Renesola sells 13.5-MW Wedgehill solar project

ReneSola

Energy efficient technology provider ReneSola has sold Wedgehill, a 13.5-megawatt solar power project, to an undisclosed buyer in the UK.

Recently, the company had sold its 6.4-megawatt Field House solar project to Foresignt Group.

“We still have installed capacity of more than 76 megawatts in our portfolio that we plan to monetize while expanding and developing downstream presence,” Xianshou Li, the chief executive officer of ReneSola, said in a statement.

The Wedgehill project utilizes ReneSola’s Virtus II modules and was connected to the grid last December. It has qualified for the 1.4 ROC scheme of the UK.

ReneSola had shown a 1.6 percent increase in its module shipments from the fourth quarter of 2014. Total solar module shipments were 496.4 megawatts and total solar wafer and module shipments in Q1 2015 were 691.5 MW, the company stated in its quarterly report.

The company registered net revenue of $349 million, which was 9.8 percent less than $387 million registered in the fourth quarter of 2014. The figure also represented a 15.9 percent decrease in revenue from $415 million in the first quarter of 2014.

“We are leveraging the flexibility in our business model to quickly respond to changing market dynamics and to capture market opportunities. At the beginning of 2015, we began to scale back our global OEM capacity and focus more on our downstream project opportunities.

“We have completed over 70 MW of projects in the UK and expect to monetize in the near-term while expanding into a larger portfolio of downstream projects in the second half of 2015. As we continue with this strategic transition into the downstream services and project area, we believe we will be better positioned to achieve long-term profitability,” Xianshou had said in the first quarter report.

Daniel K. Lee, chief financial officer of ReneSola also said the company was working toward improving its balance sheet and cash flow as it “monetized on existing project portfolio and successfully execute long-term downstream strategy”.

Ajith Kumar S

editor@greentechlead.com