0001104659-21-056534 | 20-F | XBRL Viewer

General and administrative

Total net revenues

$ 73,502,883

$ 119,117,024

$ 96,906,335

Cost of revenues

(56,817,101)

(84,890,976)

(68,836,588)

Gross profit

16,685,782

34,226,048

28,069,747

Operating (expenses)/income:

Sales and marketing

(433,121)

(750,461)

(885,803)

(14,512,631)

(15,757,147)

(10,199,524)

Other operating (expenses)/income

6,472,463

(11,802,629)

(1,452,532)

Impairment loss of assets

(1,432,296)

(6,880,115)

Total operating expenses

(9,905,585)

(35,190,352)

(12,537,859)

Income/(loss) from operations

6,780,197

(964,304)

15,531,888

Non-operating (expenses)/income:

Interest income

975,719

822,915

193,552

Interest expense

(6,206,076)

(9,159,818)

(8,703,904)

Foreign exchange (losses)/gains

769,183

(1,273,899)

(2,460,812)

Other income

346,965

Total non-operating expenses

(4,461,174)

(9,610,802)

(10,624,199)

Income/(loss) before income tax

2,319,023

(10,575,106)

4,907,689

Income tax benefit/(expense)

(163,036)

(1,105,049)

188,791

Income/(loss) from continuing operations, net of tax

2,155,987

(11,680,155)

5,096,480

Income/(loss), net of tax

2,155,987

(11,680,155)

5,096,480

Less: Net income/(loss) attributed to non-controlling interests

(622,668)

(2,848,932)

3,336,769

Net income/(loss) attributed to ReneSola Ltd

$ 2,778,655

$ (8,831,223)

$ 1,759,711

Income/(loss) attributed to ReneSola Ltd per ADS

Basic

$ 0.06

$ (0.22)

$ 0.05

Diluted

$ 0.06

$ (0.22)

$ 0.05

Weighted average number of ADS used in computing income/(loss) per ADS

Basic (in ADS)

^[1]

49,166,354

40,595,551

38,075,293

Diluted (in ADS)

^[1]

49,788,422

40,595,551

38,075,293

Solar power project development

Electricity generation revenue

$ 49,160,215

$ 90,096,551

$ 48,784,766

23,547,162

28,712,942

29,257,928

EPC services

69,751

18,544,164

Other

$ 795,506

$ 237,780

$ 319,477

[1]	Each American depositary shares (ADS) represents 10 common shares

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 2,155,987	$ (11,680,155)	$ 5,096,480
Other comprehensive (loss)/income, net of tax of nil:
Foreign currency translation adjustment	1,208,482	226,014	(2,541,550)
Other comprehensive (loss)/income	1,208,482	226,014	(2,541,550)
Comprehensive income/(loss)	3,364,469	(11,454,141)	2,554,930
Less: Comprehensive income/(loss) attributed to noncontrolling interests	1,292,169	(4,257,484)	3,050,313
Comprehensive (loss)/income attributed to ReneSola Ltd	$ 2,072,300	$ (7,196,657)	$ (495,383)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common shares [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Common shares [Member]	Treasury stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Treasury stock [Member]	Additional paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional paid-in Capital [Member]	Accumulated deficit [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated deficit [Member]	AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	AOCI Attributable to Parent [Member]	Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Parent [Member]	Noncontrolling Interest [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Noncontrolling Interest [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance at Dec. 31, 2017		$ 519,225,850		$ 0		$ 9,012,448		$ (435,517,610)		$ (2,238,218)		$ 90,482,470		$ 0		$ 90,482,470
Balance (in shares) at Dec. 31, 2017		381,027,002		0
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		$ 0		$ 0		0		1,759,711		0		1,759,711		3,336,769		5,096,480
Capital injection from non-controlling interests		0		0		0		(626,520)		0		(626,520)		30,945,469		30,318,949
Other comprehensive income (loss), net of tax		0		0		0		0		(2,255,094)		(2,255,094)		(286,456)		(2,541,550)
Share-based compensation		0		0		439,071		0		0		439,071		0		439,071
Share options exercised by employees		87,500		$ 0		(87,500)		0		0		0		0		$ 0
Share options exercised by employees (in shares)				0												0
Balance at Dec. 31, 2018		$ 519,313,350		$ 0		9,364,019		(433,514,434)		(4,493,312)		90,669,623		33,995,782		$ 124,665,405
Balance (in shares) at Dec. 31, 2018		381,027,002		0
Increase (Decrease) in Stockholders' Equity
Cumulative-effect adjustment for the adoption of Accounting Standards Codification ("ASC") Topic 606	$ 0		$ 0		$ 0		$ 869,985		$ 0		$ 869,985		$ 0		$ 869,985
Net income/(loss)		$ 0		$ 0		0		(8,831,223)		0		(8,831,223)		(2,848,932)		(11,680,155)
Issuance of common shares		$ 10,894,890		0		0		0		0		10,894,890		0		10,894,890
Issuance of common shares (in shares)		100,000,000
Capital injection from non-controlling interests		$ 0		0		0		0		0		0		13,092,105		13,092,105
Other comprehensive income (loss), net of tax		0		0		0		0		1,634,566		1,634,566		(1,408,552)		226,014
Share-based compensation		0		0		348,916		0		0		348,916		0		$ 348,916
Share options exercised by employees (in shares)																0
Balance at Dec. 31, 2019		$ 530,208,240		$ 0		9,712,935		(442,345,657)		(2,858,746)		94,716,772		42,830,403		$ 137,547,175
Balance (in shares) at Dec. 31, 2019		481,027,002		0
Increase (Decrease) in Stockholders' Equity
Cumulative-effect adjustment for the adoption of Accounting Standards Codification ("ASC") Topic 606																(442,345,657)
Net income/(loss)		$ 0		$ 0		0		2,778,655		0		2,778,655		(622,668)		2,155,987
Issuance of common shares		$ 41,495,212		0		0		0		0		41,495,212		0		41,495,212
Issuance of common shares (in shares)		99,285,640
Other comprehensive income (loss), net of tax		$ 0		0		0		0		(706,355)		(706,355)		1,914,837		1,208,482
Share-based compensation		0		0		369,187		0		0		369,187		0		369,187
Share options exercised by employees		$ 2,796,418		0		(2,312,380)		0		0		484,038		0		$ 484,038
Share options exercised by employees (in shares)		1,945,980														1,945,980
Balance at Dec. 31, 2020		$ 574,499,870		$ 0		$ 7,769,742		$ (439,567,002)		$ (3,565,101)		$ 139,137,509		$ 44,122,572		$ 183,260,081
Balance (in shares) at Dec. 31, 2020		582,258,622		0
Increase (Decrease) in Stockholders' Equity
Cumulative-effect adjustment for the adoption of Accounting Standards Codification ("ASC") Topic 606																$ (439,567,002)

CONSOLIDATED STATEMENTS OF CASH FLOWS € in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS € in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Operating activities:
Net income/(loss)	$ 2,155,987	$ (11,680,155)	$ 5,096,480
Net income/(loss)	2,155,987	(11,680,155)	5,096,480
Adjustments to reconcile net income/(loss) from continuing operations to net cash (used in)/provided by operating activities:
Depreciation	7,342,327	7,796,003	8,402,169
Allowances for credit losses	6,667,963	6,981,682	0
Write-off of current assets	353,418	0	0
Share-based compensation	369,187	348,916	439,071
Deferred tax provision	(303,000)	255,538	(1,094,385)
Cancellation of project assets	1,460,104	6,434,935	0
Impairment loss of assets	1,432,296	6,880,115	0
Loss on disposal of property, plant and equipment	767,879	3,908,208	0
Gains on disposal of property, plant and equipment	(16,278,095)	(302,359)	(290,729)
Changes in working capital, excluding impact of dispositions:
Accounts receivable	(6,774,212)	12,522,431	(5,607,302)
Advances to suppliers	92,070	102,869	(19,647)
Value added tax recoverable	1,609,650	3,225,883	1,673,423
Prepaid expenses and other current assets	(6,897,176)	8,585,326	(4,157,231)
Project assets	11,619,676	24,325,633	(9,737,172)
Contract costs	0	0	6,638,389
Other non-current assets	(7,581,870)	(11,316,279)	(3,138,597)
Accounts payable	(12,969,701)	8,244,250	(12,755,646)
Advances from customers	778,151	(13,962)	(126,851)
Amounts due to related parties	(252,886)	(12,101,847)	(16,606,095)
Other current liabilities	6,702,455	1,324,293	460,750
Income tax payable	(156,747)	379,140	408,382
Salary payable	(171,915)	13,081	(135,209)
Deferred project revenue	0	0	(20,536,065)
Net cash (used in)/provided by operating activities	(10,034,439)	55,913,701	(51,086,265)
Investing activities:
Purchase of property, plant and equipment	(8,247,790)	(13,693,749)	(40,399,769)
Acquisition of business (see Note 3)	(3,896,627)	0	0
Proceeds from disposal of property, plant and equipment	7,538,516	12,096,869	0
Repayment of lending by related parties	1,218,840	0	0
Net cash used in investing activities	(3,387,061)	(1,596,880)	(40,399,769)
Financing activities:
Proceeds from banks and other third-party borrowings	9,968,028	17,922,511	59,977,400
Repayment of banks and other third-party borrowings	(19,166,536)	(65,491,414)	(9,693,015)
Contribution from non-controlling interest holders of subsidiaries	0	13,092,105	30,318,948
Proceeds from issuance of ordinary shares	44,999,330	11,000,000	0
Share issuance costs	(3,504,118)	(105,110)	0
Proceeds from bonds	8,427,712	12,913,675	0
Repayment of bonds	(2,544,062)	(10,417,360)	0
Borrowings from related parties	12,827	793,269	17,273,194
Repayment of borrowings from related parties	(1,174,295)	(8,380,994)	(20,478,081)
Repayment of finance lease obligations	(2,174,035)	(6,100,711)	(4,960,478)
Proceeds from failed sale-lease back agreements	0	2,793,810	24,876,650
Repayment of failed sale-lease back financing	(4,667,878)	(7,325,456)	(11,490,104)
Net cash provided by/(used in) financing activities	30,176,973	(39,305,675)	85,824,514
Effect of exchange rate changes	(722,416)	1,087,262	1,258,263
Net (decrease)/increase in cash and cash equivalents and restricted cash	16,033,057	16,098,408	(4,403,257)
Cash and cash equivalents and restricted cash, beginning of year	24,697,153	9,026,044	13,429,301
Less: Cash and cash equivalents and restricted cash reclassified as assets held for sale	(53,899)	(427,299)	0
Cash and cash equivalents and restricted cash, end of year	40,676,311	24,697,153	9,026,044
Supplemental disclosure of cash flow information
Interest paid, net of capitalized interest	6,193,484	9,038,779	8,274,634
Income tax paid	(509,493)	(338,103)	(637,527)
Non-cash investing and financing transactions
Payables for purchase of property, plant and equipment	(8,958,993)	(22,810,701)	(36,680,431)
Payable for finance leases	$ (19,852,094)	$ (20,766,512)	$ (34,130,495)

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Dec. 31, 2020
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS ReneSola Ltd was incorporated in the British Virgin Island on March 17, 2006. On January 29, 2008, the ReneSola Ltd and its subsidiaries (collectively, the “Company”) became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company was principally engaged in the manufacture and sale of solar power products including virgin polysilicon, monocrystalline and multi crystalline solar wafers and photovoltaic (“PV”) cells and modules. From 2012, the Company began entering into arrangements to develop commercial solar power projects, or project assets, which consists primarily of solar power project development, and Engineering, Procurement and Construction (“EPC”) services. On September 29, 2017, the Company announced that it completed restructuring to dispose of its manufacturing business (including polysilicon, solar wafer, solar cell and solar module manufacturing) and LED distribution business to a related party to help the Company transform its business model to focus on its solar power project business. After the completion of business restructuring in September 2017, the Company has become a solar project developer and operator, a pure solar downstream player with robust pipeline projects around the world. The Company develops and sells solar power projects or sells project SPVs (project development business), and own and operate solar power projects and sell the electricity generated by the operated solar power plants (IPP business).

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

(a) Basis of presentation

The consolidated financial statements have been prepared and presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to generate cash flows from operations, and the Company’s ability to arrange adequate financing arrangements, to support its working capital requirements.

The Company has performed a review of its cash flow forecast for at least the twelve months following the issuance date of these financial statements. The Company expects the solar power project business to generate positive cash inflow in the forecasted period. As of December 31, 2020, the Company has certain material short-term obligations that will require material financing cash outflows, such as financing lease payments and the current portion of its long-term loans. The Company has developed a plan to continue meeting its financing arrangement, which includes refinancing loans which are set to mature within one year, entering into new bank borrowings and financing leases, repaying loans with proceeds from the sale of solar power projects and disposal of certain solar power stations, and raising additional capital through equity offerings. In addition, the Company believes that the continuing efforts to stream-line the Company’s operations will enable the Company to control operating costs to be better aligned with its operations, market demand and projected sales levels.

Based on the above factors, management believes that adequate sources of liquidity exist to fund the Company’s working capital and capital expenditures requirements, and to meet its short-term debt obligations, other liabilities and commitments as they become due for at least twelve months from the issuance date of these financial statements.

(b) Basis of consolidation

The consolidated financial statements include the financial statements of ReneSola Ltd and its subsidiaries. All inter-company transactions, balances and unrealized profits and losses have been eliminated on consolidation.

A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net income (loss) on the consolidated statements of operations and comprehensive income (loss) includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows, when applicable.

The Company estimates fair value of financial assets and liabilities as the price that would be received from the sales of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants.

(d) Use of estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Actual results could materially differ from these estimates. Significant accounting estimates are susceptible to changes with the acquisition of the information, which include revenue recognition for sales of solar power projects, inputs used to recognize revenue over time, EPC warranties, allowances for doubtful accounts, valuation of deferred tax assets, and recoverability of the carrying value of long-lived assets and project assets.

(e) Cash and cash equivalents

Cash and cash equivalents represent cash on hand and held with banks, including demand deposits, which are unrestricted as to withdrawal and use, and which have maturities of three months or less when purchased.

(f) Restricted Cash

Restricted cash consists of cash and cash equivalents held by various banks to secure certain of our notes payable and other deposits designated for the payment of amounts related to loan interest. Restricted cash also includes cash and cash equivalents held in frozen bank accounts due to judicial property preservations.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within our consolidated balance sheets as of December 31, 2019 and 2020 to the total of such amounts as presented in the consolidated statements of cash flows:


	At December 31,
	2019		2020
Cash and cash equivalents	$	24,292,113	$	40,593,094
Restricted cash		405,040		83,217
Total cash, cash equivalents, and restricted cash	$	24,967,153	$	40,676,311

(g) Project assets

In 2012, the Company began entering into arrangements to develop commercial solar power projects (“project assets”) for sale upon their completion. Project assets consist primarily of costs relating to solar power projects in various stages of development that are capitalized prior to entering into a definitive sales agreement for the solar power project. These costs include certain acquisition costs, land costs and costs for developing and constructing a solar power project. Development costs can include legal, consulting, permitting, and other similar costs. Construction costs can include execution of field construction, installation of solar equipment, and solar modules and related equipment. Interest costs incurred on debt during the construction phase are also capitalized within project assets. The Company does not depreciate the project assets when they are considered held for sale. Any revenue generated from a solar power project connected to the grid would be considered incidental revenue and accounted for as a reduction of the capitalized project costs for development. In addition, the Company presents all expenditures related to the development and construction of project assets as a component of cash flows from operating activities.

During the development phase, these project assets are accounted for in accordance with the recognition, initial measurement and subsequent measurement subtopics of ASC 970-360, as they are considered in substance real estate. While the solar power projects are in the development phase, they are generally classified as non-current assets, unless it is anticipated that construction will be completed, and sale will occur within one year.

The Company capitalizes costs related to solar power projects in various stages of development prior to entering into a definitive sales agreement for the solar power project, and classifies these costs as project assets on the consolidated balance sheets when the criteria in ASC 360-10-45-9 are met. If criteria are not met, the Company reclassifies these capitalized costs to property, plant and equipment, unless the delay in the period required to complete the sale is caused by events or circumstances beyond the Company’s control.

Deferred project costs represent costs that are capitalized as deferred project assets for arrangements that are accounted for as real estate transactions after the Company has entered into a definitive sales arrangement, but before the sale is completed or before all criteria to recognize the sale as revenue are met. The Company classifies deferred project costs as noncurrent if satisfaction of all revenue recognition criteria is not expected within the next 12 months.

The Company reviews project assets and deferred project costs for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers a project commercially viable or recoverable if it is anticipated to be sold for a profit once it is either fully developed or fully constructed. The Company considers a partially developed or partially constructed project commercially viable or recoverable if the anticipated selling price is higher than the carrying value of the related project assets and the estimated costs to complete. The Company examines a number of factors to determine if the project will be recoverable, the most notable of which include whether there are any changes in environmental, ecological, permitting, market pricing or regulatory conditions that impact the project. Such changes could cause the costs of the project to increase or the selling price of the project to decrease. If a project is not considered recoverable, the Company impairs the respective project assets and adjusts the carrying value to the estimated recoverable amount, with the resulting impairment recorded within operations.

(h) Contract costs

The Company provides EPC services including engineering design, construction contracting and management, procurement of PV modules, balance-of-system components and other components. Contract costs generally include all direct costs, such as materials, direct labor, and subcontracts, and indirect costs identifiable with or allocable to the contracts.

Contract costs also include the costs related to the design, engineering, and costs of all PV modules and materials needed for the projects for the cooperation arrangements with third party to jointly construct the power projects for sale.

Contract costs are accumulated and are charged to operations as the related revenue from contracts is recognized. Refer to note 2 (r) Sale of project assets constructed by a third-party EPC contractor and EPC services for the corresponding revenue streams.

(i) Advances to suppliers

In order to secure a stable supply of construction materials, the Company makes advance payments to suppliers for raw material supplies and advances for purchases of long-lived assets which are offset against future deliveries. Advances to suppliers for purchases expected within twelve months as of each balance sheet date are recorded as advances to suppliers in current assets and those associated with purchases expected over longer periods of time are recorded in non-current advances to suppliers. As of December 31, 2019 and 2020, advances to suppliers in current assets were $248,130 and $143,482, respectively, and non-current advances to suppliers for construction materials supplies were nil. The Company does not require collateral or other security against its advances to suppliers. As a result, the Company’s claims for such prepayments are unsecured, which exposes the Company to the suppliers’ credit risk. The Company performs ongoing credit evaluations of the financial condition of its material suppliers.

(j) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is computed on a straight-line basis over the following estimated useful lives:


Plant and machinery		3‑5 years
Motor vehicles		4‑5 years
Office equipment		3‑5 years
Power stations		25 years

Estimated useful life of land is infinite and no depreciation is provided.

Construction in progress represents mainly the construction of solar power projects the Company will own and operate for electricity generation. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.

Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets and is recognized in the consolidated statement of operations upon disposal.

(k) Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Company’s acquisitions of interests in its subsidiaries.

Goodwill is not depreciated or amortized but is tested for impairment at the reporting unit level on an annual basis, and between annual tests when an event occurs, or circumstances change that could indicate that the asset might be impaired. Under ASC 350-20-35, the Company has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company chooses to directly apply the quantitative impairment test, which consists of a one-step quantitative impairment test, comparing the carrying amount of the reporting unit to the fair value of the reporting unit. If the carrying value, including goodwill, of the reporting unit exceeds the fair value of the reporting unit, goodwill impairment is measured and recognized by the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit.

Goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets, liabilities and goodwill to reporting units and the determination of the fair value of each reporting unit. The Company estimates the fair value of the reporting unit using a discounted cash flow model. This valuation approach considers various assumptions including projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates are based on management’s assessment of a number of factors, including the reporting unit’s recent performance against budget, performance in the market that the reporting unit serves, as well as industry and general economic data from third party sources. Discount rate assumptions reflect an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect the future cash flows, which in turn could affect the fair value of the reporting unit. Management performs its annual goodwill impairment test quarterly to reviews the events and circumstances to determine if there are indicators that goodwill may be impaired.

For the year ended December 31, 2020, the Company acquires other entities on the electricity generation revenue reporting segment as disclosed in Note 3 and recognized goodwill. As of December 31, 2020, there is no event or any circumstance that the Company identified, which indicated that the fair value of the Company’s reporting unit was substantially lower than the respective carrying value. There was no impairment of goodwill for the year ended December 31, 2020.

(l) Assets and liabilities held-for-sale

Assets and asset disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when management has committed to a plan of sale and the sale is highly probable, the assets are available for immediate sale in their present condition, and they are expected to qualify for recognition as a completed sale within one year from the date of classification. Assets and liabilities classified as held for sale are measured at lower of their carrying amount or fair value less costs to sell.

Long-lived assets to be sold are classified as held for sale considering the recognition criteria in ASC 360‑10‑45‑9 in which all of the following criteria are met:

Management, having the authority to approve the action, commits to a plan to sell the asset,

The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets;

An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated;

The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year;

The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and

Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

(m) Interest capitalization

The Company capitalizes interest costs as part of the costs of constructing certain assets during the period of time required to get the assets ready for their intended use. The Company capitalizes interest to the extent that expenditures to construct an asset have occurred and interest costs have been incurred. The interest capitalized for project assets forms part of the cost of revenues when such project assets are sold, and all revenue recognition criteria are met. Interest is capitalized for solar power projects that are classified as property, plant and equipment and built for the Company to own and operate for electricity generation before the projects are completed and put into operation. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use.

(n) Impairment of long-lived assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life is shorter than originally estimated. The Company assesses recoverability of the long-lived assets by comparing the carrying amount of the assets to the estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. The Company recognizes an impairment loss in the event the carrying amount exceeds the estimated future undiscounted cash flows attributable to such assets, measured as the difference between the carrying amount of the assets and the fair value of the impaired assets.

Impairment losses of long-lived assets for the years ended December 31, 2019 and 2020 were $6,880,115 and $1,432,296, respectively. The impairment loss in 2019 was $6,880,115, of which $5,532,489 represented impairment losses from property, plant and equipment which were subsequently disposed in 2019 and $1,347,626 of which represented impairment losses from asset and liabilities held for sale. The impairment loss in 2020 was $1,432,296, of which $929,951 represented impairment loss from project assets with no further constructive value and $502,345 of which represented impairment losses from asset and liabilities held for sale. Impairment losses of these assets represented the difference between the carrying amount and fair value less cost to sell as a result of committed sale plans of solar power plants originally owned and operated by the Company for electricity generation.

(o) Leases

Leases are classified as finance or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a finance lease. At inception, a finance lease is recorded at the lower of the present value of minimum lease payments or the fair value of the asset. Assets under finance leases are amortized on a basis consistent with that of similar useful life of fixed assets or the end of lease term, whichever is earlier. If the lease transfers ownership or contains an option to purchase the asset that the lessee is reasonably certain to exercise, the finance leases should be amortized over the useful life of the asset.

At the inception of each lease arrangement, the Company determines if the arrangement is a lease or contains an embedded lease and reviews the facts and circumstances of the arrangement to classify lease assets as operating or finance leases under ASU 2016-02, Leases (Topic 842). The Company has elected not to record any leases with terms of 12 months or less on the consolidated balance sheets.

Balances related to operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities current and operating lease liabilities non-current on the consolidated balance sheets. Finance leases represent a small portion of the active lease agreements and are included in finance lease ROU assets, finance lease liabilities current and non-current on the consolidated balance sheets. The ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation of the Company to make minimum lease payments arising from the lease for the duration of the lease term.

Operating lease costs are recognized on a straight-line basis over the lease term. From time to time, the Company’s subsidiaries are asked to prepay the lease costs for over one year. As of December 31, 2019 and 2020, the prepaid rental fees of $688,324 and $767,276, respectively, were recorded in operating lease right-of-use assets.

To determine the present value of future minimum lease payments, the Company use the implicit rate when readily determinable. Presently, because many of the leases do not provide an implicit rate, the Company applies its incremental borrowing rate, which is considered as the rate that the Company would negotiate when financing for a similar period, and with a similar guarantee, to obtain an asset of a similar value to the lease asset to determine the present value of the present value of minimum lease payment. The operating and finance lease ROU assets include any lease payment made and exclude lease incentives.

For a sale-leaseback transaction, when the transaction involves real estate or integral equipment, sale-leaseback accounting shall be used by a seller-lessee only if the transaction includes all of the following a) normal leaseback; b) payment terms and provisions that adequately demonstrate the buyer-lessor’s initial and continuing investment in the property; and c) payment terms and provisions that transfer all of the other risks and rewards of ownership as demonstrated by the absence of any other continuing involvement by the seller-lessee.

Equipment is determined to be integral when the cost to remove the equipment from its existing location, ship and reinstall at a new site, including any diminution in fair value, exceeds 10% of the fair value of the equipment at the time of original installation.

If a sale-leaseback of real estate qualifies for sale-leaseback accounting, an analysis is performed to determine if the Company can record a sale and remove the assets from the balance sheet and recognize the lease; and if so, to determine whether to record the lease as either an operating or finance lease.

If a sale-leaseback transaction does not qualify for sale-leaseback accounting because of any form of continuing involvement by the seller-lessee other than a normal leaseback, it is accounted for as a financing arrangement.

(p) Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but the amount cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. Legal costs incurred in connection with loss contingencies are expensed as incurred.

(q) Income taxes

Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net of operating loss carry forwards and credits by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Deferred tax assets and liabilities are all classified as non-current in the consolidated balance sheets.

(r) Revenue recognition

Solar power project development

Sale of project assets constructed by a third-party EPC contractor

The Company recognizes revenue for sales of project assets constructed by a third-party EPC contractor over time as the Company’s performance creates an energy generation asset that is owned by the customer as it is being constructed and the customer can direct all activities related to the work in progress. Furthermore, the sale of a project asset when combined with EPC services represents a single performance obligation for the development and construction of a single generation asset. The Company recognizes revenue over time for construction contracts which recognize revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. Under this business model, the EPC services are provided by a third-party service provider. In accordance with the terms and conditions of the EPC contract, the Company has the ability to direct a third party to ensure that the EPC services to the customer are performed therefore the Company acts as the principal in this arrangement and both the revenue and cost amounts paid to the EPC contractor are recognized on a gross basis.

Sale of project assets constructed by the Company’s own EPC team

Under this business model, the Company sells power projects after they have been completed or are near completion. The Company conducts the construction of the power plant and completes or nearly completes the project before it identifies a customer. When a customer is identified, the Company enters into two agreements through signing: Sale and Purchase Agreement (“SPA”) and Operations and Maintenance (“O&M”) Services Contract, which are generally signed on the same date. Such arrangements consist of two performance obligations: sale of solar project and O&M services.

For sale of a solar project, the Company recognizes revenue at a point in time once control of project company is transferred to the customer as the Company has no remaining performance obligation once the control is transferred upon closing of the sale. For O&M services, the Company recognizes revenue over time, ratably over the service period, as this performance enhances an energy generation asset controlled by the customer.

For sales agreements that have energy generation performance guarantees covering a certain timeframe or the availability guarantee in the O&M contract, if there is an underperformance event, the Company may incur liquidated damages as a percentage of the EPC contract price or as a percentage of O&M fees. Such performance guarantees represent a form of variable consideration and are estimated at contract inception at their most likely amount and updated at the end of each reporting period as additional performance data becomes available and only to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

Sale of project asset rights

The Company sells the project rights to customers through the disposal of project companies holding the relevant permits. For these transactions, the project companies could either own the land or lease the land under the lease term that could cover the entire power plant’s life. In these transactions, the Company is also responsible for locating the electricity end subscribers on the customer’s behalf for a certain percentage of the entire contact consideration. Such arrangements consist of two performance obligations: sale of project rights and sourcing of end subscribers.

The Company recognizes revenue for sale of project rights at a point in time once control of project rights is transferred to customer as the Company has no further obligations related to the project rights. The Company recognizes revenue for sourcing of end subscribers over time as the Company has an ongoing obligation during a certain period to source end subscribers. A portion of the sales price consideration is variable on the percentage of end subscribers sourced for the project. The Company estimates the amount that most likely overcomes the constraint on variable consideration to include in the transaction price based on the historical subscription rates achieved.

EPC Services

The Company provides EPC services under the EPC contracts, under which the Company provides one distinct performance obligation – design and build the power plant on customer’s site per customer’s request.

The Company recognizes revenue for EPC services over time as the Company’s performance creates or enhances an energy generation asset controlled by the customer. In recognizing revenue over time, the Company follows the costs incurred method and uses the actual costs incurred relative to the total estimated costs (including module costs) in order to determine the progress towards completion and calculate the corresponding amount of revenue and profit to recognize. Costs incurred include direct materials, solar modules, labor, subcontractor costs, and those indirect costs related to contract performance, such as indirect labor and supplies.

The over time revenue recognition requires the Company to make estimates of net contract revenues and costs to complete the projects. In making such estimates, significant judgment is required to evaluate assumptions related to the amount of net contract revenues, including the impact of any performance incentives, liquidated damages, and other payments to customers. Significant judgment is also required to evaluate assumptions related to the costs to complete the projects, including materials, labor, contingencies, and other system costs.

Although the EPC contract usually clearly states a fixed unit price and the estimated total contract amount, the total contract amount is subject to variable consideration due to the difference between actual grid-connection capacity and estimated grid-connection capacity. The Company makes a reasonable estimation of grid-connection capacity, which represents a form of variable consideration. The variable consideration is estimated at the contact inception at the best estimate based on relevant experience and historical data and updated at the end of each reporting period as additional performance data becomes available and only to the extent that it is probably that a significant reversal of any revenue will not occur.

If estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known. The cumulative effect of the revisions to estimates related to net contract revenues and costs to complete contracts, including penalties, claims, change orders, performance incentives, anticipated losses, and others are recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. The effect of the changes on future periods are recognized as if the revised estimates had been used since revenue was initially recognized under the contract. Such revisions could occur in any reporting period, and the effects may be material depending on the size of the contracts or the changes in estimates.

The Company bills the customer based on progress billing terms in the contract. Accounts receivable from EPC services (unbilled) represents revenue that has been recognized in advance of billing the customer, which is common for long-term construction contracts. The Company typically recognizes revenue from contracts for the construction and sale of PV solar power systems over time using cost-based input methods, which recognizes revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. Accordingly, revenue could be recognized in advance of billing the customer, resulting in an amount recorded to “Accounts receivable from EPC services (unbilled)”. Once the Company has an unconditional right to consideration under a construction contract, the Company typically bills the customer accordingly and reclassifies the “Accounts receivable from EPC services (unbilled)” to “Accounts receivable from EPC services (billed).” Billing requirements vary by contract but are generally structured around the completion of certain construction milestones. Certain of the EPC contracts for PV solar power systems contain retainage provisions. Retainage represents contract costs for the portion of the contract price earned for work performed but held for payment by the customer as a form of security until a certain defined timeframe has been reached. The Company considers whether collectability of such retainage is reasonably assured in connection with our overall assessment of the collectability of amounts due or that will become due under the EPC contracts. Retainage included within “Accounts receivable from EPC services (unbilled)” is expected to be billed and collected within the next 12 months. After the Company has satisfied the EPC contract requirements and has an unconditional right to consideration, the retainage is billed and reclassified to “Accounts receivable from EPC services (billed).” Refer to Note 4 for detail breakdown of the “Accounts receivable from EPC services (unbilled)” and “Accounts receivable from EPC services (billed)” amounts.

For EPC services, the Company provides a limited assurance only warranty for the modules, materials and construction part of the power plants. Although the Company subcontracts the construction to third party developers and purchase the raw materials and modules from third party suppliers, the Company is the primary obligor for the limited warranties such as solar module product warranty for a period of five to ten years, warranties for defects in engineering design, installation, workmanship for a period of one to two years and recorded as a liability in the Consolidated Balance Sheets. Nevertheless, the Company has a legally enforceable right to recover these warranties from the subcontractor and suppliers as these parties have contracted with the Company to assume these warranty obligations, and that the Company will also record receivables in the Consolidated Balance Sheets for expected reimbursement in amounts that the Company believe are probable. The EPC warranty expenses and expected recovery amounts related to warranties are recorded net of expense in the Consolidated Statement of Operations on the basis that the amounts provided by the subcontractor and suppliers are a reimbursement of our costs. As of December 31, 2019 and 2020, the liabilities and the related receivables are not material and the related expenses for the three years ended December 31, 2018, 2019 and 2020 are not material.

Electricity generation revenue

The Company recognizes electricity generation revenue generated from power plants owned and operated by the Company over time as the customer receives and consumes the benefits as the Company performs. In recognizing revenue overtime, the Company follows the output method and uses the actual electricity supplied in order to determine the progress towards completion and calculate the corresponding amount of revenue and profit to recognize. The electricity generation records are reconciled with the power grid companies and the price of electricity is based on a fixed unit price according to the power purchase arrangement with the power grid companies. The Company is entitled to the feed-in tariff(s) (FIT) that the government guaranteed and subsidized electricity sale price at which solar power projects can produce green energy. The Company recognizes the FIT as part of the electricity generation revenue when the entitlement to receipt of such FIT is fulfilled. Accounts receivable from such FIT is expected to be collected beyond 12 months, which are discounted at an effective interest rate and recorded as non-current asset.

Revenue from green certificates

The Company receives green energy certificates based on electricity generated from the power plants in a Romanian subsidiary. The Company sells these certificates to buyers who can then meet the mandatory government quota per year for green energy produced. The Company believes that these green certificates are a government incentive and the sale of green energy certificates does not fall into derivative and lease accounting scope. The Company recognizes revenue for the sale at a point in time once the control of green certificates has been transferred to the buyers according to the green certificate purchase arrangement. The consideration of selling green certificates sold is fixed as stated in the purchase arrangement.

For the years ended December 31, 2018, 2019 and 2020, revenues from green certificates were $883,741, $1,957,109 and $4,178,546, respectively, and are included in electricity generation revenue.

Value added tax (“VAT”)

Value added tax (“VAT”) at differentiated rates on invoice amount is collected on behalf of the tax authorities in respect of the different types of revenues and is not recorded as revenue. VAT paid for purchases, net of VAT collected from customers, is recorded as an asset.

(s) Other operating income (expenses)

Other operating income (expenses) primarily consists of discount charges of long-term receivables, compensation income and expenses, cancellation loss of project assets, and disposal gain (loss) of property, plant and equipment.

(t) Foreign currency

The functional currency of ReneSola Ltd is the United States Dollar (“U.S. dollar”). The functional currency of ReneSola’s subsidiaries in the People's Republic of China ("PRC") is Renminbi (“RMB”). The functional currency of the overseas subsidiaries normally is the local currency in the country where the subsidiary is domiciled.

Foreign currency transactions have been translated into the functional currency at the exchange rates prevailing on the date of transactions. Foreign currency denominated monetary assets and liabilities are remeasured into the functional currency at exchange rates prevailing on the balance sheet date. Exchange gains and losses have been included in the determination of net income.

The Company has chosen the U.S. dollar as its reporting currency. Assets and liabilities have been translated using exchange rates prevailing on the balance sheet date. Income statement items have been translated using the weighted average exchange rate for the year. Translation adjustments have been reported as a component of other comprehensive income in the consolidated statement of comprehensive income/(loss).

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Company’s cash and cash equivalents and restricted cash denominated in RMB amounted to RMB31,047,475 ($4,459,690) and RMB22,429,739 ($3,437,515) on December 31, 2019 and 2020, respectively.

(u) Fair value of financial instruments

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value maximize the use of observable inputs.

When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and as the Company’s evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company’s consolidated assets, liabilities, equity and net income or loss. See Note 9, “Fair Value Measurements,” for further details.

(v) Earnings (loss) per ADS

Basic earnings (loss) per ADS is computed by dividing income (loss) attributable to holders of ADS by the weighted average number of ADS outstanding during the year. Diluted earnings (loss) per ADS reflects the potential dilution that could occur if securities or other contracts to issue ADS were exercised or converted into ADS.

(w) Share-based compensation

The Company recognizes expenses for services received in exchange for awards of equity instruments based on the grant-date fair value of the award as determined by the Black-Scholes option pricing model, net of estimated forfeitures. The estimated compensation cost is recognized ratably over the period the grantee is required to provide services per the conditions of the award.

For stock option modifications, the Company measures the incremental compensation cost which should be measured as the excess, if any, of the fair value of the modified award determined over the fair value of the original award immediately before its terms are modified, which is measured based on the share price and other pertinent factors at that date.

On January 1, 2018 and April 1, 2018, the Board of Directors of the Company approved two option modifications to reduce the exercise price. Pursuant to the option agreement entered with the optionees, options totaling 3,250,000 were cancelled and options totaling 3,300,000 were granted. The cancellation and replacement of the options shall be considered as an option modification. Subject to ASC 718‑20‑35, total compensation cost measured at the date of a cancellation and replacement shall be the portion of the grant-date fair value of the original award for which the requisite service is expected to be rendered (or has already been rendered) at the date plus the incremental cost resulting from the cancellation and replacement. The incremental compensation cost should be recognized prospectively over the remaining service period in addition to unrecognized compensation cost for original option.

See Note 14, “Share Based Compensation”, for further details.

(x) Comprehensive income (loss)

Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-shareholder sources and included net income (loss) and foreign currency translation adjustments. As of December 31, 2019 and 2020, accumulated other comprehensive loss is composed of foreign currency translation adjustments.

(y) Concentrations of credit risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, advances to suppliers and other receivables. The Company places its cash and cash equivalents with reputable financial institutions. The Company conducts credit evaluations of customers and generally does not require collateral or other security from its customers. The Company establishes an allowance for doubtful accounts mainly based on the age of receivables and factors surrounding the credit risk of specific customers.

(z) Recently adopted accounting pronouncements

In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Company adopted this ASC Topic 326 on January 1, 2020 and the Company does not expect have a significant impact on unaudited interim condensed consolidated financial statements.

The Company’s trade receivable, receivables of installment payments, deposits and other receivables are within the scope of ASC Topic 326. The Company has identified the relevant risk characteristics of its customers and the related receivables, prepayments, deposits and other receivables which include size, type of the services or the products the Company provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered to customers in the normal course of business to, and industry-specific factors that could affect the Company’s receivables. Additionally, external data and macroeconomic factors are also considered. This assessment is made at each quarter-end based on the Company’s specific facts and circumstances.

(aa) Recently issued accounting pronouncements

In December 2019, the FASB issued ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company do not expect the adoption of ASU 2019-12 to have a significant impact on the consolidated financial statements and associated disclosures.

BUSINESS ACQUISITION

12 Months Ended

Dec. 31, 2020

BUSINESS ACQUISITION

BUSINESS ACQUISITION

3. BUSINESS ACQUISITION

The Company accounted for the acquisition described below in accordance with ASC 805, “Business Combinations”. The result of the acquiree’s operation has been included in the consolidated financial statements since the acquisition date. The excess of the fair value of the acquired entity over the fair value of net tangible and intangible assets acquired was recorded as goodwill, which is not deductible for corporate income taxation purposes.

Acquisition of ET Cap PA Holdings LLC (“PA Holdings”) and ET Cap CA Holdings LLC (“CA Holdings”)

On November 17, 2020 (the “acquisition close date”), the Company acquired a 100% equity interests of PA Holdings and CA Holdings, a utility project with battery storage business under solar power project development stream from Nova Development Management, for a cash consideration totaling $3.9 million. The Company acquired PA Holdings and CA Holdings to enhance its ability to provide a more diverse product portfolio such as battery storage around the world.

The final allocation on the purchase price to the fair value of the net assets acquired is as follows:


	As of acquisition close date
Item	Amounts in US$
Project assets(1)	$	2,874,060
Net assets acquired		2,874,060
Goodwill		1,022,567
Total consideration transferred/Net cash paid	$	3,896,627

(1)Included in project assets therein are incurred cost such as consultant fee, legal fee and salaries which have been capitalized in accordance with ASC 970-360, as they are directly attributable and incurred in the development phase.

The Company expects to recover the amounts recorded as goodwill through synergies related to the adoption of the Company’s economic current value proposition, the ability to apply the successful operational processes and expansion planning designed for each battery project development. Additionally, this goodwill is deductible for US tax purposes over a period of 15 years.

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2020

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

4. ACCOUNTS RECEIVABLE, NET


	At December 31,
	2019		2020
Accounts receivable
– from EPC services	$	3,210,177	$	3,033,610
– from solar power project assets (1)		8,971,464		16,310,787
– from electricity generation revenue(2)		3,562,181		3,270,966
Total accounts receivable		15,743,822		22,615,363

Less: allowance for credit losses		(1,908,803)		(2,427,577)
Accounts receivable, net	$	13,835,019	$	20,187,786

(1)

As of December 31, 2020, receivables by post-dated checks were $450,603 and dates of acceptance were from May 31, 2021 to November 30, 2021 and classified as current and recorded in accounts receivable.

(2)

Accounts receivable from electricity generation revenue were mainly due from China’s state grid companies. The amounts included the portion of feed-in tariff(s) (FIT) for the electricity sold to the state grid companies in the PRC in which the relevant on-grid solar power stations are still pending for registration to the Renewable Energy Subsidy Catalog, which the Company has submitted the application for its solar power stations started operation before July 2017 to be registered on the Catalog. The Company expects that a certain part of the FIT receivables will be recovered after twelve months from the reporting date, which are discounted at an effective interest rate. As of December 31, 2020, there are $1,971,719 of FIT receivables classified as current and $25,866,553 classified as non-current.

ALLOWANCE FOR CREDIT LOSSES

The Company establishes an allowance for expected credit losses based on historical observe default rates over the expected life of the receivable balance and are adjusted for forward-looking information available without undue cost of effort. The grouping is regularly reviewed by management to ensure relevant information about specific debtors is updated.

The following table shows the movement in lifetime expected credit losses that has been recognized for trade receivable under simplified approach.


	At December 31,
	2019		2020

At beginning of year	$	—	$	1,908,803
Provision for credit losses, net		1,908,803		518,774
At end of year	$	1,908,803	$	2,427,577

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

As of December 31, 2019, receivables from a solar power customer amounted to $4,252,381 (31%), which was greater than 10% of the account balance. As of December 31, 2020, receivables from a solar power customer amounted to $8,257,527 (41%), which was greater than 10% of the account balance.

For the years ended December 31, 2020 and 2019, a solar power customer accounted for 28% and 47% of the Company’s total net revenues, respectively.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2020

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	At December 31,
	2019		2020

Receivable from disposal of property, plant and equipment (1)	$	—	$	35,298,500
Refundable deposits (2)		4,124,928		8,176,247
EPC Warranty reimbursement receivables		183,941		196,322
Others		2,491,414		2,417,974
Total prepaid expenses and other current assets		6,800,283		46,089,043
Allowance for credit losses (3)		(729,629)		(1,262,709)
Total prepaid expenses and other current assets	$	6,070,654	$	44,826,334

(1)

Receivable from disposal of property, plant and equipment mainly represented disposal of Company’s solar power assets which was being used for electricity generation revenue segment.

(2)

As of December 31, 2020, refundable deposits mainly represented refundable deposits for interconnection, the bidding of project asset construction rights and rooftop leases.

(3)

Allowance for credit losses mainly represented the portion of compensation receivable from Canadian authorities on closure of a certain project in Canada that the Company believes is not recoverable.

PROJECT ASSETS

12 Months Ended

Dec. 31, 2020

PROJECT ASSETS

PROJECT ASSETS

6. PROJECT ASSETS

Project assets consisted of the following at December 31, 2019 and 2020, respectively:


	At December 31,
	2019		2020
Project assets - Module cost	$	4,616,399	$	3,877,147
Project assets - Development and construction cost		32,112,215		23,367,183
Project assets - Others		1,919,237		1,026,662
Total project assets	$	38,647,851	$	28,270,992

Current portion		32,125,312		24,992,068
Non-current portion		6,522,539		3,278,924

ASSETS HELD FOR SALE AND LIABILITIES HELD FOR SALE

12 Months Ended

Dec. 31, 2020

ASSETS HELD FOR SALE AND LIABILITIES HELD FOR SALE

ASSETS HELD FOR SALE AND LIABILITIES HELD FOR SALE

7. ASSETS HELD FOR SALE AND LIABILITIES HELD FOR SALE

On December 25, 2019, a subsidiary of the Company entered into a proposed acquisition agreement with Jiangxi Tongli Risheng New Energy Technology Co., Ltd (the “Buyer”) for sale of the Company’s solar power plant subsidiaries in China under the electricity generation revenue segment. The associated assets and liabilities of the solar power plant subsidiaries were consequently presented as held for sale in the consolidated balance sheet.

As of December 31, 2020, the sale of all subsidiaries of the Company classified as held for sale in 2019 has been consummated. In December 2020, the Company entered into new proposed acquisition agreements with Shanghai Qirong New Energy Technology Co., Ltd. and Shanghai Tianyu New Energy Technology Co., Ltd. (the “Buyers”) for sale of the Company’s certain other solar power plant subsidiaries in China under electricity generation revenue segment. The transaction is expected to be consummated within one year from the Company’s consolidated balance sheet date.


		At December 31,
	2019		2020
Assets classified as held for sale
Cash and cash equivalents	$	427,299	$	53,899
Accounts receivable, net		2,636,581		184,920
Value added tax recoverable		747,646		158,213
Prepaid expenses and other current assets		1,593,391		23,075
Property, plant and equipment, net		13,290,761		2,169,527
Operating lease right-of-use asset		1,230,574		—
Impairment of assets(1)		(1,347,626)		(318,619)

Total assets classified as held for sale		18,578,626		2,271,015

Liabilities classified as held for sale
Accounts payable		58,525		—
Other current liabilities		—		1,659,753
Operating lease liabilities		1,229,918		—
Failed sales leased back and finance lease liability		7,879,923		529,012

Total liabilities classified as held for sale	$	9,168,366	$	2,188,765

(1)

As a result of the acquisition agreement, the Company reassessed the value of net assets on the solar power plant to the lower of carrying amount or fair value less cost to sell. As of December 31, 2019 and 2020, the impairment loss of $1,347,626 and $318,619, respectively, has been applied to reduce the carrying amount of these assets classified as held for sale.

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2020

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

8. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net:


	At December 31,
	2019		2020
Land	$	282,000	$	282,000
Plant and machinery		776,752		828,761
Motor vehicles		181,387		193,530
Office equipment		136,857		260,178
Power stations		159,257,486		131,355,790

Less: Accumulated depreciation		(17,333,097)		(13,728,141)
		143,301,385		119,192,118
Construction in progress		—		751,353
Property, plant and equipment, net	$	143,301,385	$	119,943,471

Construction in progress mainly represents solar power projects which are under development for self-electricity generation in China.

All power stations were self-constructed for electricity generation purpose.

Depreciation expense for the years ended December 31, 2018, 2019 and 2020 was $8,402,169, $7,796,003 and $7,342,327 respectively.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

9. FAIR VALUE MEASUREMENTS

The Company adopted ASC 820, “Fair Value Measurements and Disclosures,” which provides a framework for measuring fair value under U.S. GAAP, and expanded disclosure requirements about assets and liabilities measured at fair value. The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs as follows:

Level 1‑Observable unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2‑Observable inputs other than quoted prices in active markets for identical assets or liabilities, for which all significant inputs are observable, either directly or indirectly.

Level 3‑Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

Recurring basis

As of December 31, 2019 and 2020, there were no assets and liabilities measured on the Company’s consolidated balance sheet at fair value on a recurring basis subsequent to initial recognition.

Non-recurring basis

The carrying amount of long-term borrowing and liabilities approximates their fair value as the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities.

The impairment loss of assets and cancellation loss of project assets for the years ended December 31, 2019 and 2020, represented non-recurring fair value measurement which the carrying amount of the related assets were either reduced to zero or reduced to a realizable lower amount per a purchase offer.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

INCOME TAXES

12 Months Ended

Dec. 31, 2020

INCOME TAXES

INCOME TAXES

10. INCOME TAXES

The Company and its subsidiaries file separate income tax returns.

British Virgin Islands

Under the current laws of the British Virgin Islands (“BVI”), the Company’s subsidiary in BVI is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed.

People’s Republic of China

On March 16, 2007, the National People’s Congress approved the Corporate Income Tax Law of the People’s Republic of China (the “CIT Law”) with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of 25%. Pursuant to PRC tax laws, certain PRC domiciled subsidiaries of the Company are solar power generation enterprises, which are entitled to a three-year tax exemption from Corporate Income Tax (“CIT”) from first operation year and a 50% CIT reduction for the succeeding three years thereafter.

United States of America

ReneSola US is incorporated in California, United States. It is subject to a federal corporate income tax rate of 21% for 2018, 2019, and 2020, effective from January 1, 2018 under the 2017 Tax Cuts and Jobs Act. In addition, ReneSola US is subject to California state income tax of 8.84% for 2019 and 2020, and Connecticut state income tax of 7.5% for 2019 and 2020, which is deductible for federal corporate income tax purpose.

The tax expense from continuing operations comprises:


	Years ended December 31,
	2018		2019		2020
Income (loss) before income tax
PRC	$	10,535,785	$	(10,273,181)	$	2,104,024
Other jurisdictions		(5,628,096)		(301,925)		214,999

Total		4,907,689		(10,575,106)		2,319,023

Current tax expense
PRC		(553,859)		(9,835)		(5,118)
Other jurisdictions		(351,735)		(839,676)		(441,495)

Subtotal		(905,594)		(849,511)		(446,613)
Deferred tax benefit (expense)
PRC		748,490		—		—
Other jurisdictions		345,895		(255,538)		283,577

Subtotal		1,094,385		(255,538)		283,577

Total income tax benefit (expense)	$	188,791	$	(1,105,049)	$	(163,036)

There were no reversals or additions of unrecognized tax benefits during the years ended December 31, 2018, 2019 and 2020, respectively.

The Company classifies interest and penalties related to income tax matters in income tax expense. As of December 31, 2019 and 2020, there were no interest and penalties related to uncertain tax positions. As of December 31, 2019 and 2020, there was no accrual of uncertain tax benefits recognized by the Company. The Company does not anticipate significant increases or decreases to its liabilities for unrecognized tax benefits within the next twelve months.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of taxes exceeding RMB100,000 (approximately $14,483) is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion.

The principal components of deferred income tax assets and liabilities are as follows:


	At December 31,
	2019		2020
Deferred tax assets:
Accrued expenses	$	16,304	$	13,451
Net operating losses		8,646,423		9,491,051
Unrealized internal profit		778,566		1,125,023
Allowances for doubtful accounts		1,064,027		1,281,259
Cancellation of project assets		1,351,336		—
Impairment loss of assets		336,907		122,764
Other		161,033		157,101
Total gross deferred tax assets		12,354,596		12,190,649
Valuation allowance on deferred tax assets		(11,516,732)		(11,006,328)
Net deferred tax assets	$	837,864	$	1,184,321

As of December 31, 2020, the subsidiaries of the Company in PRC had net operating loss carry forwards of $8,337,247, of which $605, $16,381, $1,948, $6,483,968 and $1,834,345 will expire in 2021, 2022, 2023, 2024 and 2025 respectively.

The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Company’s experience with tax attributes expiring unused and tax planning alternatives.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible for tax purposes. As a result, the Company has recognized a valuation allowance of $11,516,732 and $11,006,328 as at December 31, 2019 and 2020, respectively.

Reconciliation between the applicable statutory income tax rate and the Company’s effective tax rate for the years ended December 31, 2018, 2019 and 2020 is as follows:


	Years ended December 31,
	2018		2019		2020
PRC applicable income tax rate	25	%	25	%	25	%
Change in deferred tax valuation allowance	47	%	(57)	%	(21)	%
Preferential tax rate(1)	(53)	%	7	%	(42)	%
Effect of different tax rate of subsidiaries	(7)	%	16	%	39	%
Other	(16)	%	(1)	%	6	%
Effective income tax rate	(4)	%	(10)	%	7	%

The following table sets forth the effect of preferential tax on China operations for the years ended December 31, 2018, 2019 and 2020, respectively:


	Years ended December 31,
	2018		2019		2020

Preferential tax effect(1)	$	2,609,975	$	720,847	$	975,859

(1)

Certain solar power project entities are fully exempted from PRC CIT for three years starting from the year in which such project generates revenue from the sale of electricity and is 50% exempted from PRC CIT for another three years. Besides, certain solar power project entities enjoy the preferential tax policies in connection with the development of the western region of China and are subject to a preferential tax rate of 15%.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

12 Months Ended

Dec. 31, 2020

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

11. BORROWINGS AND OTHER FINANCING ARRANGEMENTS

a) Borrowings from banks and other third parties

The Company’s borrowings from banks and other third parties consist of the following:


	At December 31,
	2019		2020
Short-term	$	7,173,571	$	31,980,868
Long-term, current portion		28,583,380		—
Subtotal		35,756,951		31,980,868
Bond payable		2,503,621		9,034,691
Long-term		3,367,061		—
Total borrowings from bank and other third parties	$	41,627,633	$	41,015,559

As of December 31, 2019, short-term borrowings of $7,173,571, bond payable of $2,503,621 and long-term borrowings of $31,950,441, including current portion of $28,583,380 were jointly guaranteed by the Company and its subsidiaries.

As of December 31, 2020, short-term borrowings of $31,980,868 and bond payable of $9,034,691 were jointly guaranteed by the Company and its subsidiaries.

The short-term borrowings of $31,980,868 and bond payable of $9,034,691 were also secured by all of the Company’s estate, rights, title and interest and pledged by the shares or ownership interests of the Company and its subsidiaries, accounts receivable and VAT account of the Company and its subsidiaries.

i) Short-term borrowings

Interest rates are fixed for the short-term borrowings as of December 31, 2019 and 2020. The weighted average interest rate of short-term loans in the years ended December 31, 2019 and 2020 were 5.52% and 4.44%. The borrowings are repayable within one year.

Included in short-term borrowings there are two four-year term loans being borrowed by the Company’s Korean subsidiaries in March 2013, totaling Korean Won 35.7 billion ($30.9 million) and expected to be repaid in March 2017. In 2017, the subsidiaries extended the maturity date by three years to March 2020. In March 2020, the subsidiaries have further extended the maturity date by one year to March 2021. The proceeds from these loans were used to finance the Company’s PV plant projects in Romania. The balance of the loan as of December 31, 2020 was Korean Won 28.5 billion ($26.2 million). In February 2021, the subsidiaries have fully repaid the loans.

Interest rates are fixed for the term loans. The weighted average interest rate of term loans was 5.86%, 4.57% and 4.57% in the years ended December 31, 2018, 2019 and 2020, respectively.

ii) Bond payable

In July 2020, the Company's Luxembourg subsidiary issued a bond to an investor in France for the purpose of financing the Company's PV plant projects in Poland totaling Euro 10.6 million ($13.1 million). The bond has a maturity date in November 2021. The balance of the bond as of December 31, 2020 was Euro 7.4 million ($9.0 million).

Interest rates are fixed for the bond payable. The weighted average interest rate of bond payable in the year ended December 31, 2020 was 5%.

b) Financing associated with failed sale-lease back transactions

In 2019 and 2020, certain subsidiaries of the Company (the “seller-lessee”) sold self-built solar projects (“leased assets”) with carrying amount of $4,008,534 and nil to different domestic financial leasing companies (the “buyer-lessors”) for cash consideration of $2,793,810 and nil, and simultaneously entered into the contracts to lease back the leased assets from the buyer-lessors for 5 to 10 years. These arrangements are guaranteed by other subsidiaries of the Company and are also pledged by the shares and rights to the future power generation income of the seller-lessee. Pursuant to the terms of the agreements, the seller-lessee is required to make lease payments to the buyer-lessors over the lease period and is entitled to obtain ownership of the equipment at a nominal price upon the expiration of the lease.

As the leased assets are considered integral with real estate under ASC 360, the sale-leaseback rules related to real estate are applied. The lease transactions do not qualify as a sale-leaseback transaction as these solar projects are initially invested and built up by the seller-lessee with expected useful life of 25 years and are continuingly maintained by the seller-lessee. The seller-lessee has an obligation to repurchase the leased assets upon the expiry of the lease. In addition, after the lease period, the seller-lessee will keep using the assets and has no plans to sell or for early-disposal.

Accordingly, these transactions are accounted for as financing transactions in accordance with ASC 840. Internal rate of return is used in the computation of interest cost. The assets remain in the property, plant and equipment (“PPE”) and continue to be depreciated.

As of December 31, 2019 and 2020, the Company recorded $30,036,724 and $27,771,450 under failed sale and lease back liabilities as non-current portion and $5,512,507 and $4,436,040 as the current portion, which represents principal to be paid in the next year. The weighted average effective interest rate of the financing was 7.13% and 7.15% and interest costs incurred during the years ended December 31, 2019 and 2020 were $4,415,569 and $3,296,613, respectively. These failed sale-leaseback financings were collateralized by the underlying assets of the solar projects.

c) Finance lease

In 2019 and 2020, the Company leased module, inverter and other materials from different domestic financial leasing companies. Pursuant to the terms of the contracts, the Company is required to make lease payments to the finance lease companies and is entitled to obtain the ownership of this machinery and equipment at a nominal price upon the expiration of the lease. These arrangements are guaranteed by other subsidiaries of the Company and are also pledged by the shares and rights for the future power generation income of the leased assets. The lease is classified as finance lease. As of December 31, 2019, the carrying amount of the assets related to these finance lease contracts is $30,984,311 and is included in PPE that is being depreciated over lives of 25 years. As of December 31, 2020, the carrying amount of the assets related to these finance lease contracts is $33,050,116 and is included in finance lease right-of-use assets that is being depreciated over lives of 25 years. The payable related to these contracts as of December 31, 2019 and 2020 was $20,766,512 and $19,852,094, respectively.

As of December 31, 2019 and 2020, the net values of the leased assets are:

As of December 31, 2020, future minimum payments required under the finance lease are:


	USD
Years ended December 31,
2021	$	4,162,109
2022		9,586,294
2023		6,176,618
2024		2,050,922
2025		1,114,699
2026 and later		404,071
Total minimum lease payments		23,494,713
Less: Amount representing interest		(3,642,619)
Present value of net minimum lease payments		19,852,094
Current portion		3,661,015
Non-current portion	$	16,191,079


	At December 31,
	2019		2020
Current portion of finance lease	$	4,066,696	$	3,661,015
Current portion of failed sale and lease back		5,512,507		4,436,040
Total current portion of failed sale-lease back and finance lease		9,579,203		8,097,055

Non-current portion for finance lease		16,699,816		16,191,079
Non-current portion for failed sale and lease back		30,036,724		27,771,450
Total non-current portion of failed sale-lease back and finance lease	$	46,736,540	$	43,962,529

d) Interest expense

Interest expense incurred for the years ended December 31, 2018, 2019 and 2020 was $11,578,848, $12,329,336 and $6,464,266 of which $2,874,944, $3,169,518 and $258,190 has been capitalized in the carrying value of PPE and project assets.

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2020

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

12. OTHER CURRENT LIABILITIES

The Company’s other current liabilities are summarized below:


	At December 31,
	2019		2020
Payables for purchase of property, plant and equipment	$	22,810,701	$	8,958,993
Interest payable		1,009,090		411,087
Other tax payables		206,591		465,393
Accrued EPC warranty liabilities		183,941		196,322
Joint settlement payable(1)		—		7,500,000
Other (2)		2,953,012		2,296,838
	$	27,163,335	$	19,828,633

(1)

Joint settlement payable represents the Company portion of a settlement sum payable by the Related Party, ReneSola Singapore, to OCI Company Ltd.

(2)

Other as of December 31, 2020 mainly includes the payables for claims, audit fees and other professional service fees.

COMMON SHARES	12 Months Ended
COMMON SHARES	Dec. 31, 2020
COMMON SHARES
COMMON SHARES	13. COMMON SHARES Upon inception, the Company is authorized to issue a maximum of 500,000,000 no par value shares of a single class. In September, 2017, The Company issued 180,000,000 common shares with a fair value of $42,480,000 to ReneSola Singapore Pte Ltd., as a result from the share repurchase and subscription agreement with Mr. Xianshou Li, for the sale of the Company’s manufacturing and LED distribution businesses. Total issued shares of the Company as of December 2017 was 381,027,002. In June, 2018, the Company is authorized to issue a maximum of 600,000,000 no par value shares of a single class via approval by the Board of Directors (the “Board”). In October, 2019, the Company issued and sold to Shah Capital Opportunity Fund LP 100,000,000 newly issued common shares at a market price of $0.11 per share, for a total consideration of $11,000,000. The newly issued shares are subject to a 180 days lockup period. Net proceeds from the transaction are intended to be used to expand the Company global project development activities. Total issued shares of the Company as of December 2019 was 481,027,002. In December, 2020, the Company is authorized to issue a maximum of 800,000,000 no par value shares of a single class via Board approval. Further as of December 31, 2020, the Company issued additional 99,285,640 common shares via offerings with several institutional investors with total net proceeds of $41,495,212 after deducting placement agent fees and other offering expenses. Net proceeds from the transaction are intended to be used for expanding new solar project pipeline and general working capital purposes. Total issued shares of the Company as of December 2020 was 582,258,622.

SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

14. SHARE BASED COMPENSATION

2007 Share Incentive Plan

On September 27, 2007, the Company adopted the ReneSola Ltd 2007 Share Incentive Plan (the “Plan”) that provides for grant of share options, restricted shares and restricted share units to employees in the Plan. A maximum of 7,500,000 authorized but unissued shares of the Company have been reserved and allocated to the Plan, whose shares were subsequently registered and are issuable upon exercise of outstanding options granted under the Plan. The Plan shall be administered by the Compensation Committee of the Board of Directors (the “Committee”). On July 27, 2010, the Company has amended the Plan so as to increase the number of authorized but unissued shares of the Company to 12,500,000 in accordance with the rules of the 2007 Share Incentive Plan. On December 21, 2020, the Company has amended the Plan to increase the number of authorized but unissued shares of the Company to 22,500,000 in accordance with the rules of the 2007 Share Incentive Plan.

Except as otherwise noted in the award agreements with the employee or consultant, the options can be exercised within six years from the award date, except for participant’s termination of employment or service. The vesting schedule and the exercise price per share will be determined by the Committee and set forth in the individual award agreement. In the event of any distribution, share split, or recapitalization of the Company, the Committee shall make such proportionate and equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan and (b) the terms and conditions of any outstanding awards. Except as may otherwise be provided in any award agreement, if a change of control occurs and a participant’s awards are not converted, assumed, or replaced by a successor, such awards shall become fully exercisable and all forfeiture restrictions on such awards shall lapse.

Options to Employees

From January to December 2018, the Company granted 830,000 share options, representing 83,000 ADS to certain employees with exercise prices of $0.26. From January to December 2019, the Company granted 5,300,000 share options, representing 530,000 ADS to certain employees with exercise prices of $0.11 and $0.15. From January to December 2020, the Company granted 700,000 share options, representing 70,000 ADS to certain employees with an exercise price of $0.30 on the grant date.

Options Modification

On August 8, 2012, the Board of Directors approved an option modification to reduce the exercise price of all the options granted before August 8, 2012 to the then fair market value of the Company’s ordinary shares underlying such options. All other terms of the share options granted remain unchanged. The modification resulted in incremental compensation cost of $774,932, of which $444,373 was recorded during the year ended December 31, 2012. The remaining $330,559 will be amortized over the remaining vesting period of the modified options, ranging from 2013 to 2017.

On March 18, 2014, the Board of Directors approved another option modification to reduce the exercise price of certain options granted between August 8, 2012 and December 31, 2013 to the then fair market value of the Company’s ordinary shares underlying such options. All other terms of the share options granted remain unchanged. The incremental compensation cost resulted from modification was not material.

On January 1, 2018, the Board of Directors approved an option modification to reduce the exercise price of certain options granted on January 1, 2014 to the then fair market value of the Company’s ordinary shares underlying such options. The number of shares, the expected terms were changed from 350,000 to 400,000, from 5 years to 3 years, respectively, other terms of the share option granted remain unchanged. The modification resulted in incremental compensation cost of $30,396, of which $10,132 and $10,132, $10,132 were recorded during the years ended December 31, 2018, 2019 and 2020, respectively.

On April 1, 2018, the Board of Directors approved another option modification to reduce the exercise price of certain options granted on June 21, 2010, August 24, 2010, August 8, 2012, March 8, 2016 and August 24, 2016 to the then fair market value of the Company’s ordinary shares underlying such options. The expected term was changed from 5 years to 3 years, other terms of the share option granted remain unchanged. The modification resulted in incremental compensation cost of $233,996, of which $58,499, $58,499 and $98,174 were recorded during the years ended December 31, 2018, 2019 and 2020, respectively. The remaining $18,824 will be amortized in 2021, the remaining vesting period of the modified options.

The fair value of each option grant, as well as the fair value of option immediately before and after the aforementioned modification, is estimated on the date of grant or modification using the Black-Scholes option pricing model using the assumptions noted below.


			Weighted average
	Average risk-free		expected option			Dividend
	rate of return		life	Volatility rate		yield
Granted in 2018	2.04‑2.62	%	3.2 years	51.06‑56.88	%	0	%
Granted in 2019	1.60-1.82	%	3.2 years	47.61-57.16	%	0	%
Granted in 2020	0.09-0.1	%	1 year	104.01-119.20	%	0	%

Expected volatilities based on the average of the standard deviation of the daily stock prices of the Company and other selected comparable companies in the same industry. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free rate of return is based on the US Treasury bond yield curve in effect at the time of grant for periods corresponding with the expected term of the option.

A summary of the option activity is as follows:


			Weighted
		Weighted	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise Prices	Contractual Life	Value
Options
Outstanding on January 1, 2018	6,165,000	0.71	1.64	—
Granted	830,000	0.26	3.50	—
Exercised	—	—	—	—
Forfeited	(1,535,000)	0.74	—	—
Outstanding on December 31, 2018	5,460,000	0.36	1.96	—
Granted	5,300,000	0.15	2.91	—
Exercised	—	—	—	—
Forfeited	(2,185,000)	0.43	—	—
Outstanding on December 31, 2019	8,575,000	0.21	0.14	—
Granted	700,000	0.30	0.97	—
Exercised	(1,945,980)	0.25	—	—
Forfeited	(25,000)	0.47	—	—
Outstanding on December 31, 2020	7,304,020	0.21	1.49	8,492,000
Vested or expected to vest at December 31, 2020	7,271,836	0.21	1.49	6,810,935
Exercisable at December 31, 2020	1,937,348	0.26	1.50	1,709,778

The weighted average grant date fair value of options granted during the years ended December 31, 2018, 2019 and 2020 was $0.10, $0.07 and $0.70 respectively.

Total intrinsic value of options exercised for the years ended December 31, 2019 and 2020 was nil and 811,268, respectively. Total proceeds from options exercised were nil and 484,038 for the years ended December 31, 2019 and 2020, respectively.

Compensation cost of $439,071, $348,916 and $369,187 has been charged against income during the years ended December 31, 2018, 2019 and 2020, respectively. As of December 31, 2020, there was $822,305 in total unrecognized compensation expense related to unvested options granted under the Plan, which is expected to be recognized over a weighted-average period of 1.18 years.

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2020
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS	15. EMPLOYEE BENEFITS In accordance with the relevant rules and regulations in the PRC, employees of the Company are covered by benefit plans established by the local government. These plans are defined contribution plans and Zhejiang ReneSola Investment Ltd. (“ReneSola Investment”), Sichuan Bo Bo Power Engineering Co., Ltd. (“Sichuan Bo Bo”) and ReneSola Shanghai Ltd (“ReneSola Shanghai”), have respectively contributed 14%, 17% and 17% of the basic salaries of their employees to such plans. In addition, ReneSola Investment, Sichuan Bo Bo and ReneSola Shanghai are required by PRC law to respectively contribute approximately 17%, 14.8% and 16.5% of the basic salaries of their employees for medical insurance benefits, housing funds, unemployment and other statutory benefits. Other than such contributions, there is no further obligation for payments to employees under these plans. Total contributions were $765,379, $1,257,335 and $877,709 for the years ended December 31, 2018, 2019 and 2020, respectively.

The entire disclosure for retirement benefits.

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RELATED PARTY BALANCES AND TRANSACTIONS

DISTRIBUTION OF PROFIT AND RESTRICTED NET ASSETS	12 Months Ended
DISTRIBUTION OF PROFIT AND RESTRICTED NET ASSETS	Dec. 31, 2020
DISTRIBUTION OF PROFIT AND RESTRICTED NET ASSETS
DISTRIBUTION OF PROFIT AND RESTRICTED NET ASSETS	16. DISTRIBUTION OF PROFIT AND RESTRICTED NET ASSETS In accordance with the laws applicable to the Foreign Investment Enterprises established in the PRC, the Company’s PRC subsidiaries registered as wholly owned foreign enterprise have to make appropriations from their after-tax profits as determined under Chinese Accounting Standards (“CAS”) to reserve funds including general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with CAS. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the respective Company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective Company’s discretion. In addition, in accordance with the PRC Company Laws, the Company’s PRC subsidiaries registered as Chinese domestic Companies must make appropriations from their after-tax profits as determined under CAS to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under CAS. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective Company. Appropriation to the discretionary surplus fund is made at the discretion of the respective Company. The general reserve is used to offset future losses. The subsidiary may, upon a resolution passed by the shareholder, convert the general reserve into capital. These reserves represent appropriations of the retained earnings determined in accordance with the Chinese law. In addition to the general reserve, the Company’s PRC subsidiaries are required to obtain approval from the local PRC government prior to distributing any registered share capital. Accordingly, both the appropriations to general reserve and the registered share capital of the Company’s PRC subsidiaries are considered as restricted net assets amounting to $19,505,000 and $32,500,000 as of December 31, 2019 and 2020, representing 14.2% and 17.7% of the Company’s total consolidated net assets as of December 31, 2019 and 2020, respectively.

EARNINGS/ (LOSS) PER ADS

12 Months Ended

Dec. 31, 2020

EARNINGS/ (LOSS) PER ADS

EARNINGS/ (LOSS) PER ADS

17. EARNINGS/ (LOSS) PER ADS

Basic earnings/(loss) per ADS and diluted earnings/(loss) per ADS have been calculated as follows:


	For the years ended December 31,
	2018		2019		2020
Numerator:
Net income/(loss)	$	5,096,480	$	(11,680,155)	$	2,155,987
Less: Net income/(loss) attributed to noncontrolling interests		3,336,769		(2,848,932)		(622,668)
Total net income/(loss) attributed to ReneSola Ltd	$	1,759,711	$	(8,831,223)	$	2,778,655

Numerator for diluted income/(loss) per ADS		1,759,711		(8,831,223)		2,778,655

Denominator:
Denominator for basic earnings/(loss) per ADS - weighted average number of ADS outstanding		38,075,293		40,595,551		49,166,354
Dilutive effects of share options, RSUs and warrants		—		—		622,068
Denominator for diluted calculation - weighted average number of ADS outstanding*		38,075,293		40,595,551		49,788,422

Basic earnings/(loss) per ADS		0.05		(0.22)		0.06
Diluted earnings/(loss) per ADS		0.05		(0.22)		0.06

*Each ADS represents 10 common shares

The Company issues ordinary shares to its share depository bank which will be used to settle stock option awards upon their exercise. Any ordinary shares not used in the settlement of stock option awards will be returned to the Company. As of December 31, 2019 and 2020, there are 208,100 and 9,774,550 ordinary shares, respectively, are legally issued to the share depository bank but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings/(loss) per share.

The Company uses income/(loss) from as the control number in determining whether those potential common shares are dilutive or antidilutive. That is, the same number of potential common shares used in computing the diluted per-share amount for income/(loss) shall be used in computing all other reported diluted per-share amounts even if those amounts will be antidilutive to their respective basic per-share amounts.

The following ordinary share equivalents were excluded from the computation of diluted net earnings/(loss) per share for the periods presented because including them would have been anti-dilutive:

NON-CONTROLLING INTEREST	12 Months Ended
NON-CONTROLLING INTEREST	Dec. 31, 2020
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST	18. NON-CONTROLLING INTEREST On April 27, 2018, the Company subsidiary, ReneSola Investment entered into an investment agreement with Jiashan Yaozhuang Modern Service Industry Comprehensive Development Co., Ltd. (“Jiashan Development”) to increase its registered share capital by accepting investment of RMB200 million ($30.9 million). After the Capital Injection, Jiashan Development owns 40.13% of ReneSola Investment. Net proceeds are used for working capital and capital expenditures to develop and deliver solar energy projects. On December 31, 2019, the Company subsidiary, RPNC Holdings, LLC received contributions from non-controlling interest holders of subsidiaries, Fayetteville RG Solar, LLC with consideration of $13.1 million. Net proceeds are used for capital expenditures to construct solar energy projects.

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2020

19. RELATED PARTY BALANCES AND TRANSACTIONS

(a) Related party balances


	At December 31,
	2019		2020
Due from ReneSola Singapore (1)and its subsidiaries	$	19,107,981	$	16,887,295
Allowance for credit losses (2)		(4,308,679)		(9,853,290)
Due from ReneSola Singapore (1)and its subsidiaries, net		14,799,302		7,034,005

Due to ReneSola Singapore (1)and its subsidiaries		17,546,934		14,690,574

Due to related party balances, net	$	2,747,632	$	7,656,569

(b) Related party transactions

During the years ended December 31, 2018, 2019 and 2020, related party transactions with ReneSola Singapore Pte., Ltd and its subsidiaries were as follows:


	Years ended December 31,
	2018		2019		2020
Purchase of modules from	$	12,466,413	$	2,534,750	$	—
Receiving services		—		—		26,070
Rendering of service to		5,168,278		834,875		299,626
Borrowing from (3)		17,273,194		793,269		12,827
Acquire project companies from (4)		11,286,840		—		—

(1)

After the disposal of the discontinued business in September 2017, ReneSola Singapore Pte., Ltd and its subsidiaries became a related party of the Company in that both ReneSola Singapore and the Company are under common control of Mr. Li Xianshou. The balances due from ReneSola Singapore and its subsidiaries were mainly for rendering service to them. The balances due to ReneSola Singapore and its subsidiaries were mainly for modules, raw materials that the Company purchased from them and borrowings from them.

(2)

Allowance for credit losses represented long-aging receivable balances from ReneSola Singapore Pte., Ltd and its subsidiaries for which the Company deemed there was a credit risk.

(3)

Represents borrowings under an agreement between the Company (“borrower”) and ReneSola Singapore (the “lender”). The lender grants to the borrower a loan in the principal amount of up to US$200 million with annual interest rate of 1%. There is no fixed repayment schedule of this loan.

(4)

In 2018, the Company acquired certain project companies from ReneSola Zhejiang Ltd and ReneSola Jiangsu Ltd for total cash consideration of $11.29 million for power generation purpose, which constituted an asset purchase. Total net assets of these acquired companies were $11.29 million.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

20. COMMITMENTS AND CONTINGENCIES

(a) Operating lease accounting

The Company leases rooftop, land, other property, and equipment under non-cancellable operating leases whose initial terms are typically 3 to 25 years, with some having a term of 35 years or more, along with options that permit renewals for additional periods. At the inception of each lease, the Company determines if the arrangement is a lease or contains an embedded lease and reviews the facts and circumstances of the arrangement to classify leased assets as operating or finance under Topic 842. The Company has elected not to record any leases with terms of 12 months or less on the balance sheet.

As this time, a certain portion of active leases within the Company portfolio are classified as operating leases under the new standard. Operating leases are included in leases right-of-use (“ROU”) assets, operating lease current liabilities, and operating lease non-current liabilities in the consolidated balance sheet. The ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make minimum lease payment arising from the lease for the duration of the lease term.

Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 year to 5 years or greater. The exercise of lease renewal option is typically at our discretion. Additionally, many leases contain early termination clauses, however early termination typically requires the agreement of both parties to the lease. At the lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. At this time, the Company does not have operating leases that include options to purchase or automatically transfer ownership of the lease property to the Company. The depreciable life of leased assets is limited by the expected lease term.

To determine the present value of future minimum lease payments, the Company use the implicit rate when readily determinable. At this time, many of the Company leases do not provide an implicit rate; therefore, to determine the present value of minimum lease payments, the Company use its incremental borrowing rate based on the information available at lease commencement date. The ROU assets also include any lease payments made and exclude lease incentives.

The components of lease expenses consisted of the following:


		Year Ended December 31,
Lease cost	Classification	2020
Operating lease cost
Amortization of leased assets	Depreciation, amortization	$	844,671
Interest on lease liabilities	Interest expense		1,618,331
Net lease cost		$	2,463,002


Lease Term and Discount Rate	December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	20
Weighted-average discount rate (%)
Operating leases	7.11	%


	Year Ended December 31,
Other information	2020
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,017,891

As of December 31, 2020, future minimum payments required under the operating lease are:


	USD
Year ended December 31,
2021	$	2,593,855
2022		1,815,179
2023		2,184,529
2024		1,768,723
2025		1,875,706
2026 and later		30,952,728
Total minimum lease payments		41,190,720
Less: Amount representing interest		(18,687,222)
Present value of net minimum lease payments	$	22,503,498
Current portion		1,092,797
Non-current portion		21,410,701

(b) Legal matters

The Company is a party to legal matters and claims in the normal course of its operations. While the Company believes that the ultimate outcome of these matters will not have a material adverse effect on its financial position, results of operations or cash flows, the outcome of these matters is not determinable with certainty and negative outcomes may adversely affect the Company.

For the years ended December 31, 2019 and 2020, ReneSola Investment, a subsidiary of the Company, guaranteed failed sale-lease back for project companies within the Company with the amount of $1,766,035 and nil, respectively. In addition, the Company guaranteed rooftop lease for subsidiary of the related party of the Company.

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2020

SEGMENT REPORTING

SEGMENT REPORTING

21. SEGMENT REPORTING

The solar power projects segment was formed in 2015, and involves solar power project development, EPC services and electricity generation revenue. Ancillary revenues and expenses and other unallocated costs and expenses are recorded in other.

The Company separated the solar power project segment into three reportable segments, including solar power project development, EPC services and electricity generation revenue. Ancillary revenues and expenses and other unallocated costs and expenses are recorded in other.

The chief operating decision maker is the chief executive officer of the Company.

The Company only reports the segment information of net revenue and gross profit, to conform to the information the chief operating decision maker receives to assess the financial performance and allocate resources. There are no differences between the measurements of the Company’s reportable segment’s gross profit and the Company’s consolidated gross profit, as the Company uses the same profit measurement for all of the reportable segments and the consolidated entity. Furthermore, the Company’s chief operating decision maker is not provided with asset information by segment. As such, no asset information by segment is presented.

The following table summarizes the Company’s revenues generated from each segment:


	Year ended December 31, 2018
			Electricity
	Solar power project		generation		EPC
	development		revenue		services		Other		Total
Net revenue	$	48,784,766	$	29,257,928	$	18,544,164	$	319,477	$	96,906,335
Gross profit	$	7,052,170	$	17,673,474	$	3,329,402	$	14,701	$	28,069,747


	Year ended December 31, 2019
			Electricity
	Solar power project		generation		EPC
	development		revenue		services		Other		Total
Net revenue	$	90,096,551	$	28,712,942	$	69,751	$	237,780	$	119,117,024
Gross profit/(loss)	$	17,571,303	$	16,763,190	$	(178,414)	$	69,969	$	34,226,048


	Year ended December 31, 2020
			Electricity
	Solar power project		generation		EPC
	development		revenue		services		Other		Total
Net revenue	$	49,160,215	$	23,547,162	$	—	$	795,506	$	73,502,883
Gross profit/(loss)	$	4,374,238	$	11,668,935	$	—	$	642,609	$	16,685,782

The following table summarizes the Company’s revenues generated by the geographic location of customers:


	Years ended December 31,
	2018		2019		2020
China	$	45,395,811	$	24,470,827	$	16,557,196
United States		15,445,744		9,277,514		4,388,241
Canada		—		—		15,557,800
Romania		1,824,411		3,193,215		5,709,713
UK		31,169,458		3,853,687		655,102
Turkey		2,129,085		—		—
France		941,826		730,962		152,548
Poland		—		59,884,835		10,008,838
Hungary		—		17,705,984		20,473,445
Total	$	96,906,335	$	119,117,024	$	73,502,883

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS On January 8, 2021, the Company announced direct offering of 2,500,000 of American Depositary Shares (ADSs), each representing 10 ordinary shares, at a purchase price of $16 per ADS. The gross proceeds were $40 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds to expand its solar project pipeline (including combined solar/storage initiatives), to fund possible strategic acquisitions, and to meet general working capital needs. On January 26, 2021, the Company announced direct offering of 10,000,000 of American Depositary Shares (ADSs), each representing 10 ordinary shares, at a purchase price of $25 per ADS. The gross proceeds were $250 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds to expand its solar project pipeline (including combined solar/storage initiatives), to fund possible strategic acquisitions, and to meet general working capital needs. The Company performed an evaluation through April 28, 2021, which is the date the financial statements were issued, and did not identify any other material events or transactions that would require adjustment to or disclosure in these consolidated financial statements.

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

Basis of presentation

(a) Basis of presentation

The consolidated financial statements have been prepared and presented in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

Basis of consolidation

(b) Basis of consolidation

Fair value measurement

Use of estimates

(d) Use of estimates

Cash and cash equivalents

(e) Cash and cash equivalents

Restricted Cash

(f) Restricted Cash


	At December 31,
	2019		2020
Cash and cash equivalents	$	24,292,113	$	40,593,094
Restricted cash		405,040		83,217
Total cash, cash equivalents, and restricted cash	$	24,967,153	$	40,676,311

Project assets

(g) Project assets

Contract costs

(h) Contract costs

Advances to suppliers

(i) Advances to suppliers

Property, plant and equipment

(j) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment. Depreciation is computed on a straight-line basis over the following estimated useful lives:


Plant and machinery		3‑5 years
Motor vehicles		4‑5 years
Office equipment		3‑5 years
Power stations		25 years

Estimated useful life of land is infinite and no depreciation is provided.

Goodwill

(k) Goodwill

Assets and liabilities held-for-sale

(l) Assets and liabilities held-for-sale

Long-lived assets to be sold are classified as held for sale considering the recognition criteria in ASC 360‑10‑45‑9 in which all of the following criteria are met:

Management, having the authority to approve the action, commits to a plan to sell the asset,

The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets;

An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated;

The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year;

The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and

Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Interest capitalization

(m) Interest capitalization

Impairment of long-lived assets

(n) Impairment of long-lived assets

(o) Leases

(p) Contingencies

(q) Income taxes

(r) Revenue recognition

Solar power project development

Sale of project assets constructed by a third-party EPC contractor

Sale of project assets constructed by the Company’s own EPC team

Sale of project asset rights

EPC Services

Electricity generation revenue

Revenue from green certificates

For the years ended December 31, 2018, 2019 and 2020, revenues from green certificates were $883,741, $1,957,109 and $4,178,546, respectively, and are included in electricity generation revenue.

Value added tax (“VAT”)

Other operating income (expenses)

(s) Other operating income (expenses)

Foreign currency

(t) Foreign currency

Fair value of financial instruments

(u) Fair value of financial instruments

Earnings (loss) per ADS

(v) Earnings (loss) per ADS

Share-based compensation

(w) Share-based compensation

See Note 14, “Share Based Compensation”, for further details.

Comprehensive income (loss)

(x) Comprehensive income (loss)

Concentrations of credit risk

(y) Concentrations of credit risk

Recently adopted accounting pronouncements

(z) Recently adopted accounting pronouncements

(aa) Recently issued accounting pronouncements

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

Schedule of the following table provides a reconciliation of cash, cash equivalents, and restricted cash


	At December 31,
	2019		2020
Cash and cash equivalents	$	24,292,113	$	40,593,094
Restricted cash		405,040		83,217
Total cash, cash equivalents, and restricted cash	$	24,967,153	$	40,676,311

Schedule of property, plant and equipment estimated useful lives


Plant and machinery		3‑5 years
Motor vehicles		4‑5 years
Office equipment		3‑5 years
Power stations		25 years

BUSINESS ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2020

BUSINESS ACQUISITION

Schedule of final allocation on the purchase prices to the fair value of the net assets acquired


	As of acquisition close date
Item	Amounts in US$
Project assets(1)	$	2,874,060
Net assets acquired		2,874,060
Goodwill		1,022,567
Total consideration transferred/Net cash paid	$	3,896,627

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2020

ACCOUNTS RECEIVABLE, NET

Schedule of components of accounts receivable, net


	At December 31,
	2019		2020
Accounts receivable
– from EPC services	$	3,210,177	$	3,033,610
– from solar power project assets (1)		8,971,464		16,310,787
– from electricity generation revenue(2)		3,562,181		3,270,966
Total accounts receivable		15,743,822		22,615,363

Less: allowance for credit losses		(1,908,803)		(2,427,577)
Accounts receivable, net	$	13,835,019	$	20,187,786

(1)

(2)

Schedule of movement in lifetime expected credit losses that has been recognized for trade receivable


	At December 31,
	2019		2020

At beginning of year	$	—	$	1,908,803
Provision for credit losses, net		1,908,803		518,774
At end of year	$	1,908,803	$	2,427,577

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure


	At December 31,
	2019		2020

Receivable from disposal of property, plant and equipment (1)	$	—	$	35,298,500
Refundable deposits (2)		4,124,928		8,176,247
EPC Warranty reimbursement receivables		183,941		196,322
Others		2,491,414		2,417,974
Total prepaid expenses and other current assets		6,800,283		46,089,043
Allowance for credit losses (3)		(729,629)		(1,262,709)
Total prepaid expenses and other current assets	$	6,070,654	$	44,826,334

(1)

Receivable from disposal of property, plant and equipment mainly represented disposal of Company’s solar power assets which was being used for electricity generation revenue segment.

(2)

As of December 31, 2020, refundable deposits mainly represented refundable deposits for interconnection, the bidding of project asset construction rights and rooftop leases.

(3)

Allowance for credit losses mainly represented the portion of compensation receivable from Canadian authorities on closure of a certain project in Canada that the Company believes is not recoverable.

PROJECT ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

PROJECT ASSETS

Schedule of Project Assets


	At December 31,
	2019		2020
Project assets - Module cost	$	4,616,399	$	3,877,147
Project assets - Development and construction cost		32,112,215		23,367,183
Project assets - Others		1,919,237		1,026,662
Total project assets	$	38,647,851	$	28,270,992

Current portion		32,125,312		24,992,068
Non-current portion		6,522,539		3,278,924

ASSETS HELD FOR SALE AND LIABILITIES HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2020

Solar power plant subsidiaries

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of consolidated balance sheet


		At December 31,
	2019		2020
Assets classified as held for sale
Cash and cash equivalents	$	427,299	$	53,899
Accounts receivable, net		2,636,581		184,920
Value added tax recoverable		747,646		158,213
Prepaid expenses and other current assets		1,593,391		23,075
Property, plant and equipment, net		13,290,761		2,169,527
Operating lease right-of-use asset		1,230,574		—
Impairment of assets(1)		(1,347,626)		(318,619)

Total assets classified as held for sale		18,578,626		2,271,015

Liabilities classified as held for sale
Accounts payable		58,525		—
Other current liabilities		—		1,659,753
Operating lease liabilities		1,229,918		—
Failed sales leased back and finance lease liability		7,879,923		529,012

Total liabilities classified as held for sale	$	9,168,366	$	2,188,765

(1)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Schedule of property, plant and equipment. net

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2020

PROPERTY, PLANT AND EQUIPMENT, NET


	At December 31,
	2019		2020
Land	$	282,000	$	282,000
Plant and machinery		776,752		828,761
Motor vehicles		181,387		193,530
Office equipment		136,857		260,178
Power stations		159,257,486		131,355,790

Less: Accumulated depreciation		(17,333,097)		(13,728,141)
		143,301,385		119,192,118
Construction in progress		—		751,353
Property, plant and equipment, net	$	143,301,385	$	119,943,471

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES

Schedule of Components of Tax Benefit (Expense)


	Years ended December 31,
	2018		2019		2020
Income (loss) before income tax
PRC	$	10,535,785	$	(10,273,181)	$	2,104,024
Other jurisdictions		(5,628,096)		(301,925)		214,999

Total		4,907,689		(10,575,106)		2,319,023

Current tax expense
PRC		(553,859)		(9,835)		(5,118)
Other jurisdictions		(351,735)		(839,676)		(441,495)

Subtotal		(905,594)		(849,511)		(446,613)
Deferred tax benefit (expense)
PRC		748,490		—		—
Other jurisdictions		345,895		(255,538)		283,577

Subtotal		1,094,385		(255,538)		283,577

Total income tax benefit (expense)	$	188,791	$	(1,105,049)	$	(163,036)

Schedule of Principal Components of Deferred Income Tax Assets and Liabilities


	At December 31,
	2019		2020
Deferred tax assets:
Accrued expenses	$	16,304	$	13,451
Net operating losses		8,646,423		9,491,051
Unrealized internal profit		778,566		1,125,023
Allowances for doubtful accounts		1,064,027		1,281,259
Cancellation of project assets		1,351,336		—
Impairment loss of assets		336,907		122,764
Other		161,033		157,101
Total gross deferred tax assets		12,354,596		12,190,649
Valuation allowance on deferred tax assets		(11,516,732)		(11,006,328)
Net deferred tax assets	$	837,864	$	1,184,321

Schedule of Reconciliation Between the Applicable Statutory Income Tax Rate and the Company's Effective Tax Rate


	Years ended December 31,
	2018		2019		2020
PRC applicable income tax rate	25	%	25	%	25	%
Change in deferred tax valuation allowance	47	%	(57)	%	(21)	%
Preferential tax rate(1)	(53)	%	7	%	(42)	%
Effect of different tax rate of subsidiaries	(7)	%	16	%	39	%
Other	(16)	%	(1)	%	6	%
Effective income tax rate	(4)	%	(10)	%	7	%

Schedule of Aggregate Amount and Per Share Effect of the Tax Holiday


	Years ended December 31,
	2018		2019		2020

Preferential tax effect(1)	$	2,609,975	$	720,847	$	975,859

(1)

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2020

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

Schedule of bank borrowings


	At December 31,
	2019		2020
Short-term	$	7,173,571	$	31,980,868
Long-term, current portion		28,583,380		—
Subtotal		35,756,951		31,980,868
Bond payable		2,503,621		9,034,691
Long-term		3,367,061		—
Total borrowings from bank and other third parties	$	41,627,633	$	41,015,559

Schedule of net values of leased assets

Schedule of future minimum payments required under the finance lease


	USD
Years ended December 31,
2021	$	4,162,109
2022		9,586,294
2023		6,176,618
2024		2,050,922
2025		1,114,699
2026 and later		404,071
Total minimum lease payments		23,494,713
Less: Amount representing interest		(3,642,619)
Present value of net minimum lease payments		19,852,094
Current portion		3,661,015
Non-current portion	$	16,191,079

Schedule of components of failed sale-lease back and finance lease liabilities


	At December 31,
	2019		2020
Current portion of finance lease	$	4,066,696	$	3,661,015
Current portion of failed sale and lease back		5,512,507		4,436,040
Total current portion of failed sale-lease back and finance lease		9,579,203		8,097,055

Non-current portion for finance lease		16,699,816		16,191,079
Non-current portion for failed sale and lease back		30,036,724		27,771,450
Total non-current portion of failed sale-lease back and finance lease	$	46,736,540	$	43,962,529

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

OTHER CURRENT LIABILITIES

Schedule of Other Current Liabilities


	At December 31,
	2019		2020
Payables for purchase of property, plant and equipment	$	22,810,701	$	8,958,993
Interest payable		1,009,090		411,087
Other tax payables		206,591		465,393
Accrued EPC warranty liabilities		183,941		196,322
Joint settlement payable(1)		—		7,500,000
Other (2)		2,953,012		2,296,838
	$	27,163,335	$	19,828,633

(1)

Joint settlement payable represents the Company portion of a settlement sum payable by the Related Party, ReneSola Singapore, to OCI Company Ltd.

(2)

Other as of December 31, 2020 mainly includes the payables for claims, audit fees and other professional service fees.

SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

SHARE BASED COMPENSATION

Schedule of assumptions used to estimate the fair value of the options


			Weighted average
	Average risk-free		expected option			Dividend
	rate of return		life	Volatility rate		yield
Granted in 2018	2.04‑2.62	%	3.2 years	51.06‑56.88	%	0	%
Granted in 2019	1.60-1.82	%	3.2 years	47.61-57.16	%	0	%
Granted in 2020	0.09-0.1	%	1 year	104.01-119.20	%	0	%

Schedule of the option activity


			Weighted
		Weighted	Average	Aggregate
	Number of	Average	Remaining	Intrinsic
	Options	Exercise Prices	Contractual Life	Value
Options
Outstanding on January 1, 2018	6,165,000	0.71	1.64	—
Granted	830,000	0.26	3.50	—
Exercised	—	—	—	—
Forfeited	(1,535,000)	0.74	—	—
Outstanding on December 31, 2018	5,460,000	0.36	1.96	—
Granted	5,300,000	0.15	2.91	—
Exercised	—	—	—	—
Forfeited	(2,185,000)	0.43	—	—
Outstanding on December 31, 2019	8,575,000	0.21	0.14	—
Granted	700,000	0.30	0.97	—
Exercised	(1,945,980)	0.25	—	—
Forfeited	(25,000)	0.47	—	—
Outstanding on December 31, 2020	7,304,020	0.21	1.49	8,492,000
Vested or expected to vest at December 31, 2020	7,271,836	0.21	1.49	6,810,935
Exercisable at December 31, 2020	1,937,348	0.26	1.50	1,709,778

EARNINGS/ (LOSS) PER ADS (Tables)

12 Months Ended

Dec. 31, 2020

EARNINGS/ (LOSS) PER ADS

Schedule of Basic earnings/(loss) per ADS and diluted earnings/(loss) per ADS


	For the years ended December 31,
	2018		2019		2020
Numerator:
Net income/(loss)	$	5,096,480	$	(11,680,155)	$	2,155,987
Less: Net income/(loss) attributed to noncontrolling interests		3,336,769		(2,848,932)		(622,668)
Total net income/(loss) attributed to ReneSola Ltd	$	1,759,711	$	(8,831,223)	$	2,778,655

Numerator for diluted income/(loss) per ADS		1,759,711		(8,831,223)		2,778,655

Denominator:
Denominator for basic earnings/(loss) per ADS - weighted average number of ADS outstanding		38,075,293		40,595,551		49,166,354
Dilutive effects of share options, RSUs and warrants		—		—		622,068
Denominator for diluted calculation - weighted average number of ADS outstanding*		38,075,293		40,595,551		49,788,422

Basic earnings/(loss) per ADS		0.05		(0.22)		0.06
Diluted earnings/(loss) per ADS		0.05		(0.22)		0.06

*Each ADS represents 10 common shares

Schedule of the computation of diluted net earnings/(loss) per ADS for the periods presented because including them would have been anti-dilutive

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of amounts due to related parties comprised of amounts payable to purchase of raw materials and others


	At December 31,
	2019		2020
Due from ReneSola Singapore (1)and its subsidiaries	$	19,107,981	$	16,887,295
Allowance for credit losses (2)		(4,308,679)		(9,853,290)
Due from ReneSola Singapore (1)and its subsidiaries, net		14,799,302		7,034,005

Due to ReneSola Singapore (1)and its subsidiaries		17,546,934		14,690,574

Due to related party balances, net	$	2,747,632	$	7,656,569

Schedule of related party transactions


	Years ended December 31,
	2018		2019		2020
Purchase of modules from	$	12,466,413	$	2,534,750	$	—
Receiving services		—		—		26,070
Rendering of service to		5,168,278		834,875		299,626
Borrowing from (3)		17,273,194		793,269		12,827
Acquire project companies from (4)		11,286,840		—		—

(1)

(2)

Allowance for credit losses represented long-aging receivable balances from ReneSola Singapore Pte., Ltd and its subsidiaries for which the Company deemed there was a credit risk.

(3)

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

Schedule of components of lease expenses


		Year Ended December 31,
Lease cost	Classification	2020
Operating lease cost
Amortization of leased assets	Depreciation, amortization	$	844,671
Interest on lease liabilities	Interest expense		1,618,331
Net lease cost		$	2,463,002


Lease Term and Discount Rate	December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	20
Weighted-average discount rate (%)
Operating leases	7.11	%


	Year Ended December 31,
Other information	2020
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,017,891

Schedule of future minimum payments required under the operating lease


	USD
Year ended December 31,
2021	$	2,593,855
2022		1,815,179
2023		2,184,529
2024		1,768,723
2025		1,875,706
2026 and later		30,952,728
Total minimum lease payments		41,190,720
Less: Amount representing interest		(18,687,222)
Present value of net minimum lease payments	$	22,503,498
Current portion		1,092,797
Non-current portion		21,410,701

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2020

SEGMENT REPORTING

Schedule of the Company's revenues generated from each segment


	Year ended December 31, 2018
			Electricity
	Solar power project		generation		EPC
	development		revenue		services		Other		Total
Net revenue	$	48,784,766	$	29,257,928	$	18,544,164	$	319,477	$	96,906,335
Gross profit	$	7,052,170	$	17,673,474	$	3,329,402	$	14,701	$	28,069,747


	Year ended December 31, 2019
			Electricity
	Solar power project		generation		EPC
	development		revenue		services		Other		Total
Net revenue	$	90,096,551	$	28,712,942	$	69,751	$	237,780	$	119,117,024
Gross profit/(loss)	$	17,571,303	$	16,763,190	$	(178,414)	$	69,969	$	34,226,048


	Year ended December 31, 2020
			Electricity
	Solar power project		generation		EPC
	development		revenue		services		Other		Total
Net revenue	$	49,160,215	$	23,547,162	$	—	$	795,506	$	73,502,883
Gross profit/(loss)	$	4,374,238	$	11,668,935	$	—	$	642,609	$	16,685,782

Schedule of the Company's revenues generated by geographic location of customers


	Years ended December 31,
	2018		2019		2020
China	$	45,395,811	$	24,470,827	$	16,557,196
United States		15,445,744		9,277,514		4,388,241
Canada		—		—		15,557,800
Romania		1,824,411		3,193,215		5,709,713
UK		31,169,458		3,853,687		655,102
Turkey		2,129,085		—		—
France		941,826		730,962		152,548
Poland		—		59,884,835		10,008,838
Hungary		—		17,705,984		20,473,445
Total	$	96,906,335	$	119,117,024	$	73,502,883

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Advances to Suppliers and Advances for Purchase of Property, Plant and Equipment and Intangible Assets) (Details) - USD ($)			12 Months Ended
	Apr. 01, 2018	Jan. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Advances to suppliers-current			$ 143,482	$ 248,130
Advances to suppliers-Noncurrent			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period		3,250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	3,300,000		700,000	5,300,000	830,000
Prepaid Expense, Noncurrent			$ 767,276	$ 688,324

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Property, Plant and Equipment Stated at Cost Less Accumulated Depreciation) (Details)	12 Months Ended
	Dec. 31, 2020
Plant and machinery [Member] \| Minimum
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Estimated useful lives	3 years
Plant and machinery [Member] \| Maximum
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Estimated useful lives	5 years
Motor vehicles [Member] \| Minimum
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Estimated useful lives	4 years
Motor vehicles [Member] \| Maximum
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Estimated useful lives	5 years
Office equipment [Member] \| Minimum
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Estimated useful lives	3 years
Office equipment [Member] \| Maximum
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Estimated useful lives	5 years
Power stations [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Estimated useful lives	25 years

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Convertible Senior Notes, Revenue Recognition, Deferred Project Revenue, Cost of Revenues, Warranty Costs and Government Grants) (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) agreement	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Number of Agreements \| agreement	2
Impairment losses of long-lived assets	$ 1,432,296	$ 6,880,115
Impairment losses from property, plant and equipment which were subsequently disposed		5,532,489
Impairment loss from project assets with no further constructive value	929,951
Impairment losses from asset and liabilities held for sale	$ 502,345	1,347,626
Minimum
Term of product warranty	5 years
Term of service warranty	1 year
Maximum
Term of product warranty	10 years
Term of service warranty	2 years
Green Certificates [Member]
Revenue from green certificates	$ 4,178,546	$ 1,957,109	$ 883,741

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Foreign Currency and Derivative Financial Instruments) (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Cash and cash equivalents, functional currency equivalent of foreign currency denominated amount	¥ 22,429,739	$ (3,437,515)	¥ 31,047,475	$ 4,459,690

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Restricted cash (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Cash and cash equivalents	$ 40,593,094	$ 24,292,113
Restricted cash	83,217	405,040
Total cash, cash equivalents, and restricted cash	$ 40,676,311	$ 24,967,153

BUSINESS ACQUISITION (Details) - USD ($)	Nov. 17, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill		$ 1,022,567	$ 0
PA Holdings and CA Holdings
BUSINESS ACQUISITION
Equity interest acquired (in percent)	100.00%
Cash consideration	$ 3,900,000
Period for goodwill deductible for tax purposes	15 years
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Project assets	$ 2,874,060
Net assets acquired	2,874,060
Goodwill	1,022,567
Total consideration transferred/Net cash paid	$ 3,896,627

ACCOUNTS RECEIVABLE, NET - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 20,187,786	$ 13,835,019
Solar power project assets [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables by post-dated checks, current	$ 450,603
Electricity Revenue Generation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Feed-in tariff(s) (FIT) receivables, recovery period	12 months
Feed-in tariff(s) (FIT) receivables, current	$ 1,971,719
Feed-in tariff(s) (FIT) receivables, noncurrent	25,866,553
Solar power customers \| Credit concentration \| Accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 8,257,527	$ 4,252,381
Concentration risk percentage	41.00%	31.00%
Number Of Customer With Greater Than 10 Of Accounts Receivable	10	10
Solar power customers \| Customer concentration \| Net revenues
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk percentage	28.00%	47.00%

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Net, Current [Abstract]
Total accounts receivable	$ 22,615,363	$ 15,743,822
Less: allowance for credit losses	(2,427,577)	(1,908,803)
Accounts receivable, net	20,187,786	13,835,019
Trade Accounts Receivable One [Member]
Accounts Receivable, Net, Current [Abstract]
Total accounts receivable	3,033,610	3,210,177
Trade Accounts Receivable Two [Member]
Accounts Receivable, Net, Current [Abstract]
Total accounts receivable	16,310,787	8,971,464
Trade Accounts Receivable Three [Member]
Accounts Receivable, Net, Current [Abstract]
Total accounts receivable	$ 3,270,966	$ 3,562,181

ACCOUNTS RECEIVABLE, NET - Allowance for credit losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
ALLOWANCE FOR CREDIT LOSSES
At beginning of year	$ 1,908,803	$ 0
Provision for credit losses, net	518,774	1,908,803
At end of year	$ 2,427,577	$ 1,908,803

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Receivable from disposal of property, plant and equipment	$ 35,298,500	$ 0
Refundable deposits	8,176,247	4,124,928
EPC Warranty reimbursement receivables	196,322	183,941
Others	2,417,974	2,491,414
Total prepaid expenses and other current assets	46,089,043	6,800,283
Allowance for credit losses	(1,262,709)	(729,629)
Total prepaid expenses and other current assets	$ 44,826,334	$ 6,070,654

PROJECT ASSETS - Schedule of Project Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
PROJECT ASSETS
Project assets - Module cost	$ 3,877,147	$ 4,616,399
Project assets - Development and construction cost	23,367,183	32,112,215
Project assets - Others	1,026,662	1,919,237
Total project assets	28,270,992	38,647,851
Current portion	24,992,068	32,125,312
Non-current portion	$ 3,278,924	$ 6,522,539

ASSETS HELD FOR SALE AND LIABILITIES HELD FOR SALE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assets classified as held for sale
Total assets classified as held for sale	$ 2,271,015	$ 18,578,626
Liabilities classified as held for sale
Total liabilities classified as held for sale	2,188,765	9,168,366
Disposal Group, Held-for-sale, Not Discontinued Operations \| Solar power plant subsidiaries
Assets classified as held for sale
Cash and cash equivalents	53,899	427,299
Accounts receivable, net	184,920	2,636,581
Value added tax recoverable	158,213	747,646
Prepaid expenses and other current assets	23,075	1,593,391
Property, plant and equipment, net	2,169,527	13,290,761
Operating lease right-of-use asset	0	1,230,574
Impairment of assets	(318,619)	(1,347,626)
Total assets classified as held for sale	2,271,015	18,578,626
Liabilities classified as held for sale
Accounts payable	0	58,525
Other current liabilities	1,659,753	0
Operating lease liabilities	0	1,229,918
Failed sales leased back and finance lease liability	529,012	7,879,923
Total liabilities classified as held for sale	$ 2,188,765	$ 9,168,366

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
PROPERTY, PLANT AND EQUIPMENT, NET
Depreciation expense	$ 7,342,327	$ 7,796,003	$ 8,402,169

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment Net (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Less: Accumulated depreciation	$ (13,728,141)	$ (17,333,097)
Property, plant and equipment Before Construction	119,192,118	143,301,385
Property, plant and equipment, net	119,943,471	143,301,385
Land [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Property, plant and equipment, gross	282,000	282,000
Plant and machinery [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Property, plant and equipment, gross	828,761	776,752
Motor vehicles [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Property, plant and equipment, gross	193,530	181,387
Office equipment [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Property, plant and equipment, gross	260,178	136,857
Power stations [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Property, plant and equipment, gross	131,355,790	159,257,486
Construction in progress [Member]
PROPERTY, PLANT AND EQUIPMENT, NET [Line Items]
Property, plant and equipment, gross	$ 751,353	$ 0

INCOME TAXES (Details)		12 Months Ended
INCOME TAXES (Details)	Jan. 01, 2008	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
INCOME TAXES
Statutory income tax rate in PRC (as a percent)		25.00%	25.00%	25.00%
Interest and penalties \| ¥		¥ 0	¥ 0
Accrual of uncertain tax benefits \| ¥		¥ 0	¥ 0
Preferential tax rate		(42.00%)	7.00%	(53.00%)
Valuation allowance on deferred tax assets					$ 11,006,328	$ 11,516,732
CHINA
INCOME TAXES
Statutory income tax rate in PRC (as a percent)	25.00%
Preferential tax rate		15.00%
Connecticut
INCOME TAXES
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent		7.50%	7.50%
California Franchise Tax Board [Member]
INCOME TAXES
Statutory income tax rate in PRC (as a percent)		21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent		8.84%	8.84%
Minimum
INCOME TAXES
Amount of underpayment of tax considered for applicability of extended period of statute of limitations Period		¥ 100,000			14,483
PRC [Member]
INCOME TAXES
Net operating loss carryforwards					8,337,247
Income Tax Holiday, Description		Pursuant to PRC tax laws, certain PRC domiciled subsidiaries of the Company are solar power generation enterprises, which are entitled to a three-year tax exemption from Corporate Income Tax ("CIT") from first operation year and a 50% CIT reduction for the succeeding three years thereafter.
PRC [Member] \| 2021
INCOME TAXES
Net operating loss carryforwards					605
PRC [Member] \| 2022
INCOME TAXES
Net operating loss carryforwards					16,381
PRC [Member] \| 2023
INCOME TAXES
Net operating loss carryforwards					1,948
PRC [Member] \| 2024
INCOME TAXES
Net operating loss carryforwards					6,483,968
PRC [Member] \| 2025
INCOME TAXES
Net operating loss carryforwards					$ 1,834,345

INCOME TAXES - Schedule of Components of Tax Benefit (Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income (Loss) before income tax
PRC	$ 2,104,024	$ (10,273,181)	$ 10,535,785
Other jurisdictions	214,999	(301,925)	(5,628,096)
Total	2,319,023	(10,575,106)	4,907,689
Current tax expense
PRC	(5,118)	(9,835)	(553,859)
Other jurisdictions	(441,495)	(839,676)	(351,735)
Subtotal	(446,613)	(849,511)	(905,594)
Deferred tax benefit (expense)
PRC	0	0	748,490
Other jurisdictions	283,577	(255,538)	345,895
Subtotal	283,577	(255,538)	1,094,385
Total income tax benefit (expense)	$ (163,036)	$ (1,105,049)	$ 188,791

INCOME TAXES - Schedule of Principal Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued expenses	$ 13,451	$ 16,304
Net operating losses	9,491,051	8,646,423
Unrealized internal profit	1,125,023	778,566
Allowances for doubtful accounts	1,281,259	1,064,027
Cancellation of project assets	0	1,351,336
Impairment loss of assets	122,764	336,907
Others	157,101	161,033
Total gross deferred tax assets	12,190,649	12,354,596
Valuation allowance on deferred tax assets	(11,006,328)	(11,516,732)
Net deferred tax assets	$ 1,184,321	$ 837,864

INCOME TAXES - Schedule of Reconciliation Between the Applicable Statutory Income Tax Rate and the Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation between the applicable statutory income tax rate and the Company's effective tax rate
PRC applicable income tax rate	25.00%	25.00%	25.00%
Change in deferred tax valuation allowance	(21.00%)	(57.00%)	47.00%
Preferential tax rate	(42.00%)	7.00%	(53.00%)
Effect of different tax rate of subsidiaries	39.00%	16.00%	(7.00%)
Other	6.00%	(1.00%)	(16.00%)
Effective income tax rate	7.00%	(10.00%)	(4.00%)

INCOME TAXES - Schedule of Aggregate Amount and Per Share Effect of the Tax Holiday (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CHINA
Aggregate amount and per share effect of the Tax Holiday
Preferential tax effect	$ 975,859	$ 720,847	$ 2,609,975

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Details) € in Millions, ₩ in Billions	1 Months Ended			12 Months Ended
	Jul. 31, 2020 EUR (€)	Jul. 31, 2020 USD ($)	Mar. 31, 2013 KRW (₩) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 KRW (₩)	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 USD ($)	Mar. 31, 2013 USD ($)
BORROWINGS [Line Items]
Short-term borrowings					$ 7,173,571				$ 31,980,868
Weighted average interest rate (as a percent)					5.52%		4.44%	4.44%	4.44%
Proceeds from bonds	€ 10.6	$ 13,100,000		$ 8,427,712	$ 12,913,675	$ 0
Bond payable					2,503,621			€ 7.4	$ 9,000,000
Interest expense
Interest Costs Incurred				6,464,266	12,329,336	11,578,848
Interest Paid, Capitalized				258,190	3,169,518	$ 2,874,944
Sale Leaseback Transaction, Net Book Value					4,008,534				0
Cash consideration received in sale of self-built solar projects				$ 0	2,793,810
Sale Leaseback Transaction, Lease Terms				5 to 10 years
Solar Project, Useful Life				25 years
Failed Sale Leaseback Transaction, Amount Due under Financing Arrangement, Noncurrent					30,036,724				$ 27,771,450
Interest Expense, Debt				$ 3,296,613	$ 4,415,569
Financings With Failed Sale Lease Back Transactions [Member]
BORROWINGS [Line Items]
Weighted average interest rate					7.13%		7.15%	7.15%	7.15%
Interest expense
Failed Sale Leaseback Transaction, Amount Due under Financing Arrangement, Current					$ 5,512,507				$ 4,436,040
Term loan
BORROWINGS [Line Items]
Number of term loans \| loan			2
Borrowings term (in years)			4 years
Term loan amount			₩ 35.7							$ 30,900,000
Short-term borrowings							₩ 28.5		$ 26,200,000
Weighted average interest rate (as a percent)					4.57%	5.86%	4.57%	4.57%	4.57%
Bond payable
BORROWINGS [Line Items]
Weighted average interest rate							5.00%	5.00%	5.00%
Secured debt [Member]
BORROWINGS [Line Items]
Short-term borrowings					$ 7,173,571				$ 31,980,868
Bond payable					2,503,621				$ 9,034,691
Secured borrowings					31,950,441
Long-term Debt, Current Maturities					$ 28,583,380

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule of Bank Borrowings (Details) € in Millions	Dec. 31, 2020 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
Short-term		$ 31,980,868	$ 7,173,571
Long-term, current portion		0	28,583,380
Subtotal		31,980,868	35,756,951
Bond payable	€ 7.4	9,000,000	2,503,621
Long-term		0	3,367,061
Total borrowings from bank and other third parties		$ 41,015,559	$ 41,627,633

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Less: Net income/(loss) attributed to noncontrolling interests

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Finance lease (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finance lease right-of-use assets	$ 25,555,792	$ 24,991,789
Finance lease liabilities	19,852,094
Modules, inverters, and other
Finance lease right-of-use assets	$ 33,050,116	$ 30,984,311
Estimated useful lives	25 years	25 years
Finance lease liabilities	$ 19,852,094	$ 20,766,512

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule Of Finance Lease Future Payments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
2021	$ 4,162,109
2022	9,586,294
2023	6,176,618
2024	2,050,922
2025	1,114,699
2026 and later	404,071
Total minimum lease payments	23,494,713
Less: Amount representing interest	(3,642,619)
Present value of net minimum lease payments	19,852,094
Current portion	3,661,015	$ 4,066,696
Non-current portion	16,191,079	16,699,816
Current portion of finance lease	3,661,015	4,066,696
Current portion of failed sale and lease back	4,436,040	5,512,507
Total current portion of failed sale-lease back and finance lease	8,097,055	9,579,203
Non-current portion for finance lease	16,191,079	16,699,816
Non-current portion for failed sale and lease back	27,771,450	30,036,724
Total non-current portion of failed sale-lease back and finance lease	$ 43,962,529	$ 46,736,540

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
OTHER CURRENT LIABILITIES
Payable for purchase of property, plant and equipment	$ 8,958,993	$ 22,810,701
Interest Payable	411,087	1,009,090
Other tax payables	465,393	206,591
Accrued EPC warranty liabilities	196,322	183,941
Joint settlement payable	7,500,000	0
Others	2,296,838	2,953,012
Other current liabilities	$ 19,828,633	$ 27,163,335

COMMON SHARES (Details) - USD ($)	1 Months Ended			12 Months Ended
COMMON SHARES (Details) - USD ($)	Dec. 31, 2020	Oct. 31, 2019	Sep. 30, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Mar. 17, 2006
COMMON SHARES
Common shares, shares authorized	800,000,000			800,000,000	600,000,000		600,000,000		500,000,000
Common shares, par value	$ 0			$ 0	$ 0		$ 0		$ 0
Shares issued during period	99,285,640	100,000,000	180,000,000
Issuance of common shares			$ 42,480,000	$ 41,495,212	$ 10,894,890
Common shares, total issued shares	582,258,622			582,258,622	481,027,002			381,027,002
Market price		$ 0.11
Total consideration	$ 41,495,212	$ 11,000,000		$ 44,999,330	$ 11,000,000	$ 0
Lockup period for issuance of shares		180 days

SHARE BASED COMPENSATION (Details) - USD ($)			12 Months Ended
SHARE BASED COMPENSATION (Details) - USD ($)	Apr. 01, 2018	Jan. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2012	Dec. 21, 2020	Jul. 27, 2010	Sep. 27, 2007
Additional disclosures [Abstract]
Granted (in shares)	3,300,000		700,000	5,300,000	830,000
Granted (in dollars per share)			$ 0.30	$ 0.15	$ 0.26
Total intrinsic value of options exercised			$ 0	$ 0	$ 0
Proceeds received on exercise			484,038	0
Additional disclosures [Abstract]
Unrecognized compensation expense related to unvested share-based compensation arrangements			822,305
Options [Member]
Additional disclosures [Abstract]
Total intrinsic value of options exercised			811,268	0
Previously Reported [Member]
Options modification [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease)		350,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years
Restatement Adjustment [Member]
Options modification [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease)		400,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Share options [Member]
Additional disclosures [Abstract]
Compensation cost			$ 369,187	$ 348,916	$ 439,071
Granted (in shares)			700,000	5,300,000	830,000
Granted (in dollars per share)			$ 0.30		$ 0.26
Options modification [Abstract]
Total incremental compensation cost		$ 30,396				$ 774,932
Incremental compensation cost			$ 10,132	$ 10,132	$ 10,132	444,373
Unrecognized incremental compensation costs						$ 330,559
Additional disclosures [Abstract]
Weighted average fair value of options granted (in dollars per share)			$ 0.70	$ 0.07	$ 0.10
Period for recognition of unrecognized compensation costs			1 year 2 months 5 days
Share options [Member] \| Previously Reported [Member]
Additional disclosures [Abstract]
Granted (in dollars per share)				0.11
Share options [Member] \| Restatement Adjustment [Member]
Additional disclosures [Abstract]
Granted (in dollars per share)				$ 0.15
Share another option [Member]
Options modification [Abstract]
Total incremental compensation cost	$ 233,996
Incremental compensation cost			$ 98,174	$ 58,499	$ 58,499
Unrecognized incremental compensation costs	$ 18,824
Share another option [Member] \| Previously Reported [Member]
Options modification [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Share another option [Member] \| Restatement Adjustment [Member]
Options modification [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
American Depositary Shares [Member]
Additional disclosures [Abstract]
Granted (in shares)			70,000	530,000	83,000
2007 Share Incentive Plan [Member]
Additional disclosures [Abstract]
Number of authorized shares							22,500,000	12,500,000	7,500,000

SHARE BASED COMPENSATION - Schedule of Assumptions Used to Estimate the Fair Value of the Options (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assumptions used to estimate fair value of the options [Abstract]
Average risk-free rate of return, minimum (as a percent)	0.09%	1.60%	2.04%
Average risk-free rate of return, maximum (as a percent)	0.10%	1.82%	2.62%
Weighted average expected option life	1 year	3 years 2 months 12 days	3 years 2 months 12 days
Volatility rate, minimum (as a percent)	104.01%	47.61%	51.06%
Volatility rate, maximum (as a percent)	119.20%	57.16%	56.88%
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Maximum
Assumptions used to estimate fair value of the options [Abstract]
Weighted average expected option life	6 years

SHARE BASED COMPENSATION - Summary of the Option Activity (Details) - USD ($)		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options [Roll Forward]
Options outstanding at the beginning of the period (in shares)		8,575,000	5,460,000	6,165,000
Granted (in shares)	3,300,000	700,000	5,300,000	830,000
Exercised (in shares)		(1,945,980)	0	0
Forfeited (in shares)		(25,000)	(2,185,000)	(1,535,000)
Options outstanding at the end of the period (in shares)		7,304,020	8,575,000	5,460,000	6,165,000
Vested or expected to vest at the end of the period (in shares)		7,271,836
Exercisable at the end of the period (in shares)		1,937,348
Weighted Average Exercise Prices [Abstract]
Options outstanding at the beginning of the period (in dollars per share)		$ 0.21	$ 0.36	$ 0.71
Granted (in dollars per share)		0.30	0.15	0.26
Exercised (in dollars per share)		0.25	0.00	0.00
Forfeited (in dollars per share)		0.47	0.43	0.74
Options outstanding at the end of the period (in dollars per share)		0.21	$ 0.21	$ 0.36	$ 0.71
Vested or expected to vest at the end of the period (in dollars per share)		0.21
Exercised at the end of the period (in dollars per share)		$ 0.26
Weighted Average Remaining Contractual Life [Abstract]
Outstanding at the beginning of the period		1 year 5 months 27 days	1 month 21 days	1 year 11 months 16 days	1 year 7 months 21 days
Granted		11 months 19 days	2 years 10 months 28 days	3 years 6 months
Outstanding at the end of the period		1 year 5 months 27 days	1 month 21 days	1 year 11 months 16 days	1 year 7 months 21 days
Vested or expected to vest at the end of the period		1 year 5 months 27 days
Exercisable at the end of the period		1 year 6 months
Aggregate Intrinsic Value [Abstract]
Outstanding at the beginning of the period (in dollars)		$ 0	$ 0	$ 0
Granted (in dollars)		0	0	0
Exercised (in dollars)		0	0	0
Forfeited (in dollars)		0	0	0
Outstanding at the end of the period (in dollars)		8,492,000	$ 0	$ 0	$ 0
Vested or expected to vest at the end of the period (in dollars)		6,810,935
Exercisable at the end of the period (in dollars)		$ 1,709,778

EMPLOYEE BENEFITS (Details) - USD ($)	12 Months Ended
EMPLOYEE BENEFITS (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE BENEFITS [Line Items]
Total contribution	$ 877,709	$ 1,257,335	$ 765,379
ReneSola Investment
EMPLOYEE BENEFITS [Line Items]
Percentage of employer matching contribution of basic salaries	14.00%
Percentage of employer's contribution required by PRC law	17.00%
Sichuan Bo Bo
EMPLOYEE BENEFITS [Line Items]
Percentage of employer matching contribution of basic salaries	17.00%
Percentage of employer's contribution required by PRC law	14.80%
ReneSola Shanghai
EMPLOYEE BENEFITS [Line Items]
Percentage of employer matching contribution of basic salaries	17.00%
Percentage of employer's contribution required by PRC law	16.50%

DISTRIBUTION OF PROFIT AND RESTRICTED NET ASSETS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
DISTRIBUTION OF PROFIT AND RESTRICTED NET ASSETS
Appropriations to general reserve as a percentage of profit after tax, minimum	10.00%
Percentage of general reserve fund if appropriation is not required	50.00%
Percentage of appropriation to statutory surplus fund	10.00%
Percentage of registered capital when appropriation is not required	50.00%
Restricted net assets of PRC subsidiaries	$ 32,500,000	$ 19,505,000
Restricted net assets, percent of net assets	17.70%	14.20%

EARNINGS/ (LOSS) PER ADS - Schedule of Basic and Diluted Earnings Per ADS (Details) - USD ($)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Numerator:

Net income/(loss)

$ 2,155,987

$ (11,680,155)

$ 5,096,480

(622,668)

(2,848,932)

3,336,769

Total net income/(loss) attributed to ReneSola Ltd

2,778,655

(8,831,223)

1,759,711

Numerator for diluted income/(loss) per ADS

$ 2,778,655

$ (8,831,223)

$ 1,759,711

Denominator:

Denominator for basic earnings/(loss) per ADS - weighted average number of ADS outstanding

^[1]

49,166,354

40,595,551

38,075,293

Dilutive effects of share options, RSUs and warrants

622,068

Denominator for diluted calculation - weighted average number of ADS outstanding

^[1]

49,788,422

40,595,551

38,075,293

Basic earnings/(loss) per ADS

$ 0.06

$ (0.22)

$ 0.05

Diluted earnings/(loss) per ADS

$ 0.06

$ (0.22)

$ 0.05

[1]	Each American depositary shares (ADS) represents 10 common shares

EARNINGS/ (LOSS) PER ADS - Schedules of Computation of Diluted Net Earnings/(Loss) Per ADS (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share options [Member]
Antidilutive Securities Excluded from Computation of Diluted Net Earnings/(loss) Per Share	7,304,020	8,575,000	5,460,000

EARNINGS/ (LOSS) PER ADS - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
EARNINGS/ (LOSS) PER ADS
Number of shares issued to the share depository bank but are treated as escrowed shares	9,774,550	208,100
Number of shares per ADS	10

NON-CONTROLLING INTEREST (Details) ¥ in Millions	12 Months Ended
NON-CONTROLLING INTEREST (Details) ¥ in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Apr. 27, 2018 CNY (¥)	Apr. 27, 2018 USD ($)
NON-CONTROLLING INTEREST [Line Items]
Registered share capital	$ 42,830,403	$ 44,122,572
ReneSola Investment
NON-CONTROLLING INTEREST [Line Items]
Ownership interest			40.13%	40.13%
Jiashan Development \| ReneSola Investment
NON-CONTROLLING INTEREST [Line Items]
Registered share capital			¥ 200	$ 30,900,000
RPNC Holdings
NON-CONTROLLING INTEREST [Line Items]
Contribution from non-controlling interest	$ 13,100,000

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Transactions (Details) - Rene Sola Singapore Pte Ltd [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items]
Due from related parties, gross	$ 16,887,295	$ 19,107,981
Allowance for doubtful accounts (2)	(9,853,290)	(4,308,679)
Due from related parties, net	7,034,005	14,799,302
Due to related parties	14,690,574	17,546,934
Due to related party balances, net	7,656,569	2,747,632
Purchase of modules from	0	2,534,750	$ 12,466,413
Receiving services	26,070	0	0
Rendering of service to	299,626	834,875	5,168,278
Borrowing from	12,827	793,269	17,273,194
Acquire project companies from	$ 0	$ 0	$ 11,286,840

RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ReneSola Zhejiang Ltd and ReneSola Jiangsu Ltd [Member]
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items]
Payments to Acquire Businesses, Gross			$ 11,290,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			11,290,000
Rene Sola Singapore Pte Ltd [Member]
RELATED PARTY BALANCES AND TRANSACTIONS [Line Items]
Debt Instrument, Face Amount	$ 200,000,000
Debt Instrument, Interest Rate, Stated Percentage	1.00%
Payments to Acquire Businesses, Gross	$ 0	$ 0	$ 11,286,840

COMMITMENTS AND CONTINGENCIES - Operating lease accounting (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating lease cost
Amortization of leased assets	$ 844,671
Interest on lease liabilities	1,618,331
Net lease cost	$ 2,463,002
Lease Term and Discount Rate
Weighted-average remaining lease term (years) - Operating leases	20 years
Weighted-average discount rate (%) - Operating leases	7.11%
Other information
Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 2,017,891
Future minimum payments required under the operating lease
2021	2,593,855
2022	1,815,179
2023	2,184,529
2024	1,768,723
2025	1,875,706
2026 and later	30,952,728
Total minimum lease payments	41,190,720
Less: Amount representing interest	(18,687,222)
Present value of net minimum lease payments	22,503,498
Current portion	1,092,797	$ 452,740
Non-current portion	$ 21,410,701	$ 22,887,949
Minimum
Lessee, Lease, Description [Line Items]
Initial term of the lease	3 years
Initial term of some leases	35 years
Renewal term of the lease	1 year
Maximum
Lessee, Lease, Description [Line Items]
Initial term of the lease	25 years
Renewal term of the lease	5 years

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Financings With Failed Sale Lease Back Transactions [Member] \| Zhejiang Yuhui Investment Co., Ltd
COMMITMENTS AND CONTINGENCIES [Line Items]
Guarantor Obligations, Current Carrying Value	$ 0	$ 1,766,035

SEGMENT REPORTING - Schedule of the Company's Revenues Generated from Each Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Company's revenues generated from each segment [Line Items]
Net revenue	$ 73,502,883	$ 119,117,024	$ 96,906,335
Gross profit/(loss)	16,685,782	34,226,048	28,069,747
Operating segment [Member]
Company's revenues generated from each segment [Line Items]
Net revenue	73,502,883	119,117,024	96,906,335
Gross profit/(loss)	16,685,782	34,226,048	28,069,747
Solar power project development \| Operating segment [Member]
Company's revenues generated from each segment [Line Items]
Net revenue	49,160,215	90,096,551	48,784,766
Gross profit/(loss)	4,374,238	17,571,303	7,052,170
Electricity generation revenue \| Operating segment [Member]
Company's revenues generated from each segment [Line Items]
Net revenue	23,547,162	28,712,942	29,257,928
Gross profit/(loss)	11,668,935	16,763,190	17,673,474
EPC services \| Operating segment [Member]
Company's revenues generated from each segment [Line Items]
Net revenue	0	69,751	18,544,164
Gross profit/(loss)	0	(178,414)	3,329,402
Other \| Operating segment [Member]
Company's revenues generated from each segment [Line Items]
Net revenue	795,506	237,780	319,477
Gross profit/(loss)	$ 642,609	$ 69,969	$ 14,701

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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