ReneSola achieved net income of $8.6m in the third quarter of 2015, compared with a loss of $2.3m in the previous quarter.
Revenue was up 37.2% quarter on quarter at $368.2m and gross profit rose to $59.3m, up 33.6% quarter on quarter.
The company recognized revenue of $64.6m from the sale of solar power projects, which is part of its strategic shift to project development to focus on developing, operating and selling solar power projects.
“Activity is centred on building a pipeline of distributed generation and utility-scale projects in attractive geographies worldwide. In the third quarter the Company continued to execute on the monetization phase of the development cycle,” the company said.
The third quarter also total solar module shipments of 405.5MW, representing, an increase of 25.9% from the second quarter. Total wafer shipments were 341.6MW, up 21.3%.
ReneSola chief executive officer Xianshou Li said: “Our strategic shift to project development, which we initiated approximately two years ago, is already starting to show results.
“Revenue surged sequentially as we monetized our projects in the UK and Japan.
“We are making an intense effort to build a portfolio of high-quality projects in attractive jurisdictions. Our early success in the UK is indicative of what we can achieve around the world.
“We are focused on developing projects especially distributed generation projects in Europe, North America and Japan, that should yield attractive returns in the coming year.”
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