Chinese solar project developer and operator Renesola Ltd. achieved revenues from continuing operations of $64.8 million in the fourth quarter of 2017, up 61.2 percent year-over-year. Revenue from the Project Development business was $44.4 million and revenue from the EPC business was $15.4 million. Revenue from the sale of electricity was $5.0 million. The Company generated 22.6 million kWh of electricity from its operating projects in China during the quarter. Operating income was $4.9 million, compared to $2.1 million in Q4 2016. Income before income tax and noncontrolling interests from continuing operations was $2.0 million, compared to $1.7 million in Q4 2016.

Regarding the full year 2017, revenue from continuing operations was $103.0 million, up 27.9 percent year-over-year. Revenue from the Project Development business was $64.8 million. Revenue from the EPC business was $25.9 million and $12.3 million from the sale of electricity. Operating income was $6.6 million, compared to $2.3 million in 2016. Income before income tax and noncontrolling interests from continuing operations was $3.5 million, compared to $0.2 million in 2016.

Renesola currently owns over 187 MW of rooftop projects in operation, which are concentrated in a handful of eastern provinces of China. As of December 31, 2017, the Company had over 28 MW of rooftop projects under construction and anticipates owning approximately 350 MW to 400 MW of rooftop projects in China by the end of 2018. The 1.1 GW project pipeline include 546.5 MW projects that are late-stage. 92.2 MW of these late-stage projects are under construction.

For the first quarter of 2018, the Company's project business is expected to generate revenue in the range of $30 to $35 million. During the first quarter of 2018, the Company expects to connect 5 MW to 10 MW of DG projects in China, and to monetize 5 MW projects in international markets. For 2018, the Company expects to generate revenue in the range of $130 to $140 million. The Company intends to connect 150 MW to 200 MW of DG projects in China, and to monetize 50 MW to 70 MW projects in international markets.