Hello, ladies and gentlemen. Thank you fo standing by for ReneSola Power's third quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question- and- answer session. To ask a question at that time, you'll need to press star one on your telephone. Please note that we are recording today's conference call. I'll now turn the call over to Mr. Gary Dvorchak, Managing Director of The Blueshirt Group, Asia. Please go ahead, Mr. Dvorchak. Thank you, Tara, and hello, everyone. Thank you for joining us on today's call to discuss our Q3 2021 results. We released our shareholder letter after the market closed today. It's available on the website. There's also a supplemental deck posted on the website that we will reference during our prepared remarks. On the call with me today are Mr. Yumin Liu, Chief Executive Officer, Mr. Ke Chen, Chief Financial Officer, and Mr. John Ewen, CEO of North America. Before we continue, please turn to Slide two. Let me remind you that remarks made during this call may include predictions, estimates, or other forward information that might be considered forward-looking. These forward-looking statements represent ReneSola Power's current judgment for the future. However, they're subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under Risk Factors and elsewhere in ReneSola Power's filings with the SEC. Please do not place undue reliance on these forward-looking statements, which reflect ReneSola Power's opinions only as of the date of this call. ReneSola 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 in the conference call are in U.S. dollars. With that, let me now turn the call over to Mr. Yumin Liu. Yumin. Thank you, Gary, and thank you everyone for joining the call. Before we dive into the quarterly results, I need to address the misleading short-seller report that was published last week. I'll use this report to present you some more insights and details about our business. The report was erroneous and misleading, obviously written by an author with little understanding of the solar project development, but with a motivation to unfairly drive down our stock price. We will discuss the report today and answer any questions you may have. We will also follow up with any of you as desired. Once you understand how the author manipulate some data points to draw incorrect conclusions, we believe you will have even greater confidence in ReneSola Power, and this junk report will be quickly dismissed and forgotten. The report basically makes three claims. The first, they claim that we have fake projects, what they call ghost projects. Second, they point out that many of our projects are delayed. Third, they infer that there is some sort of hidden risks from the Mr. Li family's ownership and support of the company. I want to address all three of these issues now. First of all, the author presents many discontinued projects as if they are fake. Project development is a portfolio business, and we terminate projects all the time for a variety of reasons. Many of the projects they cite fall into this category. We cancel them and move on to better opportunities. They are not nonexistent. Similarly, some of the projects they cite as fake are still very alive. Giving you examples, Castilla in Spain includes three projects totaling 24 MW and is in late-stage development, with RTB or sales targeted for the second half of 2022. They also cite the Tenergy project. We not only won the tender in cooperation with Tenergy, but also are in charge of the project development activities, having a development service agreement with them. Similarly, the author disparages our development partners in Italy, demonstrating a lack of knowledge about typical industry partnerships. Most local development partners are small businesses. Our hyperlocal model seeks out small, energetic, and capable businesses with close ties to their communities, such as MP Sicily and Terra Aurea Gela, mentioned in this report. We have over 10 different development partnerships in the EU countries, and most of the partners can be categorized as small companies. We had competing reasons to partner with MP Sicily and Terra Aurea Gela. MP Sicily is the Italian development arm of the Austrian investment company Messner & Partner, known as MP. Terra Aurea Gela is related to MP Sicily. We have partnered with MP in Poland, who helped us win 40 of the 172 projects we have secured there and successfully build them. MP is a great partner, and it is natural for us to work with them in other European countries. Far, the two Italian partnerships we have already built four new projects in Italy. The report is completely off-base in chastising us for these partnerships. The author's math on our pipeline disclosures over time is irrelevant to their fraud thesis. Projects will go into and out of our pipeline constantly as we prune and optimize our portfolio. You should expect us to always upgrade our pipeline with smart resource allocation and robust net growth. The second major claim that we are inflating our pipeline because of delays is laughable. The report cited a bunch of delayed projects without ever conceding that the world was often locked down for COVID since 2020, and lingering outbreaks and supply chain issues have caused more delays this year across the whole world. In fact, the words COVID and pandemic do not even appear in the report. We believe that an accusation of delays with no acknowledgement of COVID has no credibility whatsoever. For example, they point out that our Caravaca project in Spain is delayed. Correct. Spain was locked down for months, causing delays in government approvals. Caravaca environmental approvals alone was delayed by about 18 months. It has now been approved and has moved into the sales process. We expect to close the sale soon. People knowledgeable with our industry understand that project development cycles are long. Small projects take 1-2 years from greenfield to NTP. To get to NTP for big utility scale projects can take 5-6 years in the U.S. and 2-3 years in most European countries. The development periods we see in our pipeline are totally normal. In the final claim, the author attempts to create a sense of fear by calling out the Li family's participation in our company. The fact that Mr. Li is a large shareholder of our company is hardly news. It is not appropriate for us to comment on his personal affairs. We are a limited liability company. We are not impacted by the individual situation of any of our shareholders. We appreciate the Li family's continuing support as a large shareholder. All of our shareholders give us a vote of confidence with their share ownership. The report also threw in some other small items, trying unsuccessfully to build their case. They criticize our non-GAAP adjusted EBITDA. Fine. Judge us on our GAAP numbers. They talk about our pursuing small projects, which is exactly part of our strategy. This report has no merit. Anyone that understand our business will see through the author's misleading conclusions and false accusations. We are proud of having the industry's best project pipeline disclosure. We are open, transparent, and detailed. We have nothing to hide. The report tried to use our transparency against us, but failed miserably. Our shareholders appreciate our detailed level of disclosure, and we intend to continue this into the future. Okay, now let's move beyond that distraction and cover the important stuff, our third quarter results. We examine the quarter in detail in our shareholder letter posted on our website. I'm just going to call out the highlights that you should study in the letter and also supplemental deck. The first key point is that we are comfortable with our performance in this quarter. We were profitable again for the sixth consecutive quarter. Profit was a result of good gross margin at the high end of our guidance and good expense control. The gross margin strength shows the value of our strategy to sell projects at NTP, which is most profitable. We also generate high margin recurring revenue from our IPP electricity sales. Against the good news, revenue was below our guidance. You should not be concerned. We are not. On a quarterly basis, sales will move between periods. In Q3, 2 project sales we expected did not close, but we expect the sales to occur in Q4 or early next year. In general, we analyze our business on a yearly basis and do not worry about quarter-to-quarter timing issues. The second key point is that we are executing successfully on our pipeline building goals. At the start of the year, we targeted having 2 gigawatts by the year-end. We were close to that goal by the end of Q3 with over 1.8 gigawatts in the pipeline and 15 megawatts under construction. Our pipeline is dominated by Poland, the U.S., Spain, and the U.K. Each of those countries, together with other territories we have activities, represent multi-hundred megawatts of projects. These are attractive markets with strong investor base and good government support. We anticipate more growth ahead. We expect to end the year with around 2.2 GW, and we'll soon set aspiring goals for 2022. Let me now turn the call over to our CFO, Ke Chen, for comments and on our financial performance. Ke? Thank you, Yumin Liu, and thanks again everyone for joining us on the call today. Our shareholder letter and the supplemental slides contain all the figures and comparison you need. I'm not going to repeat every number. Instead, I'm going to focus on the factors that influence results. As I speak, please keep in mind that we will discuss certain non-GAAP financial measures. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investor along with the GAAP measures. A non-GAAP to GAAP reconciliation is included in our shareholder letter. Let's begin with our Q3 financial highlights on Slide 17. Revenue was up 59% year-over-year, while down a bit sequentially. Project development revenue consists of sales of projects in Maine and Poland. IPP energy revenue came from the 49.4 million kWh generated by our rooftop DG project in China and the U.S. The sequential decrease was caused mostly by the delayed project sales we've been mentioning earlier. Those sales are delayed into Q4 2021 and into 2022. I want to emphasize that Yumin Liu just mentioned about timing. Project sales are large, with unpredictable timing and the quantity of revenue will often fluctuate significantly. More importantly, we also avoid some high material cost and construction cost in Q3 2021. Again, we measure our success by focusing on profit, profitability, and growing our pipeline growth. Profitability was driven by two things, gross margin and expense control. Gross margin was at the high end of guidance. Gross margin was driven by our focus on high-margin NTP sales, supported by high-margin IPP electricity sales. Gross margin was a little bit lower than both Q2 and last year because gross margin was usually high, unusually high in both those periods. We were effective in controlling expenses. Operating expenses were down sequentially and up only modestly year-over-year. The main element of our OPEX, general and administrative costs, was up sequentially and year-over-year as we staffed up to support growth. G&A growth was less than pipeline growth, showing that our spending is effective, and we have good operating leverage. The strong margin and the disciplined spending resulted in operating income around 70% of revenue. Sorry, there is some echoes. Non-operating expenses were mainly net interest expense and foreign exchange losses, which reduced our net income. Our bottom line net income attributable to shareholders was approximately 5% of revenue. This is our sixth consecutive profitable quarter. Now let's review the balance sheet shown on Slide 20. Our financial position is strong, and we have the ability to fund any number of initiatives and opportunities. Cash was down slightly over the quarter due to investment in the project pipeline. Debt was unchanged. Our debt-to-asset ratio was 15.8%, a record low over the past year. Given the financial strength and our confidence in the prospects of strong growth, yesterday, our board of directors authorized a $50 million share repurchase program. We intend to buy shares in open market when we think they are trading below the intrinsic value of the company. Now let's cover 2021 guidance as shown on Slide 25. In the fourth quarter, we expect revenue of $21 million-$27 million and a gross margin in the range of 30%-40%. Revenue expectations refer to our assessment of which product sales will close, including those that slipped from Q3. We also assume stable electricity production from our IPP assets. Given this, we expect to be comfortably profitable in Q4. We do acknowledge the risk of delays from the new COVID Omicron variant. The Q4 guidance put the full year at $77 million-$83 million of revenue and the full year gross margin better than 40%. We're not yet giving 2022 guidance, but our early budgeting process is targeting bottom-line growth of at least 30%. We will give robust new pipeline growth target on our next call. We would now like to open the call for any questions that you may have for us. Operator, please go ahead. Thank you. We will now begin the question-and-answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you need to cancel your request, please press the pound or hash key. Our first question comes from Amit Dayal at HCW. Please go ahead. Thank you. Good afternoon, everyone. Yumin, just to begin with, maybe on the IPP revenue side, you know, with the China projects, you know, potentially coming online in the near future, how should we think about IPP revenues on a quarterly basis, you know, in 2022? Okay. At the last quarter earnings call, we guided that we have the target to complete 100-150 MW by the end of next year. We have built the pipeline in China, as you see in the deck, and also I mentioned over 110 MW. We also have under construction, and we also have the completed or connected 3 MW in the last quarter. Okay? That will continue, and we'll provide you periodically quarter-by-quarter our progress in China. Okay? I do believe that the number will absolutely go up, and we will provide you the updates, more sound updates in the next couple quarters when we see the progress from China. Okay. Okay, thank you. You know, just the competitive environment, can you just speak about how you are positioned in terms of the projects you're looking at and your opportunities to win some of these projects in the U.S. and Europe? Okay. Absolutely everybody in the industry all feel lucky that we have strong support from all over the world, all the governments, the market we have activities, not only in the U.S., not only in China, but also we have almost every good positive policy support in the countries we operate in Europe. Okay. To just give you one example that Germany just a couple weeks ago announced their target to grow the pipeline to 200 GW by 2030. Okay. We are building our strong pipeline, our talented local team now, okay. We have a growth target in the very important European market, including Germany, as one example as I give, and we will provide you the aspiring and robust target for the pipeline growth in the next quarter. Okay. We do believe our fundamentals of the strong pipeline growth will be there, supported by all the tailwinds as we see from all the governments. Okay. Understood. Then just finally, you know, in terms of the cash balance, it's pretty strong. You're applying some of that for potential share buybacks. You know, what are the plans in terms of using this balance sheet to continue for finding maybe acquisition opportunities or leveraging the balance sheet for other growth related efforts? Just to get a sense, you know, how what you plan to do with, you know, this balance sheet to, you know, drive the opportunities. Yes. that you are looking at. Thank you. Absolutely, we continue developing organically our pipeline through our partnerships, through our greenfield development in multiple markets. At the same time, we have been actively acquiring projects. We are strategically considering acquiring not only projects but also platforms in strategic markets. We are in the process reviewing several targets for the platform and portfolios in both U.S. and Europe. Acquiring projects is a continuous activity throughout the years. In the past year, we have done bunch of those acquisitions of project portfolios or projects. We are also strategically planning to acquire beyond the portfolio or projects, but also capable platforms in both U.S. and Europe. Excuse me. What does that imply? I mean, when you suggest platform, does it mean you're moving a little bit more into the technology side? Any clarity on, you know, what you mean by that? When I mean platform is the, we are opening up, considering opening up some new market in Europe. We are also considering to open up our product portfolios with. Let's put it this way. We are acquiring projects, and now we are also acquiring the development platforms. I'm talking about the talented, capable developers who together with the portfolios or projects, that is the target we are also looking at. Okay. Understood. That's the last one. I have one other question. More development pipelines and together with the development platforms with the capable developers. Amit Okay. Yeah, understood. Okay. Yeah, understood. Amit, may I add, again, we are also penetrating further in solar plus storage area. Okay. Understood. Yeah, I can take these offline as well. Thank you. Our next question comes from Pavel Molchanov at Raymond James. Please go ahead. Thanks for taking the question. You referenced a minute ago the new German coalition government and its 200 gigawatt solar target for 2030. As I look at your existing project pipeline, Germany is a very small amount, only 2% or 37 megawatts. Are you more enthusiastic about potentially expanding your footprint in Germany, given the new political environment? Absolutely. Thank you. That is a very good question. Yes, we do have the plan. We not only aggressively expanding our team locally, but also actively building up our partnerships as we have been doing in the European markets. Mm-hmm. Let me also touch on supply chain. I think everybody understands what, you know, what's been happening with module prices, steel costs, inverters, every commodity over the past 12 months. Are you noticing, perhaps in the last 6 weeks, some loosening of the supply chain, for example, you know, reduction in module pricing, which seems to be what the benchmarks are suggesting? Absolutely. You are right. We do have noticed that. In the last, about over a month's time since early November, late October, we start to see the comments or announcement by the big module manufacturers and even other suppliers of the industry cutting their price target or indicating the price will go down. Our European team and China team, as you know that although we focus on the NTP sale for most of our projects, but we do have portfolios in Europe and China. Not only in China, we are building them and holding them for IPP model. Even for Europe, we sold projects, and we work for the partner we sold project to as the EPC management company. We are responsible for those construction and procurement of the modules and the whole balance of the system. Because of the high price or the cost by the delays of the supply chain, we managed to delay the construction of some European projects. That also have some indirect or direct impacts on our Q3 numbers, but we believe that's the right thing to do. Now we have also recognized the price of the modules, for example, to European market and China both go lowered as much as over 10% only in last one month. We have used up our already purchased project in stock early this year at a low price, but we are planning to buy more modules starting early next year, especially we see the prices going down now. Okay. My last question is about your relationship to China. Your stock has been trading along with other companies perceived to have a Chinese connection because of the, you know, restrictions in Beijing and so forth. Can you just clarify where ReneSola is domiciled, and what is your relationship to China beyond simply having those, you know, that small amount of recurring revenue assets that are operating, you know, in the Chinese market? Thank you. This is a very good question. We are a very international company. It is true, the company was founded back in China about 17 years ago. That time, we were focusing on manufacturing. Since 4 years ago, the company split the upstream and downstream, and the downstream part, which is SOL, is a very international company. Not only we have our over 90% of the project portfolios, as you can see from the deck or letter to the shareholder, is outside of China, but also we expect the growth, the strong growth from Europe and U.S. will continue dominating our whole company growth in the long term in the future. Second, we do believe that the China present us some very good opportunities on high margins from the China projects we are developing and building. That attractive margin can be recognized as a business operator, and we love it. We are very disciplined, not only controlling our quality of the projects, but also we have high standard, a critical standard for our economic hurdle for the China projects. The link to China, it was all because that we were founded in China. Now I will say I am the CEO. I'm in the U.S. Our Ke Chen, our CFO, is in the U.S. The headquarters of the company is in the U.S., where I am sitting in Stamford, Connecticut, half an hour away from New York. Our operations, once again, is an international company. We do have China operation, as many companies do, but China is only one of the countries we develop projects, representing about less than 10% of our growth of the company. The portfolio of the IPP in China does represent a high margin recurring revenue. That is the strategic economic consideration of the company, as those deals are providing very high margin to the company. Pavel, I want to add again, our company is domiciled in BVI. We don't have VIE structure, so every shareholder will holding the same rights of the assets of this company, so it's very clean. Like Yumin Liu mentioned, again, 70% of revenue and gross profit is coming from U.S. and Europe. We are focused on the growth of this area. I also want to go back to your question about the cost. People focus on cost. Yes, the cost did went up. I will also want to emphasize the PPA price went up as well, even at an even higher multiple across three markets we operate in Europe, U.S., including China, PPA price went up. Those will benefit us in the long term. Thank you very much. Once again. Thank you, Pavel. Sorry. Once again, if you wish to ask a question, please press star one on your telephone. Our next question comes from Philip Shen at Roth Capital Partners. Please go ahead. Hi, everyone. Thanks for taking my questions. Thank you also for the straightforward Q3 letter and opening comments addressing the egregious short report and the disclosures overall. You do provide a lot of information, and I think it's helpful. On the buyback, I... You know, you guys put that in place after the short report, and there was some damage from the short report with the stock price. You know what, you know, I think you highlight your cash per share is basically $4 a share, which is interesting relative to the current $6 share price with a book value of also $6 per share. Given that, can you share with us right now how much of the buyback, $50 million of buyback approval, how much have you used? Phil, we just approved this, so we're in the process of, again, starting this buyback process. Okay. We have done zero at the time, Philip, as we are not. Okay. We could not do this before the earnings call. Got it. Okay. That makes sense. I can imagine you might be using it sometime soon. Actually, what is your view on the opportunity right now? Yes, Phil, I think we are gonna be aggressive here. First of all, again, as I mentioned, our stock is undervalued. Secondly, we see a lot of growth here, and we have strong pipeline, strong balance sheet, so we are very proud of what we're doing, and we see a lot of potential for our growth here. We're confident. Great. Okay. That's really helpful. Let's look into 2022. I know you talked about issuing more detailed information in your year-end shareholder letter. That said, you know, I think this year, you know, I think through Q2, you guys had done 65 MW, I think of sales. I don't exactly recall seeing in the Q3 materials what you sold in Q3. So if you can talk about that'd be great. Basically it seems like, you know, maybe it's about 100-ish MW for this year, but when I look at the COD information in your detailed PowerPoint, there's a lot of 2022 COD or NTP, if you will. I'm thinking 2022 is a 250 or 300 MW level of sales. Am I off base on that? Are we in the right ballpark? I think you touched on two points. One is our 2021 number, one is 2022, okay? I think what you just said, most are right in the ballpark. Number one, on 2021, we are. In the last two years, you know, Ke Chen and I, and also all the senior management of the current senior management, all came on board about two years ago. One of our focuses is to build a solid, strong pipeline to secure the growth, long-term growth of the company. We are getting there. We built 1 gigawatt last year. We have 2 gigawatts target this year, or now we have 2.2 gigawatts target this year. Looking at our quality portfolio with a very high success rate of the portfolio as lots of risks have been minimized or the project got to a certain level de-risked. The development cycle or monetization cycle from today to the time we sell the projects will be 2-4 years. Do a simple math, what you said for 2022 and beyond will continue grow. Not only at one side grow our development pipeline, but also at the other side grow the megawatts we will sell each year. 200 MW-250 MW is a reasonable but low-end estimate as we see growing from next year. This year. Great. As we mentioned. Sorry. Let me finish this one. In this year, we delayed our two project sales, one in the U.S., one in Europe, in Spain, okay? Those two together, that is about 60-70 MW right there. We hope we can close them in Q4 or no later than Q1 next year. That, that's the overall picture of our sales and project closings. Great. At the beginning of this year, you gave the target to reach and add 2 GW to your pipeline or at least reach 2 GW for the pipeline. What do you think you could see at the end of 2022, given you know, Germany is, as you discussed with Pavel just now, you know, it's a new wide-open market that could see very nice and aggressive growth, and there is just a you know, robust potential outlook, the U.S. market could get a boost from the Build Back Better plan. What's your sense as to where the pipeline could end up? Could we see you know, 3 GW or maybe even more? We absolutely will present you a more robust and aspiring pipeline growth target by when we release the year-end result. We think it will be great as the fundamental support from all the governments and all the policies. Just give you one example, as we mentioned, the four top markets providing most megawatts to our company's portfolio at this time are U.S., Poland, U.K., and Spain. We have many more megawatts in those countries and also in other countries too. We all have many more of those we call early stage projects. In countries, as I mentioned, those four countries, sometimes we not only give a big attention from our management to build up the team, as Pavel mentioned about how we build up the team in Germany, how we expand the team in Spain, in U.K., in U.S. At the same time, we are actively developing or maturing our current portfolios at the early stage. One small example I want to give you is we sited 300 MW in Spain. What is the status of this 300 MW? In Spain, typically we see five things. You have the land lease, then you have the application for the interconnection, then you put the deposit, then you get the fourth one is you get the confirmation from the utility to say the capacity will be available to your application. The last one will be you are approved for your applied capacity. You know some of the portfolio of this 300 MW already have all the five steps done, and we are working on the final step, which is the environmental approval. Another about 270 MW we have put in the total 300 MW. We already have the four steps done, just waiting for the final confirmation of the approved capacity. Just give you one example, that we have more than a lot bigger early-stage portfolio. We also put in the application, but we are waiting for the final confirmation of the available capacity. Just one example. As I mentioned earlier. Great, thank- We have over 10 different partnerships in Europe, and every one of them, we believe, is capable of bringing new projects to us. For example, I mentioned earlier, we have two development partnerships in Italy. They have brought us four new projects total. We have not included in Q3 as they are, we consider, maybe middle-stage projects. The, we will refresh our pipeline quarter- by- quarter and year- by- year. We see great potential in every market we are developing projects, and that pipeline can be very promising. Great. Thank you, Yumin Liu. As it relates to. Thank you, Phil. The WRO enforcement action in the U.S., we are seeing, you know, limited module availability from Jinko, Trina, and I believe LONGi. I was wondering what kind of impact you could see in 2022 installations as a result of that. Maybe you already addressed that in your prior answer. Apologies if I missed it. To what degree have you been able to diversify away from the impacted module suppliers? And have you been able to substitute those modules with other ones, or are you still in the process of doing that? Hey, Phil, it's John. You know, the answer has a couple of different answers. One, you know, just right off the bat, it's absolutely true, ultimately, that, you know, if the projects get more expensive on the EPC side, you know, eventually that works its way up to us. But fundamentally, the strategy of being an NTP seller, we are insulated through that process because, you know, one subtlety of that you know is important to appreciate is at any one project sale, we don't walk into that project with locked-in financing, locked-in EPC or locked-in procurement. For the moment, we have the luxury of being able to take the most competitive bid in that market for that project, for that COD date, for that market. What that means is, on the ground, what we've seen is that some of the bidders have a view that they'll buy the project, and by the time they build it, 6 or 9 months from now, they'll be in a different position, and they'll basically take some risk on EPC costs that they don't push to us. In other cases, we've dealt with buyers that have safe-harbored procurement and a very solid, you know, subcontractor relationship network that they believe they can get the projects built on a labor, you know, front where they're not overly exposed. You know, I'm sure there's some small movement. You know, it's a roundabout way of saying we acknowledge that there we have some exposure, but there's some derivatives to that, you know, we're a little bit insulated. There's some real subtlety as to how that expresses itself. You know, if panel prices stayed high for the next 10 years, ultimately, yes, obviously, would our margins be hit. Like Ke said earlier, you know, we've seen PPA prices creep up too. You know, there's some. You know, I go back to the same thing, you know, and I'll end it here, but I go back to the same thing that I firmly believe that high-quality development is the rarest resource in renewables. If we're controlling, you know, high-quality development and doing a good job of it, I think there'll always be a strong bid for it. Now, exactly how that translates or the transfer function between, you know, EPC pricing and our margin, you know, ultimately, we are exposed, but we've seen a number of things that separate us, at least in this recent short term, you know, when I say, you know, recent quarters. Yeah. Appreciate that, John. I think that's super important to highlight that you guys are much more insulated to and from the WROs because you're not making those module commitments per se. That said, your customers are, and ultimately they have that impact. You guys have mentioned that PPA prices have gone up. Can you just talk about the buyer's environment, and have you seen any buyers step away, for example? Or quite the contrary, have you seen more buyers possibly come into the market so that that can result in that pricing going higher? Maybe speak to some of those dynamics that are driving the PPA pricing higher. I know obviously supply chain is driving it, but what else might be supporting it? Thanks. Philip, you made a very interesting comment on this. In the long term, we believe the buyer has a big buyer's pool, and they offer a long-term view into the solar industry. Okay. But also they have absolutely a big commitment investing in the long, long ownership of the solar farms. Just give you one example. I mentioned about the two delays of our project sales, one in Europe, Spain, one in U.S. Actually, U.S. is portfolio projects. The Spain is also Caravaca, two projects, 12 MW. Okay. That deal supposed to close in Q3. The buyer was an EPC company, supposedly. With the supply chain issues, EPC companies could not continue the transaction as they see the margins are fading away. We immediately restarted the process, and we found buyers who give us equal or a lot better pricing, and we are looking to close it in the next 2 weeks. The buyers we are talking to now, literally speaking, are committing to invest in solar. We have a serious buyers pool, and they are absolutely willing to work with us on a long-term basis. Many of them hope to become our strategic partner, long-term. We enjoy the growth together with the long-term owners of the solar farms. Okay. Thank you very much for taking my detailed questions. I'll pass it on. Thank you, Phil. Our next question comes from Marisa Hernandez at Sidoti & Company. Please go ahead. Hi. Good afternoon, thank you for taking my questions. Hi, Marisa. Hi, Marisa. Can you hear me? Please. Perfect. Yes. Oh, okay. Great. I apologize. I don't have a great connection today. First of all, thank you for your opening comments and the disclosures that you make that I as an analyst find very useful. Thank you also for the clarifications on your ownership structure. I apologize if these questions have been asked already. Number one, on the third quarter specifically, I got that you got a couple of projects delayed 60-70 MW. How many megawatts did you sell in the third quarter, and what was the mix of NTP and COD, please? Ke Chen to take this. Sure. Marisa, we sold about 6 MW in Maine. That's NTP. We sold 4 and 6 MW. That's COD sale. Total of 12 MW in the quarter? Roughly, yeah. Yeah. Okay. Do you have a range of what you expect for the full 2021 in terms of megawatts? I understand that there's a big mix component in there. You are talking about how much we're gonna sell in first quarter? Yeah, right? Yes, yes. Through 2021, whichever you prefer. Let's put it this way, Marisa, that the... We are in the process of selling quite several portfolios in U.S. and Europe. As I mentioned earlier that we are in the process of setting those projects, and we target to close bunch of them. We are in the closing mode on several projects, and we hope we can get them done all before Christmas time. We also give a wide range of guidance for the Q4 results as we want to leave some unpredictable events as of the holiday season. Although it's only a month away. Can you give us a flavor? Our team is every day working hard in the closing mode for quite several portfolios in both U.S. and Europe. I understand. Thank you, Yumin, for that. Now, in terms of mix, can you make any comments? Are all of those targets you're working on of NTP modality or all of them COD or is there a mix? Most of them, if not all of them, will be NTP sales. Got it. Okay. Thank you for that. In terms of, I thought I heard something about costs affecting your margins in the third quarter. At the same time, they were at the high end of guidance. As I said, sorry, I don't have a great connection today. Is there anything other than project delays, rather deferred sales or pushed out of sales in the third quarter leading to your results? Did you experience any unexpected cost increase? Marisa, I think I mentioned that, we're supposed to have some COD sales in Q3, but we didn't do it because high costs will affect us. For those, we are pushing back maybe Q4 and in 2022. Got it. Thank you for that. Moving on to pricing. And- You were speaking earlier. Marisa, before you- About the PPA pricing. Yeah. Before you move to the next question, just want to mention to you that when I gave the remarks earlier that our revenue is on the low end, but we don't believe our investors need to be concerned as we are not either, because we are perfectly executing our NTP sales strategy. Every time we do NTP sales, we see a higher margin and lower revenue. While early in the year, every quarter we expect we put an expectation some buyers they say, "ReneSola, I want to buy your deal, but I want the transaction to be done at a COD." So we put in some projections on the COD sale. Every time when you see if we close the deal, every single one as NTP sale, just like Q2, last quarter in Q2, you will quickly see very high gross margin. Like last one, we have over 60% gross margin in Q2. For this quarter- Right. The margin goes lower to 40% because we have a mixture of NTP sale and COD sale. Understood. Thank you for that, Yumin. Okay. The next question is related to pricing trends. I think it was mentioned earlier how you're seeing higher prices from buyers, which I'm very glad to hear about. You also mentioned that you have COD projects to sell later on. My question is around, you know, given all the cost inflation we've seen this year on the material side, and now we are starting to see better PPA prices. For your COD checks, when do you think the margin can catch up? Is it gonna be first half of 2022? Is pricing good enough to offset the cost inflation that we've seen or you need for cost to go down or prices to go up further? Any flavor you can give us about that will be great. I would address your question in two ways. One is on the immediate market reaction to the high price. For example, the high price not only meaning the high price from the modules or BOS, okay, but also from the overall industry, the material cost, steel and everything, or energy cost. You know, I came back from U.K. about three weeks ago, visited a bunch of customers and also contacts. I know the spot market in U.K. goes as high as almost GBP 0.20 per kWh. I haven't heard of that for years. Unfortunately, that's the spot market price in Europe. That represent the reaction of the market to the high energy price, high cost of raw materials, and all, everything. I don't expect that will continue, but the overall trend of the PPA absolutely reflect the near term or last 12 months or maybe going on for another five, six months high price in the solar industry. As we see, not only in the U.S. but also in Europe, the PPA price continuously going up by 10, 15, 20 or more%. In a bunch of the PPA negotiations we have, we have seen that. The second point is we do believe there are many very active long-term investors in the solar industry. They carry their long-term commitment to invest in solar. They not only will be supported by the developers like us, but also by the supply chain. As we discussed earlier, the price of the modules start to go down. In the last one month only, we see more than 10%. If you read the news from those big module companies, no matter Trina, Jinko or whoever, they have all forecasted the price of modules will go down. Starting now, going into Q1, Q2, and some aggressive estimate, it will go back to normal before too long or before the end of the year, next year. I like to talk to our partners or the long-term investors in general. They commit to the solar industry. I believe they will benefit from it. Now is the best time to get into the project business and then harvest when the supply chain provide them the strong support for their profitability. We want to be, or we have been part of the success story. Thank you for that, Yumin. I also wanted to ask about what you're seeing about project delays, because of the cost inflation this year on the COD type of projects and the whole industry. Is that something that you would expect to start easing in the next couple of quarters, or is it hard to tell? In general sense, it's hard to tell. On two points I'd like to mention. One is we have been pretty successful managing our project development process and managing the risk of the potential delays. Not only our team works hard, but also we are interacting with all different parties in the development process. We try to find creative ways working with them, okay? That is one part of the story. The second is people still rely on the supply chain coming down to the level people feel more comfortable. At this time, the good part of our development pipeline is we do not have PPAs. We have cliff PPA guarantee COD date. If we have PPAs having the cliff date, so-called guarantee COD date, we would be in difficulties. We are not in those positions at this time, okay? Many customers or even many of the solar developers as we know, they are also developing their strategies. Everyone, I hope, is supporting the growth of the solar industry with the hope the supply chain will come down. I'm optimistic as currently, if you do the math of the new installations of the manufacturing facilities for modules or even polysilicon, wafers, everything, we will see overcapacity or oversupply in less than six months' time. The market will adjust itself for the price. Got it. You guys spoke about, you know, a wide range, perhaps 200-300 MW, if I heard correctly, for next year sales. What is the assumption of mix behind that, NTP, versus COD? Just reflecting on the fact that you said multiple times that, if you do NTP, you should do more and vice versa. Yes. I would say the majority of the sales will be NTP sales. If I can squeeze in a last one on the ownership structure. Thank you for reminding us of your BVI jurisdiction. I think at some point we were talking about potentially becoming a 10-Q as opposed to a 6-K filer. What's the status with that? Marisa, we are, again, starting the structure of our shareholder. Again, we will, based on that study, to decide how soon we'll shift it to, I mean, not a foreign filer. Again, we will update all the shareholders soon here. That depends on the jurisdiction of the shareholders, yes? Yes. Again, we believe we are very close to more than 50% of shareholder are here in U.S., but we needed to do a survey study to make sure that's the case. Understood. Thank you very much. Thank you. In the interest of time, let me turn the call back to Mr. Liu to conclude the call. Thank you, operator. To conclude, we are committed to grow profitability, managing our operations efficiently and strengthening our financial position. We are energized by the opportunities in front of us and looking forward to updating you on our progress again in a few months. Thank you all again for your participation. This concludes our call today. You may all disconnect.