Emeren Group Ltd

Good day and thank you for standing by. Welcome to the fourth quarter and full year 2021 Renizzola Power Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded, and if you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Gary Dvorak. Please go ahead.

Thank you, Victor, and hello, everyone. Thank you for joining us on today's call to discuss our fourth quarter 2021 results. We released our shareholder letter after the market closed today. It's available on the website. There is also a supplemental slide deck posted on the website that we'll reference during our prepared remarks. On the call with me today are Mr. Yumin Liu, Chief Executive Officer, Mr. Kuch, and Chief Financial Officer, and Mr. John Yuen, CEO of North America. Before we continue, note on slide two that this presentation will have remarks that are made that may include predictions, estimates, or other information that might be considered forward-looking. These forward-looking statements represent Renasola Power's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under the risk factors and elsewhere in Renasola Power's filings with the SEC. Please do not place undue reliance on these forward-looking statements, which reflect Rena Sola Power's opinions only as of the date of this call. Rena Sola Power is not obliged to update you on any revisions to these forward-looking statements. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. With that, let me now turn the call over to Mr. Yimeng Liu, our CEO. Yimeng?

Thank you, Gary, and thank everyone for joining the call. Before we dive into our fourth quarter results, I'd like to remind everyone that we examine the quarter in detail in our shareholder letter posted on our website. So I'm just going to call out the highlights that you should study in the letter and supplemental deck. The first key point is that for the full year, we return our business to growth with revenue up 8% year over year to 79.7 million and gap net income per ADS up 77% to $0.10 per ADS from $0.06 per ADS in 2020. For Q4, we grow revenue 47% sequentially to $22.8 million, which was just slightly below the midpoint of our guidance range as a result of a product sale delay, which is now scheduled to close in the first half of 2022. In 2021, we more than doubled our project development pipeline from 1 gigawatt at the end of last year to 2.2 gigawatts by the end of 2021, above our original growth target of 2 gigawatts set in the beginning of the year. I'm extremely proud of this strong project pipeline that we have built, which over 60% is located in Europe our largest market where there are tremendous opportunities in the renewable energy projects. In 2021, over 60% of our revenue and 50% of gross profit came from our European operations. As we look forward, we believe the solar industry will experience unprecedented growth as the crisis in the Ukraine has awakened a worldwide desire. and sense of urgency to achieve energy independence. We are already seeing signs of this acceleration in Europe. As an example, on February 28, Germany announced its decision to rapidly accelerate the expansion of the wind and solar power with the goal to generate almost all of the country's electricity from renewable sources by 2035. Across Europe, Many countries are announcing plans similar to Germany's. The USA, our second largest market, is also expected to grow rapidly in the coming years, both utility-scale projects and community solar programs. As an example, recently the US Department of Energy announced plans to enable enough community solar projects to power 5 million homes by 2025. This initiative would increase current capacity by an additional 700%. With the significant strong demand for solar industry, we believe we are well positioned to capitalize on the tremendous opportunities in front of us, given our deep expertise in developing and operating solar projects, extensive network of industry partnerships, well-capitalized balance sheet and unmatched track record in closing financing transactions. In 2022, we expect to build our strong pipeline growth momentum and close the year at three gigawatts with a significant portion of the growth coming from Europe. Longer term, we are targeting five gigawatts of mid to late stage pipeline by end of 2024. With that, I now turn the call over to Renie Solar Power CFO, Ke Chen. Ke?