ReneSola Power Updates Financial Results for Fourth Quarter and Fiscal Year 2019

STAMFORD, Conn., Jan. 16, 2020 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today updated its financial guidance for the fourth quarter and fiscal year 2019 to reflect the delay in recognizing revenue from the sale of a solar project in Canada. The Company now anticipates completing this project sale and recognizing revenue in the first quarter of 2020.

Preliminary Fourth Quarter and Full-year Results

Based on preliminary unaudited results, the Company expects revenue for the fourth quarter of 2019 to be in the range of $20 million to $25 million, compared to its previous guidance of $45 million to $50 million. Gross margin for the fourth quarter of 2019 is expected to be in the range of 27% to 31%, compared to the prior guidance of 10% to 15%. For fiscal year 2019, the Company expects revenue to range between $115 million and $120 million, compared to its previous guidance of $130 million to $140 million. Gross margin for fiscal year 2019 is expected to be in the range of 25% to 30%, compared to the prior guidance of 20% to 25%.

ReneSola Power CEO Yumin Liu commented, "Fourth quarter results were impacted by the delay in the closing of the sale of a project in Canada. Despite the near-term challenge, the foundation of our business is strong and more evident than ever. Sale activity continues to increase across many of our geographies, helping to accelerate our business momentum. We are confident in our ability to successfully monetize our robust project pipeline in the next several quarters."

ReneSola Power plans to release its fourth quarter and full year 2019 financial results in March 2020. The fourth quarter and full-year 2019 financial results included in this press release are preliminary. Actual results are subject to the completion of ReneSola Power's year-end financial closing procedures, and review and audit procedures by the Company's independent registered public accounting firm.

About ReneSola Power

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola Power (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola Power is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

SOURCE ReneSola Ltd.