Hello, ladies and gentlemen. Thank you for standing by for the ReneSola Power's first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' 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 over the call to Mr. Yujia Zhai, Senior Director of The Blueshirt Group, Asia. Please go ahead, Mr. Zhai. Thank you, operator, and hello, everyone. Thank you for joining us today on today's call to discuss our first quarter 2022 results. We released our shareholder letter after the market closed today, and it's available on our website at ir.renesolapower.com. There is also a supplemental slide 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, and other information that might be considered forward-looking. These forward-looking statements represent ReneSola 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 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 obligated to update you on any revisions to these forward-looking statements. Also, please note that unless otherwise stated, all figures mentioned during the earnings call are in U.S. dollars. With that, let me turn the call over to Mr. Yumin Liu. Yumin? Thank you, Yujia, and thank you everyone for joining our conference call. As we published our shareholder letter and the supplemental earnings deck already, I would like to keep my comments high level around the macro environment and our business update. Then Ke will cover our financials and will take your questions. We will be joined by John for Q&A. Overall speaking, our results in Q1 were in line with our outlook provided last quarter. Revenue was $3.5 million as a result of our IPP assets in China and U.S. Gross margin was 32.5%, and Adjusted EBITDA was $0.6 million. As we guided last quarter, the timing of this year's product sales is concentrated in the second half of the year. Looking forward, we continue to be excited about our revenue ramp towards the end of this year and beyond, driven by our strong project pipeline. The global macro environment has created severe dislocations in markets and industries worldwide and has impacted everyone. For us, we are benefiting from a favorable tailwind and extremely strong demand for solar in our largest market, Europe. We are also seeing some slowdowns in the U.S. and China due to supply chain disruptions and the recent government actions. We will go into these three markets in detail. Starting with Europe, our largest market, the solar industry continues to receive extremely favorable policy support to accelerate renewable energy growth, to reduce dependence on Russian fossil fuels, and to tackle the climate crisis. For example, in May, the European Commission introduced the EU Solar Energy Strategy, which aimed to more than double the EU's current solar capacity to 320 GW by 2025 and 600 GW by 2030. Further, we also saw a proposal to recognize renewable energy projects as an overriding public interest and cut permitting time for major renewable energy projects by half, which would significantly accelerate our project development process. At the country level, for example, in Germany, renewable energy policy has become one of the most important national agendas as they aim to make Germany's power system 100% based on renewable energy by 2035. In a recent draft legislation, Germany laid out a plan to more than triple solar capacity to 200 GW by 2030 via tenders and improved support for smaller solar projects. There are many more other examples of policies and plans favoring solar market in Europe. I will not list them all for the interest of time. Moreover, we saw European PPA prices for solar in Q1 increase by 27.5% year-over-year, largely driven by demand directly attributable to the conflict between Ukraine and Russia, driving up energy prices across Europe. Additionally, we are also seeing an increase of retail electricity providers purchasing spare capacity to meet their own decarbonization and sustainability goals and provide green electricity offerings to their customers. To put it simple, with the context of our largest market, Europe, benefiting from favorable policies as well as higher PPA prices, we are excited to see the value of our pre-NTP and NTP project pipeline in Europe increasing. Our mid- to late-stage project pipeline in Europe in Q1 increased by 107 MW from last quarter, with most pipeline increase in Hungary, Spain, and U.K. In the U.S., our second-largest market, solar installations in Q1 increased 11% year-over-year. However, utility-scale solar installations slowed due to continued pandemic-related challenges in supply chain, inflation, trade risks, and lack of regulatory certainty. While this situation has severely impacted large solar project developers, we have not seen any delays to our U.S.-based projects that we expect to close this year, as the majority of our projects are focused on small- to medium-sized utility-scale and community solar projects, which are targeted to receive in 2024 and beyond. However, one of our mid to late stage projects was impacted by interconnection challenges during the quarter as a result of the increasing cost and schedule delays. Despite these near-term challenges, the long-term trend towards renewable energy in the U.S. remains intact, and solar continues to be the leading technology in the clean energy pipeline, accounting for over 50% of all clean power capacity in development in the U.S. On top of this, we certainly welcome Biden administration's decision to waive tariffs on solar panels from four Southeast Asian nations for 24 months. In China, the COVID-19 lockdown in April and May has impacted economic activities and caused severe supply chain disruptions. We expect a portion of our previously planned new IPP projects in China to be impacted, and therefore anticipate our year-end new IPP project target in China to be closer to 50 MW-70 MW. In 2022, we continue to expect to build on our strong pipeline growth momentum and close the year at 3 GW, with a significant portion of the growth coming from Europe. As a result of the favorable policy support, we target to grow the company's mid- to late-stage pipeline to 5 GW by the end of 2024, with a significant portion of the growth coming from Europe. With that, I'll now turn the call over to ReneSola Power CFO, Ke Chen. Ke? Thank you, Yumin, and thanks again everyone for joining us on the call today. As a reminder, some of the metrics we will discuss today are 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 investors along with the GAAP measures. Along with the GAAP to non-GAAP reconciliation is included in our shareholder letter. Let's begin with our Q1 financial highlights on slide 17. Revenue was $3.5 million, in line with our guidance as our project sales for this year were not scheduled to begin to drop until Q2. We did sell one 24 MW solar projects in the U.K. to Innova, but was recorded as an investment income of $0.7 million, as the project was a 50% joint venture. Gross margin for the quarter was 32.5%, higher than our full year guidance range of 20%-25%, as our revenues were all from our higher margin IPP assets in China and the U.S. In terms of operating expenses, Q1 operating expenses were $3.4 million, down significantly versus $8.7 million in Q4 2021, but is somewhat higher than $2.7 million from Q1 of last year. On a non-GAAP basis, Q1 operating expense were $2.7 million. This is compared to $4.3 million in Q4 2021, and the $2.2 million in Q1 2021. Moving down the P&L, you will notice our interest expense is down almost half this year versus Q4 2021 and Q1 of last year, as we significantly reduced our debt. You will also notice a $0.7 million gain in investment income, and that is related to our joint venture project sale in the U.K., as I mentioned above. With that, our GAAP net loss in Q1 2022 was $1.7 million. Net loss per ADS was $0.03 versus net loss per ADS of $0.02 in Q4 2021, and net income per ADS of $0.01 in Q1 2021. Now let's review the balance shown on slide 20. Our financial position remains strong, increasing more flexibility for us to choose any good opportunity. Cash balance was $223 million, slightly lower than end of Q4 2021, primarily due to daily operating continued projects purchase, PP&E purchase, and the repayment of financial lease in China. In addition, during the quarter, we purchased $10 million of two-year U.S. Treasury notes. Our debt to asset ratio at end of Q4 was a record low of 9.6%. Now let's cover guidance, as shown on slide 25. For 2022, we are reiterating our expectation for full year revenue to be in the range of $100 million-$120 million. Our project sale for the year began to ramp in Q2 and will accelerate throughout the rest of the year. As such, we anticipate our Q2 revenue will be between $13 million-$16 million, and our Q2 gross margin to be between 35%-40%. We expect our gross margin for the year to be between 20%-25%. For net profit, we are targeting between $9 million-$10 million for the full year, which is in line with our prior guidance of at least 30% gross. Finally, in regards to our share repurchase plan, as of today, we have completed the repurchase of $20 million of ADS shares outstanding, and we still have $30 million remaining. We believe this share repurchase demonstrates the confidence of our board and management team in the strength of our business and the compelling growth opportunity in front of us. Thank you. We would now like to open up 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'd like 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 will come from Philip Shen at Roth Capital. Please go ahead. Hi, everyone. Thanks for taking my questions here. First one on the guidance. You know, I think the implied revenue for the back half is about $90 million. I was wondering if you could help us understand how much of that might be in Q3 and how much might be in Q4? I know you're not providing official guidance, but some kind of perspective would be useful. Thanks. Yes. Philip, again, most of our, like, sales will be in Q4 because most of those sales will be, again, related to the sale in Poland and Hungary. The rest of our guidance will be like maybe around $20 million in Q3. Rest of it will be in Q4. Okay. Got it. Can you talk about, you know, if you have $20 million there, then, you know, that's a pretty big chunk in Q4, roughly $70 million. What's the risk that some of those projects get pushed out into the beginning of next year? You know, that is reason. You know, it happens often, right? In solar and in projects where, you know, there's a push out. When you look at what you expect, you know, of that $70 million in Q4, how much of that is certain, like in the early part of the quarter, and then how much could be, you know, have a chance of being 2023? Thanks. Yeah. This is a good question. You know, under the pandemic environment, the delays of the project execution is absolutely expected, and many people consider that to be normal. We do have very high confidence of closing those deals based on our current plan milestones. The reasons are, or the key reason really is that, as Ke mentioned, the major activities, I mean, EPC activities are in Europe. We have already started those activities, including the procurement, signing up the EPC companies, start all the detailed engineering and put the team on the ground to start the groundwork. We feel that. You know, we purposely delay those EPC activities to this time as of the high supply chain cost increase in the past 18 months. We have seen the prices going down, and we are confident we are starting at the right time on the procurement of the solar panels and signing up the EPC, literally the EPC companies we have been using in the past years. Those EPC signed contract and the procurement, locked procurement will or is giving us all the confidence we will deliver the right results as we expect. Okay, good. It's nice to hear that you have that line of sight. And then similarly for margins, when we look at Q3 and Q4, do you expect because of the lower revenue in Q3, you know, that means the higher margin IPP revenue is there? Should we see a similar gross margin in Q3 as Q2, and then Q4, should we expect that to come down to the normalized, you know, maybe like mid-20s% type margin? Thanks. Yes. As you can see, we guided Q2 with a very high margin because majority of that will be NTP sales. In Q3, we see maybe similar, majority NTP sales. The margin, again, I don't, we don't give out margin guidance right now, but again, we expect, again, higher margin. Like I said, in Q4, mainly that will be the COD sales. The margin will definitely, coming down to the level we guided for the full year. Okay. That's really helpful. By the way. Let's shift over- Adding. No, please. Adding one point that our project size we are doing, we are having the EPC activities, is small. As you know that we have those smaller sized projects, and the typical site work from start to end, going to COD, is about the two to three months. If sometimes it can be longer than, a bit longer than three months. That also give us the confidence that starting from now to the end of the year, we'll be meeting our planned schedule. Great. Thank you, Yumin. In terms of 2023, can you talk about what kind of growth you could see? I know there's not official guidance. You know, we're looking for you guys to grow, you know, maybe high- single digit, 9% year-over-year. Do you have an ability to talk through what kind of revenue growth we could see in 2023 without the official guidance? Because I think it might. You know, you have the visibility on a lot of the project development, and so just curious if you can share some details. Thanks. We absolutely expect very strong growth from both the project pipeline and the bottom line. Okay. As we guided that this year, we compared to last year, we talk about 30% growth on the bottom line. Also, we added from 2020 double our 1 GW portfolio to 2 GW. This year we are still confident through our team in three regions, we will be reaching our 3 GW pipeline, this quality mid to late-stage pipeline. This pipeline will support the growth on the top line, bottom line in 2023. Okay. We will be starting our harvest time in 2023, having growth on all fronts while we are continuing developing new projects, adding the quality projects into our pipeline. At the same time, the existing pipeline, the 2 GW-3 GW, will give us the harvest time on both top line and bottom line. In general, we expect a minimum 20%-30% growth from both top and bottom lines. Great. Okay. That's a very good detail. I appreciate that color, Yumin. I have a few more questions, but I'll pass it on for now and I can jump back in the queue if need be. Thanks very much. Thank you. Our next question will come from Pavel Molchanov at Raymond James & Associates. Please go ahead. Thanks for taking the question. Let me start with Poland. It's now almost one-third of your pipeline. Of course, I couldn't help noticing that Poland is one of the first EU countries to lose all supply of Russian natural gas. Since that happened, that loss of Russian supply in April, have you noticed any acceleration or uplift in demand in the Polish market for your projects? Absolutely. This is a very, very good point. Poland has been our, one of our top market in general. You are right, we have about 30% of our pipeline at this time from Poland. Our EPC activities also, as I earlier mentioned, also has part of the EPC activities in Poland. Okay. Then, on two things I would answer you. Number one, the demand is absolutely very, very strong. We are looking at the different level of M&A together with our organic growth of the project development. Okay. We are actively acquiring projects and even improving our team's talents by hiring more people. Okay. We have our largest team in Europe in Poland. You know, we have seven offices in Europe and the activities in seven countries, and Poland is the largest one we have. Okay. More importantly, that's the second point. We do have built up our experience, not only our team, but also the experience, our track record, and the partnerships in the Poland market. Okay. That also gives me and the team the confidence how we can deliver. Okay? Not only we develop the sizable pipeline, but also we can monetize them and deliver results. That is the confidence we have based on our over five years' experience in Poland. Pavel, I may add that again, our brand name in Poland is strongest among all the competitors, and we have the leading position there. We are very happy right now being in that market. Our track record show that we have successful rate to develop project over 80%+. We're confident about this trend and to achieve great results from Poland. Okay. There are several other countries in Europe that for the same political reasons, lost Russian gas supply: Bulgaria, Finland, Netherlands, and Denmark. Maybe I'm forgetting somebody. Do you have any interest in expanding into any of these markets given the, you know, what you mentioned, the urgency of displacing that gas as quickly as possible? Absolutely, yes, we are interested, but we are carefully expanding our market coverage. We are investigating the opportunities for us to go into new territories beyond seven countries we are having now. Okay? We are considering currently adding at least one or two more countries in our plan activities by talking to our existing partnerships and the joint venture partners in Europe. As you know, we have over a dozen different joint venture partnerships and also development partnerships in Europe. Through them, we can quickly expand our product pipeline in Europe. You hit the right point. I think the demand from Europe absolutely is getting very, very strong, stronger than we ever seen in the past. I'm confident we'll add more market into our portfolios. Pavel, I would like to add again, we are in Germany, we are in France, Italy, Spain, U.K. Those markets, even though they haven't lost Russian gas yet, but the demand is so strong, and we try to catch up and all these opportunities in the existing market. Right. Well, lastly, did you say earlier that revenue in Q3 will be $20 million? Yeah, around that range. Again, we have not give official guidance. Again, majority our COD sale will be fourth quarter. Again, Q3 is still mainly NTP sales. Okay. Thank you very much. Thank you, Pavel. Once again, if you'd like to ask a question, please press star one on your telephone. Our next question comes from Sameer Joshi of H.C. Wainwright. Please go ahead. Thanks for taking my questions. I think in, you know, in your prepared remarks, you mentioned that you have not faced any delays, mainly because you have small and medium scale utilities. Can you explain that phenomenon? Part two of that question is, given that Biden has now waived the tariffs, do you see any additional upside to your guidance, going forward, for 2022? Yes, absolutely. John, do you want to take this one? Sure. Can you hear me, Sameer? Yeah. Yeah. Hello? Yeah, we can hear you. Oh, perfect. Perfect. Yeah, just making sure since I hadn't spoken yet. The first question to be specific to the questions on the small to medium scale stuff. The reality is some of the buyers had already safe harbored panels. During this entire process here, granted, while these were sales that go back to a couple quarters, for example, a number of our projects were completed, like physically completed during the process because panels had been safe harbored. That's, you know. If these projects were behemoths, a lot of that safe harboring wouldn't have been possible due to, you know, just cost and parked capital and storage and everything. You know, these are projects on the order of small numbers... Yeah. ...of megawatts. So that's the direct answer there where we sold to multiple parties. So, we had transactions in construction. Keep in mind, we are not the builder, but it's good to note that our projects weren't sold and then people were sitting on them. They were sold and constructed through not only the first quarter, but like I said, referencing projects that were sold in quarters past, but recent quarters past, like directly relevant to the conversation. You know, that's really the first part of it. So maybe articulate the second question. Yeah. The second question is about the waiving of tariffs and how it impacts. Yeah. You guys in the U.S., especially, you know, for the 2022. Is there not going to be any short-term upside? Right. The reality on the tariffs, you know, it's always the answer we give, and it's kind of, it's not passing the buck, but it's the truth that we sell to folks who have their own strategies in terms of equipment supply, procurement strategies, safe harboring. Fundamentally, it's not, you know, we're affected by it in sort of the first derivative of the tariff issue, and that is, their bid's reflected to us. So, if we're still producing. Yeah. For high quality projects, we will still see high quality bids. They might come from different places because the highest bid for a certain market. The benefit of selling NTP is we can, you know, basically take the best bidders in different markets. That said, in all obviously, in all truth, all of those bids are impacted by a very long-running confusion or, you know, obviously markets don't like confusion. If there were long-running confusion on tariffs or more damaging is the risk that retroactive tariffs would have placed on people. The fact that now there's sort of some certainty there on these four markets where a lot of panels, you know, flow through, and that there's not gonna be a retroactive slap during the next two years, that'll definitely help with bids. I don't wanna say it's gonna change our guidance, but it won't hurt our guidance, you know, from current stated levels, if that makes sense. Right. Yes, yes. No, thanks for that. Then on China, I know some of the projects are not meeting your IRR requirements. Does this change your longer-term view of IPP in China, or will you continue being selective and continue to grow that installed base as well? I think now they expected to be 50 MW-70 MW during 2022 versus 100-ish previously. Yeah, you are right that we previously guided to complete by the end of the year 100+ MW in China on the IPP front. Now, realistically, after those lockdown shutdowns greatly impacted our delivery schedule, and some projects got literally further delayed. That's why we took them out. They are not dead yet. We took them out from our middle- to late-stage pipeline... Mm-hmm. ...put them to the early stage, and we are continuing developing those, okay? Currently, as we guided, that we are confident by the end of the year we'll finish 50 MW-70 MW additional 50+ MW in China. Okay? That's our target and also, we are confident to achieve that target. I will see that the- Right. Right. China is picking up their speed of opening up from the lockdowns. I hope they will continue opening up more instead of lockdown more. Sameer, we're selectively- Right. Right. Again, we only put very strict criteria for profitability in China, so we will continue that criteria to selectively deploy in China. Got it. Just to paraphrase, the drop or the pullback now is only because of prevailing conditions. It is not a long-term statement on strategy going forward. The strategy in China remains intact. That is correct. Just one last question. Given that your revenues will be Q4 loaded, is there going to be any variance in operating expenses through the next three quarters? Should we expect similar levels with slightly elevated levels in the fourth quarter? I think for our G&A expense, you should expect a similar, like $3.4 million-$3.6 million range. We don't expect a huge change there. Okay. Okay, thanks for taking my question. Once again, if you wish to ask a question, please press star one on your telephone. There appears to be no further questions, so I will hand back to management for closing remarks. Thank you. Thank you, operator. With the strong demand for solar energy, backed by increasingly supportive policies in Europe, our largest market, we believe we are well-positioned to capitalize on this opportunity 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 and monetizing projects. Thank you all again for your participation. This concludes our call today. You may all disconnect.