The Chinese solar project developer and operator Renesola Ltd. achieved revenues of $36.3 million in the third quarter ended September 30, 2017, up 2 percent compared to the previous quarter and 23.9 percent year-over year. Operating income was $3.8 million, compared to operating loss of $2.0 million in Q2 2017 and operating income of $0.4 million in Q3 2016. Income before income tax and noncontrolling interests from continuing operations was $4.0 million, compared to a loss of $0.6 million in Q2 2017 and a loss of $0.8 million in Q3 2016.

Renesola connected 13.9 MW of rooftop projects in China which the company intends to hold and 12.6 MW of utility projects in Turkey with revenue expected to be recognized in Q1 2018. The solar power project pipeline is around 1.1 GW, of which 579.3 MW are late-stage.

For the fourth quarter of 2017, the company's project business is expected to generate revenue in the range of $55 to $60 million and overall gross margin in the range of 10 percent to 15 percent with the gross margin of IPP business in the range of 48 percent to 53 percent. Renesola expects to connect 60 MW to 80 MW of projects during the fourth quarter of 2017.

As reported, the company announced in September to discontinue all production capacities for silicon, wafers, cells and modules as well as the distribution of LEDs and to sell these units to CEO Xianshou Li. Under the terms of the agreement, the related bank debt of more than 3 billion Renminbi Yuan ($452 million) will also be transferred to the buyer. Furthermore, Renesola Ltd. will cancel $217.3 million of intercompany payables. In return, the company will issue 180 million shares to Renesola Singapore Pte. Ltd. This company will be wholly owned by Xianshou Li upon completion of the transaction.