Chinese solar developer ReneSola made a loss of $34.7m last year, compared with a loss of $5.1m the previous year.
Revenue was down 27.5% to $929.8m from $1.28bn the previous year, on the back of a fall in solar module shipments to 1.2GW in 2016 from 1.6GW in 2015.
The company is shifting its focus to downstream project develoment and said it has a pipeline of over 1GW of projects in various stages of development of which 707MW are ‘shovel-ready’.
ReneSola chief executive officer Xianshou Li said: “While the overall market environment was challenging in 2016, we have been executing our strategy to shift our business focus from manufacturing to downstream project development since the second half of 2015.
“We expect downstream project sales to pick up in the second quarter of 2017 due to the growth in pipeline as well as our solid execution in project monetisation.
“While some of our end markets can be volatile and will continue to face challenges amidst opportunities, we will remain focused on our long-term objectives.”
Image: sxc
