Chinese solar developer ReneSola made a loss of $23.2m in the first quarter of 2017, compared with income of $5.7m in the same period last year.
Revenue was also down 32.5% in the first three months of the year at $156.6m.
The decline was mainly due to lower average selling prices for modules and reduced product shipments, the company said.
However, revenue was above expectations for the first quarter, which was between $130m and $150m, it added.
RenSola chief executive Xianshou Li said: “First quarter results were generally in-line with our expectation, as we continued to gain traction from our downstream project efforts and LED distribution business, while affected by challenging market conditions of our solar power product business.
“For the second quarter of 2017, we expect downstream project sales to increase when compared to the first quarter of 2017 due to continued growth in our project pipeline and our solid execution in project monetisation.”
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