Solar developer Emeren evaluates buyout, CEO steps down

Emeren Group specializes in community and utility-scale solar and energy storage project development, construction and financing.

Community and utility-scale solar and energy storage developer Emeren Group announced it formed a special committee to evaluate a “going private proposal” it received this month. The committee will evaluate the buyout offer from an undisclosed group.

Emeren also announced the exit of Chief Executive Officer Yumin Liu, who will be replaced by Director Julia Xu as interim chief executive as the company evaluates internal and external candidates for the role.

“It has been a tremendous honor to lead Emeren over our phase of evolution strengthening both our presence and deepening our operational capabilities. I’m particularly proud to have contributed to refining our strategic focus, including the execution of our Development Service Agreement (DSA) and IPP segments,” said Liu.

The company, which has operations in North America, Europe and Asia, released preliminary results for its Q1 operations, with full results due in mid-May. Emeren posted $8.4 million in revenue, gross margins of 32% and operating losses of about $4 million.

The solar developer ended 2024 with $50 million in cash, generating $10.5 million in Q4. In the United States, it closed a commercial operations date sale of a 2.8 MW community solar project to Altus Power during the fourth quarter.

Globally, the company monetized 200 MW of solar projects in 2024. Its independent power producer (IPP) business arm secured 31% of total revenue and 64% of total gross profits in the fourth quarter of 2024.

The company, which will now evaluate a potential buyout, has a market capitalization of $81 million and trades under the ticker “SOL” on the New York Stock Exchange.