Our Project Development Business targets a number of countries and regions where the solar power project markets are growing rapidly, and should sustain that growth due to the improved clarity of government policies. Those markets include the U.S., Canada, China, Poland, Hungary, Spain, France and other emerging markets in Europe, such as Czech Republic. Specifically, we believe that we are in a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York. We sell our developed projects or project special purpose vehicles (SPVs) to global purchasers.
Our community solar garden is an attractive solution for businesses, municipalities, schools, hospitals, and residential customers seeking lower-cost green power. Our project business benefits from our focus on small-scale projects with high PPA/FiT price in diversified jurisdictions that offer attractive returns. While we are optimistic about the prospect of this business, we are mindful of its inherent uncertainties. In particular, projects may take longer than we expect to develop and monetize. Quarterly fluctuation in project development revenue primarily reflects a normal unevenness in our business as we recognize revenue based on project completion. Nonetheless, our strategy on a go-forward basis is to focus on high-margin project development opportunities in the U.S. and Europe, such as notice-to-proceed (NTP) or Ready to Build (RTB) solar projects.
Our Project Development Business benefits from an intense focus on small-scale projects in diverse jurisdictions with a high PPA/FIT price that generates attractive returns. As of December 31, 2021, our quality mid-to-late-stage pipeline was 2.2 GW. We continue to focus on profitable markets, including the U.S. and Europe, where we see tremendous growth opportunities with high-quality projects.
Importantly, we are committed to adding incremental projects in our core markets to reach 3 GW by the end of 2022. We are confident that we can achieve this target because our teams around the world are (1) dedicated, skilled, and experienced; and (2) supported by the foundation of our strong balance sheet.