the previous year.</p>
<p><strong>Solar project development</strong></p>
<p>The company sold multiple projects totaling 128 MW, including 12.3 MW of distributed solar projects in Hungary, 75 MW in Poland, and 12 MW in Spain. It also sold 28.8 MW of community solar projects in the US.</p>
<p>The company raised $290 million in a follow-on equity offering in January 2021, which helped reduce its debts throughout the financial year.</p>
<p>ReneSola Power focuses on solar power project development, construction management, and project financing services. It aims to specifically pursue high-margin project development opportunities in the US and Europe.</p>
<p>The company repurchased 3 million American Depository Shares (ADS), amounting to about $18 million in the fourth quarter.</p>
<p>The company more than doubled its project development business’ mid-to-late-stage project pipeline from 1 GW to 2.2 GW, surpassing the original growth target of 2 GW in 2021. The projects are spread across the US, Poland, Spain, the United Kingdom, Germany, France, Hungary, Italy, and China.</p>
<p>It has 180 MW of solar projects in operation, with 156 MW of distributed generation projects in China and 24 MW of solar projects in the U.S.</p>
<p>Mercom had reported that ReneSola <a href="https://mercomindia.com/project-finance-brief-recurrent-energy-firefly-energy-solar-project/" target="_blank" rel="noopener">closed</a> the sale of 37 MW of solar projects located in Poland to Obton, an international solar investment firm. The portfolio comprised 37 solar projects across Poland with a capacity of 1 MW each, totaling 33 MW and a 4 MW project. The projects were awarded to ReneSola Power in the country’s solar power auction in September 2021.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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