Emeren has agreed to a $2.00/ADS buyout offer from Shurya Vitra, following which it will become a private concern
Board Chairman Himanshu Shah to make equity investment in Shurya Vitra to facilitate the merger
Following the going private offer, CEO Yumin Liu departed; Independent Director Julia Xu appointed as interim CEO
Solar power projects developer Emeren Group, previously ReneSola, has agreed to go private, accepting a merger agreement with Shurya Vitra Ltd., a company incorporated in the British Virgin Islands.
Shurya Vitra will buy the solar developer for $2.00/American Depository Share (ADS) in cash, with each ADS representing 10 shares. Emeren’s Chairman of the Board, Himanshu H. Shah, will make an equity investment in Shurya Vitra to facilitate the merger. Shah Capital is the largest shareholder of Emeren, with over a 35% stake.
The merger is expected to close during Q3 2025, following which Emeren will no longer be listed on the New York Stock Exchange (NYSE).
Emeren had received a going-private proposal on March 17, 2025, following which it formed a special committee of its 3 independent directors to evaluate the same. It also led to the departure of the company’s CEO for the last 5 years, Yumin Liu. He was replaced by its Independent Director, Julia Xu, as the interim CEO (see Julia Xu Appointed Interim CEO In Emeren’s CEO Transition).
In 2023, Emeren changed its corporate name from ReneSola Ltd. but continued to sport SOL as its stock symbol. It explained that Emeren stands for Empowering Renewables and that the rebranding represents its continued dedication to growing solar and renewable energy development globally.
High interest rates, project delays due to transmission capacity challenges, and regulatory uncertainty led to the company reporting a $9.3 million net loss for the year 2023. It exited 2024 with a negative EBITDA of $11.5 million. For Q1 2025, it forecasts revenues of $30 million to $35 million.