0001410578-24-001141 | 10-K | XBRL Viewer

Years ended December 31,

in thousands

Preferential tax effect⁽¹⁾

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

2. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

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.

Basis of consolidation

The consolidated financial statements include the financial statements of Emeren Group 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.

Fair value measurement

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. 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 (Level 1 inputs), valuation techniques that use observable market-based inputs (Level 2 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 (Level 3 inputs).

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.

Financial asssets and liabilities held by the Company measured at fair value on a recurring basis as of December 31, 2023 and 2022 include cash and cash equivalents, accounts receivable, held-to-maturity investments, accounts payable and salaries payable.

The carrying amounts of cash and cash equivalents, accounts receivable, held-to-maturity investments, accounts payable and salaries payable approximate their fair value because of their short-term nature (classified as Level 1).

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 project asset rights, percentage of completion of EPC services, EPC warranties, allowances for credit losses, valuation of deferred tax assets, and recoverability of the carrying value of long-lived assets and project assets. Management bases its estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Cash and cash equivalents

Cash and cash equivalents represent cash on hand and held with banks, including demand deposits and money market fund, which are unrestricted as to withdrawal and use, and which have original maturities of three months or less when purchased. The Company maintains its cash and cash equivalents in bank accounts which, at times, exceed the federally insured limites. As of December 31, 2023, the Company had $26.6 million of cash in excess of FDIC insured amount. The bank at which the Company had deposits that exceed FDIC limits is not in receivership or under the control of the FDIC. The Company has not experienced any losses in such accounts.

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 the consolidated balance sheets as of December 31, 2022 and 2023 to the total of such amounts as presented in the consolidated statements of cash flows:


	At December 31,
	2022		2023

	in thousands
Cash and cash equivalents	$	107,105	$	70,174
Restricted cash		183		—
Total cash, cash equivalents, and restricted cash	$	107,288	$	70,174

Accounts Receivable, trade and unbilled

Accounts Receivable Trade, net

The Company records trade accounts receivable for unconditional rights to consideration arising from the performance under contracts with customers. The carrying value of such receivables, net of the allowance for credit losses, represents their estimated net realizable value. Our electricity generation revenue generally includes up to 30-day payment terms following the transfer of control of the electricity generated to the customer. In addition, 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 a non-current asset.

Payment terms for sales of project assets, operations and maintenance services vary by contract but are generally due upon demand or within several months of satisfying the associated performance obligations. The Company typically does not include extended payment terms in its contracts with customers.

Accounts Receivable Unbilled, net

Accounts receivable unbilled represents a contract asset for revenue that has been recognized in advance of billing the customer, which is common for our project-related sales contracts and EPC contracts. Revenue may be recognized in advance of billing the customer, resulting in an amount recorded to “Accounts receivable unbilled” depending on the expected timing of payment for such unbilled receivables. Once the Company has an unconditional right to consideration, it typically bills the customer and reclassifies the “Accounts receivable unbilled” to “Accounts receivable trade.” Billing requirements vary by contract but are generally structured around the completion of certain development, interconnection, or other specified milestones.

Allowance for Credit Losses

The allowance for credit losses is a valuation account that is deducted from a financial asset’s amortized cost to present the net amount we expect to collect from such asset. The Company estimates allowances for credit losses using relevant available information from both internal and external sources. In establishing the allowances, management considers historical losses, the financial condition, the accounts receivables aging, the payment patterns and the forecasted information upon the use of the Current Expected Credit Loss Model (“CECL Model”) in accordance with ASC topic 326, Financial Instruments - Credit Losses. The Company monitors the estimated credit losses associated with its trade accounts receivable and unbilled accounts receivable based primarily on its collection history, and the delinquency status of amounts owed to the Company, which is determined based on the aging of such receivables. Such methods and estimates are adjusted, as appropriate, for relevant past events, current conditions, and reasonable and supportable forecasts. The Company recognizes write-offs within the allowance for credit losses when cash receipts associated with its financial assets are deemed uncollectible. During the years ended December 2022, and 2023, the Company recorded credit losses of $0.6 million and $2.9 million, respectively.

Project assets

The Company develops commercial solar power projects (“project assets”) for sale. 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 income and accounted for as a reduction of the capitalized project costs for development. In addition, the Company presents all expenditures related to the purchase, 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.

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.

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 Revenue recognition - Sale of project assets constructed by a third-party EPC contractor and EPC services for the corresponding revenue streams.

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, 2022 and 2023, advances to suppliers in current assets were $1.0 million and $4.3 million respectively. 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.

Property, plant and equipment, net

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		20-40 years

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

Power stations represent project assets that the Company owned and operated after being placed in service. The Company reports its power stations, including battery storage station, at cost, less accumulated depreciation and impairment, if any. The Company begins depreciation for power stations when they are placed in service. The Company computes depreciation expense for the power station using the straight-line method over the shorter of the term of the related PPA or 20 to 40 years depends on the estimated useful lives of the project assets.

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 disposals 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 statements of operations upon disposal.

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, 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 first makes a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value to determine whether it is necessary to perform a quantitative goodwill impairment test. Such qualitative impairment test considers various factors, including macroeconomic conditions, industry and market considerations, cost factors, the overall financial performance of a reporting unit, and any other relevant events affecting the Company or a reporting unit. If circumstances determine through the qualitative assessment that a reporting unit’s fair value is more likely than not greater than its carrying value, the quantitative impairment test is not required. If the qualitative assessment indicates it is more likely than not that a reporting unit’s fair value is less than its carrying value, the Company performs a quantitative impairment test.

The quantitative impairment test is the comparison of the fair value of a reporting unit with its carrying amount, including goodwill. Our battery storage business represents one of the Company’s reporting units. The Company defines the fair value of a reporting unit as the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company primarily uses an income approach to estimate the fair value of our reporting unit. Significant judgment is required when estimating the fair value of a reporting unit, including the forecasting of future operating results and the selection of discount and expected future growth rates used to determine projected cash flows. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not impaired, and no further analysis is required. Conversely, if the carrying value of a reporting unit exceeds its estimated fair value, the Company records an impairment loss equal to the excess, not to exceed the total amount of goodwill allocated to the reporting unit.

The Company performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. During the year ended of December 31, 2022 and 2023, the Company recorded nil and $1.0 million as impairment loss of goodwill, respectively.

Held-to-maturity

The Company’s held-to-maturity investments consist of investment-grade interest bearing instruments, such as the U.S. Treasury notes, which are stated at amortized cost. The Company does not intend to sell these investment securities. Those with maturities less than twelve months are included in investment securities in the current assets section of the Company’s consolidated balance sheets. Those with remaining maturities in excess of twelve months are included in investment securities in the non-current assets section of its consolidated balance sheets. As of December 31, 2022 and 2023, held-to-maturity investments balance were $10.0 million and nil, respectively. During the years ended December 31,2022 and 2023, the investment gain was $0.2 million and $0.1 million, respectively.

The Company reviews its investments for other-than-temporary impairment (“OTTI”) based on the specific identification method. The Company considers available quantitative and qualitative evidence in evaluating potential impairment of its investments. If the cost of an investment exceeds the investment’s fair value, the Company considers, among other factors, general market conditions, expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the cost, and the Company’s intent and ability to hold the investment. OTTI is recognized as a loss in the consolidated statements of operations.

Asset acquisition

When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, or if all the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar assets, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s books. If the consideration given is not in the form of cash (that is, in the form of noncash assets, liabilities incurred, or equity interest issued), measurement is based on either the cost to the acquiring entity or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill.

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.

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.

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, 2022 and 2023 were nil and $0.7 million, respectively. 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.

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 portion of the active lease agreements and are included in finance lease ROU assets, failed sales-leaseback and 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, 2022 and 2023, the prepaid rental fees of $0.9 million and $1.0 million respectively, were recorded in operating lease right-of-use assets.

To determine the present value of future minimum lease payments, the Company uses 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 minimum lease payments. The operating and finance lease ROU assets include any lease payments 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 and recorded as failed sales-leaseback and finance lease liabilities, current and non-current on the consolidated balance sheet.

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 will be 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.

Deferred 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 recognized to the extent that these assets are more likely than not to be realized. In making such a determination, management considers all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. 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.

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.

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.

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.

For sale of project asset rights, the contract arrangements may contain provisions that can either increase or decrease the transaction price. These variable amounts generally are resolved upon achievement of certain performance or upon occurrence of certain price adjustment conditions. Variable consideration is estimated at each measurement date at its most likely amount to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur and true-ups are applied prospectively as such estimates change.

Changes in estimates for sales of pre-development solar projects occur for a variety of reasons, including but not limited to (i) EPC construction plan accelerations or delays, (ii) product cost forecast changes, (iii) change orders, or (iv) occurrence of purchase price adjustment conditions. The cumulative effect of revisions to transaction prices are recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated.

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. As of December 31, 2022 and 2023, the Company recorded a liability associated with the loss contract of $0.7 million and nil, respectively.

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 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. 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)”. As of December 31, 2022 and 2023, the balance of accounts receivable from EPC services (unbilled) were $26.4 million and $51.9 million, respectively. And there were no retainages in Accounts receivable or Accounts receivable (unbilled) as of December 31, 2022 and 2023.

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 purchases 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 income on the basis that the amounts provided by the subcontractor and suppliers are a reimbursement of the Company’s costs. As of December 31, 2022 and 2023, the warranty liabilities and the related warranty receivables are not material and the related expenses for the years ended December 31, 2022 and 2023 are not material.

Electricity generation

The Company recognizes electricity generation 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 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 are expected to be collected beyond 12 months, i.e. collection are expected within 5 years from the day of recognizing the account receivable. Thus the Company considers that the settlement terms to contain significant financing component and accordingly the amount of consideration is adjusted for the effects of the time value of money taking into consideration the credit characteristics of the relevant counterparties and are discounted at an effective interest rate of 4.75% based on the average borrowing rate in accordance with the financial institution. The Company recorded discounted receivable and as a non-current asset accordingly.

As of December 31, 2023, there are $3.5 million of FIT receivables classified as current and $16.4 million classified as non-current. Historically, the Company has not been exposed to material risks due to changes in interest rates and changes in estimation of collection; however, the future interest income may decrease or interest expenses on borrowings may increase due to changes in market interest rates. Also as the receivable collection relies heavily based on the People’s Republic of China (PRC) government policies, the estimation of collection may adjust based on the changes in government policies as well as the market conditions. Revenue recognized from electricity generation was $21.7 million and $29.4 million for the years ended December 31, 2022 and 2023, respectively.

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, 2022 and 2023, revenues from green certificates were nil and nil, respectively, and are included in electricity generation revenue. In 2022 and 2023, the Company did not generate revenue from green certificates mainly due to the disposal of the Company’s power plants in a Romanian subsidiary that previously sold green certificates. The Company does not anticipate generating revenue from the sale of green certificates in foreseeable future.

Contract liability

Advances from customers, which represent contract liabilities, are unrecognized revenue received from customers. Advances from customers are recognized as the Company performs under the contract. During the years ended December 31, 2022 and 2023, the Company recognized nil and $0.4 million as revenue that was included in the balance of advances from customers at January 1, 2022 and 2023, respectively.

Disaggregation of Revenue

Revenues from sales of project right and green certificates are recognized at a point in time whereas other revenues are recognized over time. The following tables summarizes the Company’s revenues by recognition points:


	Years ended December 31,
	2022		2023

	in thousands
Solar power project development	$	13,753	$	25,152
Revenue recognized at the point in time		13,753		25,152
EPC Services		24,760		43,902
Electricity generation		21,654		29,405
Others		1,124		7,183
Revenue recognized over time		47,538		80,490
Total	$	61,291	$	105,642

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


	Years ended December 31,
	2022		2023

	in thousands
China	$	20,737	$	14,803
United States		13,870		1,090
Germany		—		2,435
UK		1,079		12,754
Spain		(490)		—
France		14		9
Poland		24,850		25,655
Italy		779		6,901
Hungary		452		41,995
Total	$	61,291	$	105,642

See Note 18. SEGMENT REPORTING for further details.

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.

Other operating income (expenses)

Other operating income (expenses) primarily consists of cancellation loss of project assets, disposal gain (loss) of property, plant and equipment and non-FIT government grants.

Government grants

A government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attached to it and the grant will be received. A government grant received for the purpose of giving immediate financial support to the Company with no future related costs or obligation is recognized in the Company’s consolidated statements of operations when the grant becomes receivable. The Company collected government grants of $12.2 million and $5.9 million from feed-in tariff(s) (FIT) for the electricity sold to the state grid companies in the PRC for the years ended December 31, 2022 and 2023, respectively. The Company recognized government grants of attracting foreign investment of $0.05 million and $0.2 million in other operating income and expense, net for the years ended December 31, 2022 and 2023, respectively.

Foreign currency

The functional currency of Emeren Group Ltd is the United States Dollar (“U.S. dollar”). The functional currency of Emeren Group’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 and equity is translated at historical exchange rates, except for the change in retained earnings during the year which is the result of the income or loss. Translation adjustments have been reported as a component of other comprehensive income/loss 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 RMB147.5 million ($21.4 million) and RMB 138.1 million ($19.5 million) on December 31, 2022 and 2023, respectively.

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.

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.

See Note 12, “Share Based Compensation” for further details.

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, 2023, accumulated other comprehensive income (loss) is composed of foreign currency translation adjustments and 2.5% capital distribution to non-controlling interest of $0.4 million, respectively.

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 monitors the financial condition of customers and performs credit evaluations whenever considered necessary.

Segment Reporting

The Company uses the management approach in determining its operating segments. The Company’s chief operating decision maker (“CODM”) identified as the Company’s Chief Executive Officer, relies upon the consolidated results of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. As a result of the assessment made by CODM, the Company only reports the segment information of net revenue and gross profit, to conform to the information the CODM 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 CODM is not provided with asset information by segment. As such, no asset information by segment is presented.

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

Business Combinations

The Company accounts for its business combinations using the purchase method of accounting in accordance with ASC Topic 805, Business Combinations. The purchase method of accounting requires that the consideration transferred to be allocated to the assets, including separately identifiable assets and liabilities the Company acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interests in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings.

In a business combination achieved in stages, the Company remeasures its previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement gain or loss, if any, is recognized in “others operating income and expenses, net” in the consolidated statements of comprehensive income.

The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Company determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons.

Recently issued accounting pronouncements

In September 2022, the FASB issued ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations, which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendment in this update is expected to improve financial reporting by requiring new disclosures about the programs, thereby allowing financial statement users to better consider the effect of the programs on an entity’s working capital, liquidity, and cash flows. The new standard is effective for fiscal years beginning after December 15, 2022, except for the amendment on roll forward information which is effective for fiscal years beginning after December 15, 2023. The Company adopted provisions of this ASU beginning January 1, 2023, with the exception of the amendment on rollforward information, which was adopted in January 1, 2024. Adoption of the new standard did not have a material impact on the Company’s consolidated financial statements.

In March 2023, the FASB issued ASU No. 2023 - 01, Leases (Topic 842): Common Control Arrangements, which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standard is effective for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of adopting this new guidance and the potential effects it could have on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this new guidance on disclosures in the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s Management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements and disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

COMMON SHARES	12 Months Ended
Dec. 31, 2023
COMMON SHARES
COMMON SHARES	11. COMMON SHARES During 2022, the Company repurchased 2,567,640 no par value shares at the cost of $1.6 million. During 2023, the Company repurchased 57,244,020 no par value at the cost of $21.9 million. All repurchased shares under the repurchase program are classified as treasury shares of the Company until they are retired or reissued. On September 30, 2022, the Company repurchased 70,000,000 no par value shares at the cost of $42.1 million, including a $0.1 million commission fee, from its prior shareholder ReneSola Singapore. The Company retired these shares on the same day. As of December 31, 2022 and 2023, the number of total issued shares of the Company were 651,121,762 shares and 651,821,742 shares, respectively.

COMMON SHARES

12 Months Ended

Dec. 31, 2023

COMMON SHARES

COMMON SHARES

11. COMMON SHARES

During 2022, the Company repurchased 2,567,640 no par value shares at the cost of $1.6 million. During 2023, the Company repurchased 57,244,020 no par value at the cost of $21.9 million. All repurchased shares under the repurchase program are classified as treasury shares of the Company until they are retired or reissued.

On September 30, 2022, the Company repurchased 70,000,000 no par value shares at the cost of $42.1 million, including a $0.1 million commission fee, from its prior shareholder ReneSola Singapore. The Company retired these shares on the same day.

As of December 31, 2022 and 2023, the number of total issued shares of the Company were 651,121,762 shares and 651,821,742 shares, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

ACCOUNTS RECEIVABLE TRADE, NET - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	$ 27,123	$ 21,670	$ 34,300
Allowance for doubtful accounts	(4,832)	(2,037)	(2,100)
Accounts receivable unbilled, net	59,598	43,882	11,500
Allowance for credit losses unbilled	(371)	(712)	$ 0
Accounts receivable unbilled, net	59,598	43,882
Total net revenues	$ 105,642	61,291
Electricity Revenue Generation
ACCOUNTS RECEIVABLE TRADE, NET
Feed-in tariff(s) (FIT) receivables, recovery period	12 months
Feed-in tariff(s) (FIT) receivables, current	$ 3,500
Feed-in tariff(s) (FIT) receivables, noncurrent	16,400
Solar power customers \| Credit concentration \| Accounts receivable
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	44,900	30,400
Billed receivable	6,300	3,900
Accounts receivable unbilled, net	$ 38,600	$ 26,400
Concentration risk percentage	49.00%	44.00%
Solar power customers \| Customer Concentration Risk \| Revenue Benchmark
ACCOUNTS RECEIVABLE TRADE, NET
Concentration risk percentage	12.00%	41.00%
Total net revenues	$ 12,400	$ 24,900

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

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


	At December 31,
	2022		2023

	in thousands
Due from ReneSola Singapore ⁽¹⁾and its subsidiaries	$	—	$	—
Due from other related party ⁽²⁾		—		30
Due from Related Party balances, net		—		30

Due to ReneSola Singapore ⁽¹⁾and its subsidiaries		—		—
Due to other related party ⁽²⁾		1,475		4,997
Due to related party balances, net	$	1,475	$	4,997

Schedule of related party transactions


	Years ended December 31,
	2022		2023

	in thousands
Payable to related party services ⁽⁵⁾	$	9	$	2,719
Payment for service ⁽⁴⁾		97		—
Bond issued to ⁽³⁾		203		666
Interest expense ⁽³⁾		33		38

(1)

ReneSola Singapore Pte., Ltd and its subsidiaries (ReneSola Singapore) was 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. In September 2022, the Company entered into a shares repurchase agreement with ReneSola Singapore Pte. As of December 31, 2022, ReneSola Singapore owned 8.33% of the outstanding equity in the Company. Affiliates of ReneSola Singapore resigned from their offices as legal representatives, directors, and officers of the Company and its subsidiaries shortly after the closing of the repurchase transaction. Ms. Crystal (Xinhan) Li and Ms. Maggie (Yuanyuan) Ma resigned from the Board of the Company immediately upon closing of the repurchase transaction. Ms. Crystal (Xinhan) Li also resigned from her executive role as the vice president of investment of the Company simultaneously. The Company assessed and concluded they were no longer classified as a related party, as ReneSola Singapore’s only connection with the Company was through its ownership of shares. Subsequent to January 2023, the Company repurchased the rest of its shares owned by ReneSola Singapore Pte. As a result of ReneSola Singapore ceases to be a related party as of December 31, 2022, the amount due from and due to ReneSola Singapore of $0.07 million and $8.0 million were reclassified into other receivable and other current liabilities.

(2)

During 2021, the Company entered into an agreement with Eiffel Energy Transition Fund S.L.P (“Eiffel”) with the intention to develop solar projects in Europe. The Company also transacted with Eiffel’s non-controlling interest’s subsidiary company of Solar Nexus Limited. The balances due from other related party mainly represented borrowing provided to Solar Nexus Limited for working capital purpose. In the first quarter of 2022, the Company sold the equity interest of Solar Nexus Limited to a third party and Solar Nexus Limited is no longer a related party to the Company. The Company reclassed due from Solar Nexus Limited to other receivables. In May 2022, the Company received the full payment from Solar Nexus Limited for the due from balance. The balances due to other related party were convertible bond issued to Eiffel Investment Group for solar power development purpose. In addition, during 2023 the Company transacted with its non - controlling interest’s subsidiary company of Gravel A. The balance due to other related party also included the outstanding service cost that minority controller of Gravel A provided to the Company.

(3)

Represents the convertible bond issued to Eiffel Investment Group up to EUR 7.03 million ($8.0 million) with an annual interest rate of 2%. The bond has a maturity date of September 2031. During the convertible period and when there is an Event of Default and Acceleration Event (failure to redeem, a material misrepresentation by the Company, or misuse of the proceeds), the bond holder shall have the right to convert the issued convertible bonds at the conversion price into shares of the Company. The conversion price is determined as per evaluation equal to 70% of the purchase price of the Shares. The Company accounts for convertible bond as a single debt instrument at amortized cost. In April 2022 and March 2023, a subsidiary of the Company withdrew $0.2 million (EUR 0.3 million) and $0.7 million (EUR 0.6 million) from Eiffel Investment Group, respectively. As of December 31, 2023, the outstanding convertible bond was $2.3 million (EUR 2.1 million). During the years ended December 31, 2022 and 2023, interest expense due to convertible bond was $0.03 million and $0.4 million, respectively.

(4)	Represents the amount that the Company paid the cash to ReneSola Singapore and its subsidiaries for settling historical payable balance and current year service provided to the Company before October 1, 2022.

(5)	Transactions during 2023 which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 70,174	$ 107,105
Restricted cash	0	183
Accounts receivable trade, net	27,123	21,670
Accounts receivable unbilled, net	59,598	43,882
Advances to suppliers	4,283	1,017
Value added tax receivable	7,103	5,929
Project assets, current	39,914	25,969
Prepaid expenses and other current assets, net	18,255	14,974
Total current assets	226,450	220,729
Property, plant and equipment, net	163,114	170,477
Project assets, non-current	36,610	26,590
Goodwill	0	1,023
Operating lease, right-of-use assets	21,057	22,688
Finance lease, right-of-use assets	14,192	21,669
Investment in U.S. treasury notes	0	10,047
Other non-current assets	16,928	20,627
Total assets	478,351	493,850
Current liabilities:
Accounts payable	16,203	7,118
Advances from customers	5,375	3,641
Long-term borrowings, current portion	1,385	1,008
Income tax payable	2,102	862
Salaries payable	718	540
Operating lease liabilities, current	363	1,212
Failed sales-leaseback and finance lease liabilities, current	4,559	9,993
Other current liabilities	21,320	17,448
Total current liabilities	56,992	43,297
Long-term borrowings	22,685	22,518
Operating lease liabilities, non-current	20,575	20,855
Failed sales-leaseback and finance lease liabilities, non-current	11,258	14,963
Deferred tax liabilities	3,532	3,573
Total liabilities	115,042	105,206
Commitments and contingencies
Shareholders' equity
Common shares (1,000,000,000 shares and 1,000,000,000 shares; no par value, authorized at December 31, 2022 and 2023; 651,121,762 shares issued and 602,748,412 shares outstanding at December 31, 2022; 651,821,742 shares issued and 546,204,372 shares outstanding at December 31, 2023)	806,714	806,283
Additional paid-in capital	14,728	13,500
Treasury stock, at cost (33,471,750 and 90,715,770 shares as of December 31, 2022 and 2023, respectively)	(41,938)	(20,000)
Accumulated deficit	(440,563)	(437,377)
Accumulated other comprehensive loss	(13,629)	(15,113)
Emeren Group Ltd shareholders' equity	325,312	347,293
Noncontrolling interest	37,997	41,351
Total shareholders' equity	363,309	388,644
Total liabilities and shareholders' equity	478,351	493,850
Related Party [Member]
Current liabilities:
Amounts due to related parties	$ 4,967	$ 1,475

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
Long-term borrowings, current portion	$ 1,385	$ 1,008
Long-term borrowings	22,685	22,518
Total borrowings from bank and other third parties	$ 24,070	$ 23,526

- Definition

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.

+ References + Details

NON-CONTROLLING INTEREST (Details) - USD ($) $ in Thousands		12 Months Ended
NON-CONTROLLING INTEREST (Details) - USD ($) $ in Thousands	Sep. 15, 2021	Dec. 31, 2023
NON-CONTROLLING INTEREST
Percentage of non controlling interest	49.00%
Contribution from non-controlling interest	$ 2,100	$ 111

ACCOUNTS RECEIVABLE TRADE, NET - Allowance for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
At beginning of year	$ 2,749	$ 2,136
Allowance for credit losses	2,925	613
Written off	(471)
At end of year	$ 5,203	$ 2,749

EMPLOYEE BENEFITS (outstanding)

12 Months Ended

Dec. 31, 2023

EMPLOYEE BENEFITS (outstanding)

EMPLOYEE BENEFITS (outstanding)

13. EMPLOYEE BENEFITS

North America

Emeren extends a 401(k) plan to eligible employees based in the United States. Through our 401(k) plan, eligible employees have the flexibility to defer up to 100% of their Plan Compensation on a pre-tax basis or opt for Voluntary Contributions, such as Roth contributions, on an after-tax basis. We ensure compliance with Internal Revenue Service (IRS) regulations, which stipulate limits on the amount an employee may defer under this plan or any other retirement plan allowing Elective Deferral Contributions during a calendar year. Emeren provides an Employer Match percentage formula, with vesting determined by the length of service with the Company. In the 2023 Plan year, our matching contributions totaled approximately $0.1 million.

Emeren has implemented a voluntary Registered Retirement Savings Plan (RRSP) tailored for eligible employees based in Canada. This initiative aims to empower our Canadian workforce in achieving their long-term financial objectives in a tax-efficient manner. Under the RRSP program, eligible employees immediately vest in the plan, ensuring immediate access to the benefits it offers. Moreover, the Company provides a structured Employer Match percentage formula, which depends on the percentage of earnings contributed by the Employee. In the 2023 plan year, the Company’s matching contributions amounted to approximately $0.001 million.

In the fiscal year 2023, eligible employees based in the United States and Canada could enroll in the Company’s comprehensive supplemental benefits plans, comprising health insurance, dental and vision coverage, life insurance, and a flexible spending account. During this period, the Company incurred expenses of $0.3 million for benefits provided to employees in the United States and $0.01 million for those in Canada. Furthermore, the Company ensured full compliance with state, provincial, and federal laws and regulations, guaranteeing that all social benefits pertinent to North American employees were provided in accordance with applicable legal frameworks.

Europe

Emeren Group is committed to providing a comprehensive range of benefits to its employees in Europe, maintaining careful adherence to the framework of local laws and regulations governing social welfare. Across the majority of European countries, the cornerstone elements of the social benefit system encompass pension, healthcare, accident, and unemployment insurances. Eligibility criteria, utilization guidelines, and benefit amounts are dictated by relevant local legislation, ensuring compliance and equitable distribution. In alignment with statutory obligations, our company carefully fulfills the provision of all supplementary social benefits mandated by law in each respective country. Furthermore, beyond the statutory offerings, our company extends additional support through supplementary benefits, including private medical insurance, meal vouchers, and commuting allowances. In 2023, Emeren’s social and supplemental benefit cost was around $1.1 million for our employees based in 9 European countries.

China

In the fiscal year 2023, our operations in China continued to uphold our commitment to the welfare of our employees through participation in the benefit plans administered by the government of the People’s Republic of China (PRC). These plans encompass essential aspects such as pension, medical insurance, housing funds, unemployment, and workplace injury insurance, ensuring comprehensive coverage for our workforce.

Both the company and our employees actively contribute to these plans, with the company assuming the responsibility of withholding the employees’ portion from their salaries and remitting the contributions to the local government on a monthly basis. During the fiscal year 2023, our expenditure on these benefit plans amounted to approximately RMB 3.5 million ($0.5 million USD).

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

SHARE BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 29, 2021	Dec. 21, 2020	Jul. 27, 2010	Sep. 27, 2007
Additional disclosures
Granted (in shares)	0	6,500,000
Granted (in dollars per share)		$ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Additional disclosures
Share-based compensation arrangement by share-based payment award options outstanding number	13,360,000	15,393,320	15,643,340
Share-based compensation arrangement by share based payment award options outstanding weighted average contractual	2 years 7 months 9 days
Unrecognized compensation expense related to unvested share-based compensation arrangements	$ 0.6
Share exercised by employee (in shares)	699,980	1,400,000
Employees
Additional disclosures
Granted (in shares)	1,000,000
Additional disclosures
Share exercised by employee (in shares)	699,980	1,400,000
Options
Additional disclosures
Proceeds received on exercise	$ 0.1	$ 0.4
Share Option Exercise Price 0.30
Additional disclosures
Granted (in shares)		0.30
Exercise price of $0.41
Additional disclosures
Granted (in shares)		0.41
Share Option Exercise Price 0.46
Additional disclosures
Granted (in shares)		0.46
Employee Stock Option
Additional disclosures
Compensation cost	$ 1.4	$ 1.7
Additional disclosures
Weighted average fair value of options granted (in dollars per share)	$ 0	$ 0.48
Period for recognition of unrecognized compensation costs	1 year 3 months 25 days
Performance Shares
Additional disclosures
Released performance compensation (in shares)		2,405,140
2007 Share Incentive Plan
Additional disclosures
Number of authorized shares				42,500,000	22,500,000	12,500,000	7,500,000

INCOME TAXES (Details) $ in Thousands		12 Months Ended
INCOME TAXES (Details) $ in Thousands	Jan. 01, 2008	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)
INCOME TAXES
Statutory income tax rate in PRC (as a percent)		25.00%	25.00%
Interest and penalties \| ¥			¥ 0	¥ 0
Accrual of uncertain tax benefits \| ¥				¥ 0						¥ 0
Amount of underpayment of tax considered for applicability of extended period of statute of limitations Period		$ 10						¥ 100,000
Valuation allowance on deferred tax assets		$ 19,212							$ 13,850
Preferential tax rate		20.00%	30.00%
CHINA
INCOME TAXES
Statutory income tax rate in PRC (as a percent)	25.00%
Preferential tax rate		50.00%
Connecticut
INCOME TAXES
Income tax rete		7.50%	7.50%
California franchise tax board
INCOME TAXES
Statutory income tax rate in PRC (as a percent)					21.00%	21.00%	21.00%
Income tax rete		8.84%	8.84%
PRC
INCOME TAXES
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.
Net operating loss carryforwards		$ 18,700
PRC \| 2024
INCOME TAXES
Net operating loss carryforwards		4,500
PRC \| 2025
INCOME TAXES
Net operating loss carryforwards		3,400
PRC \| 2026
INCOME TAXES
Net operating loss carryforwards		1,200
PRC \| 2027
INCOME TAXES
Net operating loss carryforwards		1,600
PRC \| 2028
INCOME TAXES
Net operating loss carryforwards		$ 8,000

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

ACQUISITIONS

3. ACQUISITIONS

On September 30, 2022, the Company purchased 100% of the equity interest and obtained control of Branston Solar Farm Limited (“Project Branston”) from P&T Global Renewable Energy Ltd. Project Branston is located in Branston, Lincoln, United Kingdom and it owned a 50 MWp operational solar farm which has been operational since October 12, 2020. The output of the plant is contracted under a 40-year Purchase Price Agreement (“PPA”) which began on the commercial operation date. The acquisition was in accordance with the Company’s overall growth strategy.

The cash consideration for acquiring Project Branston was $21.6 million (GBP 17.9 million) which has been fully paid as of September 30, 2022. Meanwhile, the Company took over a lease loan contract with Aviva Investor Infrastructure Income No.4 Ltd. of $22.5 million (GBP 18.7 million) and received other net assets of $2.3 million (GBP 1.9 million). This acquisition also recognized $1.0 million of deferred tax liabilities due to fair value adjustment of Project Branston upon acquisition. There was no other noncash or contingent consideration. The acquisition was accounted as an asset acquisition according to ASC 805 since substantially all the fair value of the gross assets acquired were concentrated in a single identifiable asset. The excess of consideration over fair value was allocated to property, plant and equipment.

On October 11, 2022, the Company entered into a Shares Purchase Agreement to acquire of Emeren Ltd, a United Kingdom-based utility-scale solar power and battery projects developer in Europe. The acquisition transaction was completed on October 11, 2022 through an all-cash deal with an earn-out provision. This earn-out provision provides $5.0 million (EUR 5.1 million) deferred consideration with target of output power for Italy projects within eight months after the acquisition and $6.8 million (EUR 6.9 million) management incentive for the specific performance conditions for the following two years.

The cash consideration for Emeren Ltd is $5.0 million (EUR 5.1 million) with earn-out provision of $5.0 million (EUR 5.1 million). The Company initially assessed the potential output power on the Italy projects and concluded it is probable that the output power agreed in the earn-out provision can be reached. Therefore, such relevant deferred consideration was recorded at fair value of $5.0 million (EUR 5.1 million) by the Company at the point of the acquisition date. Meanwhile, there was Management Incentive of $6.8 million (EUR 6.9 million) which was for specific performance conditions for certain periods ended December 31, 2022, 2023 and 2024. The acquisition is accounted as an asset acquisition according to ASU 2017-01 since substantially all the fair value of the gross assets acquired is concentrated in a group of similar assets. The excess of consideration over fair value of the assets was allocated to each specific project within project assets.

During the year ended December 31, 2023, the Company received parts of deferred consideration of $2.0 million (EUR 1.8 million), and this consideration reduced project assets.

During the year ended December 31, 2022 and 2023, the Company recorded $0.05 million (EUR 0.05 million) and $0.6 million (EUR 0.6 million) compensation cost for management incentive, respectively.

On November 17, 2020 (the “acquisition close date”), the Company acquired a 100% of the equity interests of ET Cap PA Holdings LLC (“PA Holdings”) and ET Cap CA Holdings LLC (“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 Company accounted for the acquisition described above 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.

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


	As of acquisition
	close date
	In thousands
Project assets⁽¹⁾	$	2,874
Net assets acquired		2,874
Goodwill		1,023
Total consideration transferred/Net cash paid	$	3,897

(1)	Included in project assets 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 performed annual impairment analysis on December 31 of each year. ASC 350-20 allows companies to perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value to determine whether it is necessary to perform a quantitative goodwill impairment test. Such qualitative assessment considers various factors, including macroeconomic conditions, industry and market considerations, cost factors, the overall financial performance of a reporting unit, and any other relevant events affecting the Company or a reporting unit.

The Company performed a qualitative and a quantitative assessment for battery storage reporting unit in each respective period and concluded that it was likely that the fair value of the reporting unit was less than its carrying amount. During the year-ended December 31, 2023, the Company fully impaired the goodwill.

NON-CONTROLLING INTEREST

12 Months Ended

Dec. 31, 2023

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST

15. NON-CONTROLLING INTEREST

On September 15, 2021, the Company, Emeren Group Ltd, received contributions from selling 49% of certain Company subsidiaries shares to non-controlling interest holders of subsidiaries, Eiffel Energy Transition Fund S.L.P, for consideration of $2.1 million. Net proceeds were used for capital expenditures to construct solar energy projects.

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Less: Accumulated depreciation	$ (27,125)	$ (25,438)
Property, plant and equipment Before Construction	161,834	167,105
Property, plant and equipment, net	163,114	170,477
Land
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	275	275
Plant and machinery
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	768	781
Motor vehicles
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	91	95
Office equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	307	381
Power stations
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	187,518	191,011
Construction in progress
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	$ 1,280	$ 3,372

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ (5,431)	$ (4,548)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	7,830	6,817
Allowances for credit losses	3,736	774
Share-based compensation	1,442	1,739
Deferred tax provision	(40)	4,349
Loss on cancellation of project assets	2,704	225
Impairment loss of assets	1,711	0
Loss on disposals of property, plant and equipment	2,479	171
Investment gains from U.S. treasury note	(278)	(174)
Changes in working capital:
Accounts receivable, trade and unbilled	(27,971)	(15,373)
Advances to suppliers	(3,277)	(740)
Value added tax receivable	(1,106)	(3,136)
Prepaid expenses and other current assets	(5,751)	(1,907)
Project assets	(25,812)	(35,332)
Other non-current assets	4,592	1,425
Accounts payable	9,161	(2,349)
Advances from customers	1,610	3,559
Amounts due to related parties	2,661	(108)
Other current liabilities	6,840	6,373
Income tax payable	1,228	19
Salaries payable	184	200
Net cash used in operating activities	(23,488)	(38,016)
Investing activities:
Purchase of property, plant and equipment	(10,747)	(37,617)
Proceeds from disposals of property, plant and equipment	0	2,620
Proceeds from disposal of nonfinancial assets in subsidiary	15,896	0
Proceeds from lending by related parties	0	433
Purchase of U.S. treasury note	0	(9,985)
Proceeds from sale of U.S treasury note	9,935	0
Interest income from U.S. treasury note	225	114
Net cash (used in)/provided by investing activities	15,309	(44,435)
Financing activities:
Proceeds from banks and other third-party borrowings	217	96
Repayment of banks and other third-party borrowings	(1,853)	(713)
Contribution from non-controlling interest holders of subsidiaries	111	0
Proceeds from issuance of ordinary shares	106	393
Repurchase of shares	(21,938)	(43,678)
Borrowings from related parties	666	203
Proceeds from failed sale-lease back	7,686	0
Repayment of finance lease obligations	(4,943)	(5,435)
Repayment of failed sale-lease back financing	(5,315)	(11,147)
Net cash used in financing activities	(25,263)	(60,281)
Effect of exchange rate changes	(3,672)	(4,363)
Net decrease in cash and cash equivalents and restricted cash	(37,114)	(147,095)
Cash and cash equivalents and restricted cash, beginning of year	107,288	254,383
Cash and cash equivalents and restricted cash, end of year	70,174	107,288
Supplemental disclosure of cash flow information
Interest paid, net of capitalized interest	2,033	3,167
Income tax paid	1,305	1,311
Non-cash investing and financing transactions
Payables for purchase of property, plant and equipment	(13,426)	(14,322)
Payable for finance leases	(3,173)	(7,598)
Right-of-use assets obtained in exchange for lease liabilities	$ 0	$ 5,253

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Foreign Currency (Details) ¥ in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Cash and cash equivalents, functional currency equivalent of foreign currency denominated amount	$ 19.5	¥ 138.1	$ 21.4	¥ 147.5

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	At December 31,
	2022		2023

	in thousands
Receivables from disposal of property, plant and equipment (1)	$	554	$	1,885
Deposits (2)		11,522		13,727
Others (3)		4,085		4,577
Total prepaid expenses and other current assets		16,161		20,189
Allowance for credit losses (4)		(1,187)		(1,934)
Total prepaid expenses and other current assets	$	14,974	$	18,255

(1)	Receivables from disposal of property, plant and equipment mainly represented disposal of Company’s solar power stations assets which were primarily for electricity generation revenue segment.

(2)	As of December 31, 2023 and 2022, deposits mainly represented deposits made for interconnection, and the bidding of project asset construction rights and rooftop leases.

(3)

As of December 31, 2023, others mainly included $1.8 million deferred cost for Hungary projects, $0.8 million prepayment on Korea project development (the Company has recorded 100% allowance for credit losses associated with such prepayment), and $0.7 million prepaid for UK project. As of December 31, 2022, others mainly included $1.1 million prepayment for purchasing Italy projects, $0.8 million prepayment on Korea project development (among which, the Company has recorded 50% of prepayment as allowance for credit losses during the year ended December 31, 2021), and $0.2 million receivable for compensation from the insurance provider for China projects. During the year ended December 2022, the Company wrote off $0.2 million other receivable.

(4)

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, unrecoverable collection from sold entities in China, and allowance for the Korea project’s prepayment which the Company deemed not recoverable.

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule Of Finance Lease Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
2024	$ 1,350
2025	971
2026	799
2027	516
Total minimum lease payments	3,636
Less: Amount representing interest	(463)
Present value of net minimum lease payments	3,173	$ 7,598
Current portion	970	4,337
Non-current portion	$ 2,203	$ 3,260

ACCOUNTS RECEIVABLE TRADE, NET - Accounts receivable unbilled (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 59,969	$ 44,594
Less: allowance for credit losses	(371)	(712)	$ 0
Accounts receivable unbilled, net	59,598	43,882	$ 11,500
Solar power project assets
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	8,088	18,152
EPC Services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 51,881	$ 26,442

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Impairment loss of goodwill	$ 1.0	$ 0.0

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Receivables from disposal of property, plant and equipment	$ 1,885	$ 554
Deposits	13,727	11,522
Others	4,577	4,085
Total prepaid expenses and other current assets	20,189	16,161
Allowance for credit losses	(1,934)	(1,187)
Total prepaid expenses and other current assets	$ 18,255	$ 14,974

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

7. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net:


	At December 31,
	2022		2023

	in thousands
Land	$	275	$	275
Plant and machinery		781		768
Motor vehicles		95		91
Office equipment		381		307
Power stations⁽¹⁾		191,011		187,518
Less: Accumulated depreciation		(25,438)		(27,125)
		167,105		161,834
Construction in progress		3,372		1,280
Property, plant and equipment, net	$	170,477	$	163,114

(1)	All power stations were self-constructed, except for Project Branston that the Company acquired on September 30, 2022 with an original cost of $42.8 million (as discussed in Note 3). During 2023, the Company sold power stations in Henan, China and recorded loss of $2.1 million.

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

Depreciation expense for the years ended December 31, 2022 and 2023 was $6.8 million and $7.8 million, respectively.

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-33911
Entity Registrant Name	EMEREN GROUP LTD
Entity Incorporation, State or Country Code	D8
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	149 Water Street, Suite 302
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Country	US
Entity Address, Postal Zip Code	06854
City Area Code	925
Local Phone Number	425-7335
Title of 12(b) Security	American Depositary Shares
Trading Symbol	SOL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 161.2
Entity Common Stock, Shares Outstanding		512,216,222
Auditor Name	Marcum Asia CPAs LLP
Auditor Firm ID	5395
Auditor Location	New York
Entity Central Index Key	0001417892
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Allowance for credit losses	$ (2.9)	$ (0.6)

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Company's revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	$ 105,642	$ 61,291
At the point in time
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	25,152	13,753
Over time
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	80,490	47,538
Solar power project development
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	25,152	13,753
Sales from green certificates
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	0	0
EPC Services
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	43,902	24,760
Electricity generation
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	29,405	21,654
Others
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Net revenues	$ 7,183	$ 1,124

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

INCOME TAXES - Schedule of Principal Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accrued expenses	$ 329	$ 44
Net operating losses	16,850	11,672
Unrealized internal profit	169	717
Allowances for credit losses	1,582	1,209
Impairment loss of assets	69	126
Other	241	82
Total gross deferred tax assets	19,240	13,850
Valuation allowance on deferred tax assets	(19,212)	(13,850)
Net deferred tax assets	28
Deferred tax Liabilities:
Asset acquisitions	(3,532)	(3,573)
Other	(28)
Deferred tax liabilities	$ (3,560)	$ (3,573)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (5,431)	$ (4,548)
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustment	31	(13,675)
Other comprehensive (loss)/income	31	(13,675)
Comprehensive loss	(5,400)	(18,223)
Less: Comprehensive loss attributed to non-controlling interests	(3,354)	(3,056)
Comprehensive (loss)/income attributed to Emeren Group Ltd	$ (2,046)	$ (15,167)

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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Depreciation expense	$ 7.8	$ 6.8
Branston Solar Farm Limited
PROPERTY, PLANT AND EQUIPMENT, NET
Cost of power stations acquired			$ 42.8
Power stations \| China
PROPERTY, PLANT AND EQUIPMENT, NET
Loss on sale of power stations	$ 2.1

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

On February 12, 2024, the Company announced that it approved an accelerated stock repurchase program (“ASR”) of up to $10 million. As of June 30, 2024, the Company repurchased 33,988,150 common shares with the cost of $7.2 million.

The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements, there were no other subsequent events occurred that would require recognition or disclosure in the consolidated financial statements.

SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

12. SHARE BASED COMPENSATION

2007 Share Incentive Plan

On September 27, 2007, the Company adopted the Emeren Group 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 maximum 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. On December 29, 2021, the Company has amended the Plan to increase the maximum number of authorized but unissued shares of the Company to 42,500,000 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 2022, the Company granted 6,500,000 share options to certain employees with an exercise price of $0.41, $0.30, $0.46 on the grant date with expected vesting periods within three years. During 2023, no options were granted to employees.

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.


	Average risk-		Weighted average
	free		expected option			Dividend
	rate of return		life	Volatility rate		yield
Granted in 2022	2.87-3.98	%	3 years	129.34-132.67	%	0	%
Granted in 2023	N/A		N/A	N/A		N/A

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	Aggregate
	Number of		Average	Intrinsic
	Options		Exercise Prices	Value
Outstanding on December 31, 2021	15,643,340	$	0.43		—
Granted	6,500,000		0.40		—
Exercised	(1,400,000)		0.27		—
Forfeited	(5,350,020)		0.58		—
Outstanding on December 31, 2022	15,393,320		0.38		—
Granted	—				—
Exercised	(699,980)		0.15		—
Forfeited	(1,333,340)		0.45		—
Outstanding on December 31, 2023	13,360,000		0.39	$	624,234
Expected to vest at December 31, 2023	2,253,400		0.42	$	7,534
Exercisable at December 31, 2023	11,106,600		0.38	$	616,700

As of December 31, 2023, there was 13,360,000 outstanding options with weighted average contractual period of 2.61 years under the Plan.

The weighted average grant date fair value of options granted during the years ended December 31, 2022 and 2023 was $0.48 and nil, respectively.

Total proceeds from options exercised were $0.4 million and $0.1 million for the years ended December 31, 2022 and 2023, respectively.

Compensation costs of $1.7 million and $1.4 million have been charged against income during the years ended December 31, 2022 and 2023, respectively. As of December 31, 2023, there was $0.6 million 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 1.32 years.

During the year ended of December 31, 2022, the Company issued 1,400,000 ordinary shares for the share options exercised by employees and also released 2,405,140 performance share units for prior year performance based compensations. During the year ended of December 31, 2023, the Company issued 699,980 ordinary shares for the share options exercised by employees and also granted 1,000,000 ordinary shares of restricted stock units.

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

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


	At December 31,
	2022		2023

	in thousands
Cash and cash equivalents	$	107,105	$	70,174
Restricted cash		183		—
Total cash, cash equivalents, and restricted cash	$	107,288	$	70,174

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		20-40 years

Schedule of disaggregation of revenue


	Years ended December 31,
	2022		2023

	in thousands
Solar power project development	$	13,753	$	25,152
Revenue recognized at the point in time		13,753		25,152
EPC Services		24,760		43,902
Electricity generation		21,654		29,405
Others		1,124		7,183
Revenue recognized over time		47,538		80,490
Total	$	61,291	$	105,642


	Years ended December 31,
	2022		2023

	in thousands
China	$	20,737	$	14,803
United States		13,870		1,090
Germany		—		2,435
UK		1,079		12,754
Spain		(490)		—
France		14		9
Poland		24,850		25,655
Italy		779		6,901
Hungary		452		41,995
Total	$	61,291	$	105,642

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY BALANCES AND TRANSACTIONS
Due to related party balances, net	$ 21,320	$ 17,448
Net revenue	105,642	61,291
ReneSola Singapore
RELATED PARTY BALANCES AND TRANSACTIONS
Payable to related party services	38	33
Bond issued to	666	203
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from related parties, net	30	0
Due to related party balances, net	4,997	1,475
Related party \| ReneSola Singapore
RELATED PARTY BALANCES AND TRANSACTIONS
Due from Related Party, gross	0	0
Due to related party balances	0	0
Payable to related party services	2,719	9
Payment for service	0	97
Related party \| Other related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from Related Party, gross	30	0
Due to related party balances	$ 4,997	$ 1,475

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions		12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 12, 2024
SUBSEQUENT EVENTS
Number of shares repurchased		57,244,020	2,567,640
Subsequent Event
SUBSEQUENT EVENTS
Amount authorized for share repurchase				$ 10.0
Number of shares repurchased	33,988,150
Subsequent Event \| Securities repurchase agreement with ReneSola Singapore \| Shah Capital \| American Depository Shares (ADS)
SUBSEQUENT EVENTS
Amount purchased	$ 7.2

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

INCOME TAXES - Schedule of Components of Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income (Loss) before income tax
PRC	$ (2,611)	$ 4,108
Other jurisdictions	(291)	(6,739)
Total	(2,902)	(2,631)
Current tax expense
PRC	(269)	(733)
Other jurisdictions	(2,301)	(467)
Subtotal	(2,570)	(1,200)
Deferred tax benefit (expense)
PRC		(717)
Other jurisdictions	41
Subtotal	41	(717)
Total income tax expense	$ (2,529)	$ (1,917)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,186)	$ (4,672)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Name Accounting Standards Codification
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+ Details

RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Details) € in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Apr. 30, 2022 USD ($)	Apr. 30, 2022 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 EUR (€)
RELATED PARTY BALANCES AND TRANSACTIONS
Due to related party balances, net					$ 21,320	$ 17,448
Eiffel Investment Group \| Convertible bond
RELATED PARTY BALANCES AND TRANSACTIONS
Interest Expense, Borrowings					400	30
ReneSola Singapore
RELATED PARTY BALANCES AND TRANSACTIONS
Bond issued to					666	203
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from Related Parties, Current					$ 30	$ 0
Related party \| Eiffel Investment Group
RELATED PARTY BALANCES AND TRANSACTIONS
Conversion price as a percentage on purchase price					70.00%
Bond issued to	$ 700	€ 600	$ 200	€ 300
Related Party Transaction, Rate					2.00%
Convertible Debt					$ 2,300		€ 2,100
Related party \| Eiffel Investment Group \| Maximum \| Convertible bond
RELATED PARTY BALANCES AND TRANSACTIONS
Debt issued					$ 8,000		€ 7,030
Related party \| ReneSola Singapore \| Shares repurchase agreement
RELATED PARTY BALANCES AND TRANSACTIONS
Ownership percentage						8.33%
Nonrelated party \| Upon Singapore Pte ceases to be a related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due to related party balances, net						$ 8,000
Due from Related Parties, Current						$ 70

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

Schedule of bank borrowings


	At December 31,
	2022		2023

	in thousands
Long-term borrowings, current portion	$	1,008	$	1,385
Long-term borrowings		22,518		22,685
Total borrowings from bank and other third parties	$	23,526	$	24,070

Schedule of future minimum payments required under the lease loan contract


	USD
	in thousands
Years ended December 31,
2024	$	1,962
2025		1,228
2026		1,228
2027		1,228
2028		1,228
2029 and later		38,476
Total minimum lease loan payments		45,350
Less: Amount representing interest		(21,634)
Present value of net minimum lease loan payments	$	23,716

Schedule of future minimum payments required under the finance lease


	USD
	in thousands
Years ended December 31,
2024	$	1,350
2025		971
2026		799
2027		516
Total minimum lease payments		3,636
Less: Amount representing interest		(463)
Present value of net minimum lease payments	$	3,173
Current portion		970
Non-current portion	$	2,203

Schedule of future minimum payments required under the failed sale-lease back


	USD
	in thousands
Years ended December 31,
2024	$	4,327
2025		4,123
2026		2,640
2027		1,879
2028		1,146
2029 and later		104
Total minimum lease payments		14,219
Less: Amount representing interest		(1,575)
Present value of net minimum lease payments	$	12,644
Current portion		3,589
Non-current portion	$	9,055


	At December 31,
	2022		2023

	in thousands
Current portion of finance lease	$	4,337	$	970
Current portion of failed sale and lease back		5,656		3,589
Total current portion of failed sale-lease back and finance lease	$	9,993	$	4,559

Non-current portion for finance lease	$	3,260	$	2,203
Non-current portion for failed sale and lease back		11,703		9,055
Total non-current portion of failed sale-lease back and finance lease	$	14,963	$	11,258

COMMITMENTS AND CONTINGENCIES - Operating lease accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating lease cost
Amortization of leased assets	$ 1,943
Short-term lease cost	42
Net lease cost	$ 1,985
Lease Term and Discount Rate
Weighted-average remaining lease term (years) - Operating leases	23 years 6 months
Weighted-average discount rate (%) - Operating leases	6.07%
Other information
Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 2,018	$ 2,720
Cash paid for amount included in the measurement of lease liabilities: Right of use assets obtained in exchange for lease obligations	0	$ 5,253
Cash paid for amount included in the measurement of lease liabilities: Cash paid for short-term leases	42
Capital commitments	7,900
Future minimum payments required under the operating lease
2024	1,493
2025	1,719
2026	1,879
2027	2,026
2028	1,417
2029 and later	31,731
Total minimum lease payments	40,265
Less: Amount representing interest	(19,327)
Present value of net minimum lease payments	$ 20,938
Minimum
COMMITMENTS AND CONTINGENCIES
Initial term of the lease	3 years
Initial term of some leases	40 years
Renewal term of the lease	1 year
Maximum
COMMITMENTS AND CONTINGENCIES
Initial term of the lease	25 years
Renewal term of the lease	5 years

SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE BASED COMPENSATION

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


	Average risk-		Weighted average
	free		expected option			Dividend
	rate of return		life	Volatility rate		yield
Granted in 2022	2.87-3.98	%	3 years	129.34-132.67	%	0	%
Granted in 2023	N/A		N/A	N/A		N/A

Schedule of the option activity



			Weighted	Aggregate
	Number of		Average	Intrinsic
	Options		Exercise Prices	Value
Outstanding on December 31, 2021	15,643,340	$	0.43		—
Granted	6,500,000		0.40		—
Exercised	(1,400,000)		0.27		—
Forfeited	(5,350,020)		0.58		—
Outstanding on December 31, 2022	15,393,320		0.38		—
Granted	—				—
Exercised	(699,980)		0.15		—
Forfeited	(1,333,340)		0.45		—
Outstanding on December 31, 2023	13,360,000		0.39	$	624,234
Expected to vest at December 31, 2023	2,253,400		0.42	$	7,534
Exercisable at December 31, 2023	11,106,600		0.38	$	616,700

ACCOUNTS RECEIVABLE TRADE, NET (Tables)

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE TRADE, NET

Schedule of components of accounts receivable, net


	At December 31,
	2022		2023

	in thousands
Accounts receivable trade
– from EPC services	$	2,430	$	7,304
– from solar power project assets		8,608		15,055
– from electricity generation (1)		12,669		9,596
Total accounts receivable trade		23,707		31,955
Less: allowance for credit losses		(2,037)		(4,832)
Accounts receivable trade, net	$	21,670	$	27,123

(1)

Accounts receivable from electricity generation 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, 2023, there are $3.5 million of FIT receivables classified as current and $16.4 million classified as non-current, which is included in the other non-current assets on the consolidated balance sheets.

Schedule of Accounts Receivable Unbilled


	At December 31,
	2022		2023

	in thousands
Accounts receivable unbilled
–from solar power project assets	$	18,152	$	8,088
–from EPC services		26,442		51,881
Total accounts receivable unbilled		44,594		59,969
Less: allowance for credit losses		(712)		(371)
Accounts receivable unbilled, net	$	43,882	$	59,598

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


	At December 31,
	2022		2023

	in thousands
At beginning of year	$	2,136	$	2,749
Allowance for credit losses		613		2,925
Written off		—		(471)
At end of year	$	2,749	$	5,203

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, 2023	Dec. 31, 2022
Reconciliation between the applicable statutory income tax rate and the Company's effective tax rate
PRC applicable income tax rate	25.00%	25.00%
Change in deferred tax valuation allowance	(185.00%)	(146.00%)
Preferential tax rate	20.00%	30.00%
Tax effect of non-deductible expenses	(40.00%)	(15.00%)
Effect of different tax rate of subsidiaries	8.00%	(27.00%)
Non-taxable income	91.00%	67.00%
Other	(6.00%)	(7.00%)
Effective income tax rate	(87.00%)	(73.00%)

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

12 Months Ended

Dec. 31, 2023

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

9. BORROWINGS AND OTHER FINANCING ARRANGEMENTS

Borrowings from banks and other third parties

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


	At December 31,
	2022		2023

	in thousands
Long-term borrowings, current portion	$	1,008	$	1,385
Long-term borrowings		22,518		22,685
Total borrowings from bank and other third parties	$	23,526	$	24,070

As of December 31, 2023, the long-term borrowings of $24.1 million were jointly guaranteed by the Company and its subsidiaries.

i) Long-term borrowings

In January 2021, the Company’s United Kingdom (“UK”) subsidiary obtained a long-term loan by a lender in the UK totaling £0.05 million ($0.06 million). The long-term loan has a maturity date of July 2026 with an annual interest rate of 2.5%. The proceeds from this loan were used for general working capital purposes. The long-term borrowing was interest free for twelve months. As of December 31, 2023, the balance of this long-term borrowings was $0.04 million.

In January 2022, Project Branston subsidiary entered into a lease loan contract with Aviva Investor Infrastructure Income No.4 Ltd. The loan bears interest at 4% above the base rate time to time from Lloyds Bank Plc on the bank and will mature on April 2060. As a result of the acquisition of Branston (Note 3), the Company took over the loan. As of December 31, 2023, the long-term borrowings were $23.7 million, including current of $1.1 million and non-current of $22.7 million.

As of December 31, 2023, future minimum payments required under the lease loan contract are:


	USD
	in thousands
Years ended December 31,
2024	$	1,962
2025		1,228
2026		1,228
2027		1,228
2028		1,228
2029 and later		38,476
Total minimum lease loan payments		45,350
Less: Amount representing interest		(21,634)
Present value of net minimum lease loan payments	$	23,716

In September 2022, the Company’s RPZE 1 subsidiary entered into a shareholder loan contract with a minority shareholder of a subsidiary of the Company, RPZE 1, of $0.6 million. The loan bears interest at 2% per annum and will mature in December 2025. As of December 31, 2023, the balance of the shareholder loan was $0.1 million.

In February 2023, the Company’s Tensol 3 subsidiary entered into a shareholder loan contract with a minority shareholder of a subsidiary of the Company, Tensol 3, of $0.7 million. The loan bears interest at 2% per annum and will mature in December 2025. As of December 31, 2023, the balance of the shareholder loan was $0.03 million.

In November 2023, the Company’s China subsidiary obtained a long-term loan by a bank totaling RMB 1.3 million ($0.2 million). The long - term loan bears interest at 5.2% above the base rate time to time from Loan Prime Rate on the bank and will mature on November 2033. As of December 31, 2023, the long - term borrowings were $0.2 million, including current of $0.02 million and non - current of $0.2 million.

Financing associated with failed sale-lease back transactions

In 2019, certain subsidiaries of the Company (the “seller-lessee”) sold self-built solar projects (“leased assets”) with a carrying amount of $4.0 million to different domestic financial leasing companies (the “buyer-lessors”) for cash consideration of $2.8 million, 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.

During the years ended December 31, 2022 and 2023, the Company paid for amount of financing lease associated with failed sales-lease back transactions of $16.6 million and $5.3 million, respectively. As of December 31, 2022 and 2023, the Company recorded $11.7 million, and $9.1 million under failed sales leaseback liabilities as non-current portion and $5.7 million and $3.6 million as the current portion, which represents principal to be paid in the next year. The weighted average effective interest rate of the financing was 6.67% and 6.74% and interest costs incurred during the years ended December 31, 2022 and 2023 were $1.8 million and $1.1 million, respectively. These failed sales-leaseback financings were collateralized by the underlying assets of the solar projects.

Finance lease

The Company leased module, inverter and other materials from different financial leasing companies in China. 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, 2022 and 2023, the carrying amount 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, 2022 and 2023 was $7.6 million and $3.2 million, respectively.

As of December 31, 2023, future minimum payments required under the finance lease are:


	USD
	in thousands
Years ended December 31,
2024	$	1,350
2025		971
2026		799
2027		516
Total minimum lease payments		3,636
Less: Amount representing interest		(463)
Present value of net minimum lease payments	$	3,173
Current portion		970
Non-current portion	$	2,203

As of December 31, 2023, future minimum payments required under the failed sale-lease back are:


	USD
	in thousands
Years ended December 31,
2024	$	4,327
2025		4,123
2026		2,640
2027		1,879
2028		1,146
2029 and later		104
Total minimum lease payments		14,219
Less: Amount representing interest		(1,575)
Present value of net minimum lease payments	$	12,644
Current portion		3,589
Non-current portion	$	9,055


	At December 31,
	2022		2023

	in thousands
Current portion of finance lease	$	4,337	$	970
Current portion of failed sale and lease back		5,656		3,589
Total current portion of failed sale-lease back and finance lease	$	9,993	$	4,559

Non-current portion for finance lease	$	3,260	$	2,203
Non-current portion for failed sale and lease back		11,703		9,055
Total non-current portion of failed sale-lease back and finance lease	$	14,963	$	11,258

Total finance lease liabilities are net of total deposits of $0.8 million as of December 31, 2023. Total failed sale and lease back are net of total deposits of $0.7 million as of December 31, 2023.

Interest expense

Interest expenses incurred for the years ended December 31, 2022 and 2023 was $3.5 million and $2.2 million of which $0.4 million and nil has been capitalized in the carrying value of PPE and project assets, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Comprehensive income (loss) (Details) $ in Millions	Dec. 31, 2023 USD ($)
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Percentage of capital distribution to noncontrolling interest	2.50%
Capital distribution to noncontrolling interest	$ 0.4

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY BALANCES AND TRANSACTIONS

16. RELATED PARTY BALANCES AND TRANSACTIONS

(a) Related party balances

During the years ended December 31, 2022 and 2023, related party balances with ReneSola Singapore Pte., Ltd and its subsidiaries and with other related parties were as follows:


	At December 31,
	2022		2023

	in thousands
Due from ReneSola Singapore ⁽¹⁾and its subsidiaries	$	—	$	—
Due from other related party ⁽²⁾		—		30
Due from Related Party balances, net		—		30

Due to ReneSola Singapore ⁽¹⁾and its subsidiaries		—		—
Due to other related party ⁽²⁾		1,475		4,997
Due to related party balances, net	$	1,475	$	4,997

(b) Related party transactions

During the years ended December 31, 2022 and 2023, related party transactions with ReneSola Singapore Pte., Ltd and its subsidiaries and other related parties were as follows:


	Years ended December 31,
	2022		2023

	in thousands
Payable to related party services ⁽⁵⁾	$	9	$	2,719
Payment for service ⁽⁴⁾		97		—
Bond issued to ⁽³⁾		203		666
Interest expense ⁽³⁾		33		38

(1)

(2)

(3)

(4)	Represents the amount that the Company paid the cash to ReneSola Singapore and its subsidiaries for settling historical payable balance and current year service provided to the Company before October 1, 2022.

(5)	Transactions during 2023 which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SHARE BASED COMPENSATION - Summary of the Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Options outstanding at the beginning of the period (in shares)	15,393,320	15,643,340
Granted (in shares)	0	6,500,000
Exercised (in shares)	(699,980)	(1,400,000)
Forfeited (in shares)	(1,333,340)	(5,350,020)
Options outstanding at the end of the period (in shares)	13,360,000	15,393,320
Expected to vest at the end of the period (in shares)	2,253,400
Exercisable at the end of the period (in shares)	11,106,600
Weighted Average Exercise Prices
Options outstanding at the beginning of the period (in dollars per share)	$ 0.38	$ 0.43
Granted (in dollars per share)		0.40
Exercised (in dollars per share)	0.15	0.27
Forfeited (in dollars per share)	0.45	0.58
Options outstanding at the end of the period (in dollars per share)	0.39	$ 0.38
Expected to vest at the end of the period (in dollars per share)	0.42
Exercised at the end of the period (in dollars per share)	$ 0.38
Aggregate Intrinsic Value
Outstanding at the beginning of the period (in dollars)	$ 0	$ 0
Outstanding at the end of the period (in dollars)	624,234	$ 0
Expected to vest at the end of the period (in dollars)	7,534
Exercisable at the end of the period (in dollars)	$ 616,700

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Cash and cash equivalents (Details) $ in Millions	Dec. 31, 2023 USD ($)
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Cash, FDIC insured amount	$ 26.6

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Details) £ in Thousands, € in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Feb. 28, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jan. 31, 2022	Jan. 31, 2021 GBP (£)
Schedule of Debt Instrument [Line Items]
Long-term borrowings, current portion		$ 1,385,000	$ 1,008,000
Interest expense
Interest expense incurred		2,200,000	3,500,000
Interest expense capitalized		$ 0		$ 400,000
Sale leaseback transaction					$ 4,000,000.0
Cash consideration received in sale of self-built solar projects					$ 2,800,000
Sale Leaseback Transaction, Lease Terms		5 to 10 years
Expected useful life		25 years
Payment for financing lease associated with failed sales-lease back transactions		$ 5,300,000	16,600,000
Non-current portion for failed sale and lease back		9,055,000	11,703,000
Total failed sale and lease back		700,000
Interest Rate		1,100,000	$ 1,800,000
Long-term Debt		$ 45,350,000
Financings With Failed Sale Lease Back Transactions
Schedule of Debt Instrument [Line Items]
Weighted average interest rate		6.74%	6.67%
Interest expense
Current portion for failed sale and lease back		$ 3,600,000	$ 5,700,000
Takeover of existing loans \| Aviva Investor Infrasture Income No.4 Ltd \| Branston Solar Farm Limited
Schedule of Debt Instrument [Line Items]
Interest rate (as a percent)										4.00%
Long-term borrowings, current portion		1,100,000
Interest expense
Long-term Debt		23,700,000
Long-term borrowings, non-current portion		22,700,000
Shareholder loan \| Tensol 3 Subsidiary [Member]
Schedule of Debt Instrument [Line Items]
Term loan amount								$ 700,000
Interest rate (as a percent)								2.00%
Interest expense
Long-term Debt		30,000.00
Shareholder loan \| RPZE 1
Schedule of Debt Instrument [Line Items]
Term loan amount									$ 600,000
Interest rate (as a percent)									2.00%
Interest expense
Long-term Debt		100,000
Long-term [Member] \| China subsidiary
Schedule of Debt Instrument [Line Items]
Term loan amount						$ 200,000	€ 1.3
Interest rate (as a percent)						5.20%	5.20%
Long-term borrowings, current portion		20,000.00
Interest expense
Long-term Debt		200,000
Long-term borrowings, non-current portion		200,000
Secured debt
Schedule of Debt Instrument [Line Items]
Short-term borrowings		24,100,000
Interest expense
Long-term Debt		$ 40,000.00
Secured debt \| UK Lender
Interest expense
Interest Rate	$ 2.5
Long-term Debt	$ 60,000.00										£ 50

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

17. COMMITMENTS AND CONTINGENCIES

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 40 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 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 the 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’s 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	2023
		in thousand
Operating lease cost	Operating expenses: General and administrative	$	1,943
Short-term lease cost	Operating expenses: General and administrative		42
Net lease cost		$	1,985


Lease Term and Discount Rate	December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	23.5	years
Weighted-average discount rate (%)
Operating leases	6.07	%


	Year Ended December 31,
Other information	2022		2023

	in thousands
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,720	$	2,018
Cash paid for short-term leases		—		42

As of December 31, 2023, future minimum payments required under the operating lease are:


	USD
	in thousands
Year ended December 31,
2024	$	1,493
2025		1,719
2026		1,879
2027		2,026
2028		1,417
2029 and later		31,731
Total minimum lease payments		40,265
Less: Amount representing interest		(19,327)
Present value of net minimum lease payments	$	20,938

Capital commitments

As of December 31, 2023, the Company had capital commitments of approximately $7.9 million. These capital commitments were solely related to contracts signed with vendors for procurement of services or PV related products used for the construction of solar PV systems being developed by the Company.

The capital commitments as at balance sheet date disclosed above do not include those incomplete purchases or acquisitions as at balance sheet dates as the agreements could either be terminated unconditionally without any penalty or cancelable when the closing conditions as specified in the agreements could not be met.

Legal matters

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable.

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.

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Number of reportable segments	3

EMPLOYEE BENEFITS (outstanding) (Details) - 12 months ended Dec. 31, 2023 $ in Thousands, ¥ in Millions	USD ($) county	CNY (¥) county
Europe
EMPLOYEE BENEFITS
Pension and other postretirement benefits cost	$ 1,100
Number of Countries In Which Employees Are Based \| county	9	9
China
EMPLOYEE BENEFITS
Pension and other postretirement benefits cost	$ 500	¥ 3.5
401(k) plan
EMPLOYEE BENEFITS
Percentage of employer matching contribution of basic salaries	100.00%	100.00%
Amount of matching contributions	$ 100
Registered Retirement Savings Plan
EMPLOYEE BENEFITS
Amount of matching contributions	1
Comprehensive supplement benefit plan \| United States
EMPLOYEE BENEFITS
Pension and other postretirement benefits cost	300
Comprehensive supplement benefit plan \| Canada
EMPLOYEE BENEFITS
Pension and other postretirement benefits cost	$ 10

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

OTHER CURRENT LIABILITIES

Schedule of Other Current Liabilities


	At December 31,
	2022		2023

	in thousands
Payables for purchase of property, plant and equipment⁽¹⁾	$	14,322	$	13,426
Other tax payables		157		271
Deferred revenue⁽³⁾		—		3,177
Other ⁽²⁾		2,969		4,446
	$	17,448	$	21,320

(1)	Payable for purchase of property, plant and equipment as of December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries.

(2)	Other as of December 31, 2022 and 2023 mainly includes the payables for claims, audit fees and other professional service fees.

(3)	Deferred revenue as of December 31, 2023 is mainly related to Hungary project.

PROJECT ASSETS

12 Months Ended

Dec. 31, 2023

PROJECT ASSETS

PROJECT ASSETS

6. PROJECT ASSETS

Project assets consisted of the following at December 31, 2022 and 2023, respectively:


	At December 31,
	2022		2023

	in thousands
Project assets - Development and construction cost	$	51,613	$	75,277
Project assets - Others		946		1,247
Total project assets	$	52,559	$	76,524

Current portion		25,969		39,914
Non-current portion		26,590		36,610

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of Components of Tax Benefit (Expense)


	Years ended December 31,
	2022		2023

	in thousands
Income (loss) before income tax
PRC	$	4,108	$	(2,611)
Other jurisdictions		(6,739)		(291)

Total		(2,631)		(2,902)

Current tax expense
PRC		(733)		(269)
Other jurisdictions		(467)		(2,301)

Subtotal		(1,200)		(2,570)
Deferred tax benefit (expense)
PRC		(717)		—
Other jurisdictions		—		41

Subtotal		(717)		41

Total income tax expense	$	(1,917)	$	(2,529)

Schedule of Principal Components of Deferred Income Tax Assets and Liabilities


	At December 31,
	2022		2023

	in thousands
Deferred tax assets:
Accrued expenses	$	44	$	329
Net operating losses		11,672		16,850
Unrealized internal profit		717		169
Allowances for credit losses		1,209		1,582
Impairment loss of assets		126		69
Other		82		241
Total gross deferred tax assets		13,850		19,240
Valuation allowance on deferred tax assets		(13,850)		(19,212)
Net deferred tax assets	$	—	$	28
Deferred tax liabilities:
Asset acquisitions		(3,573)		(3,532)
Other		—		(28)
Deferred tax liabilities	$	(3,573)	$	(3,560)

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


	Years ended December 31,
	2022		2023
PRC applicable income tax rate	25	%	25	%
Change in deferred tax valuation allowance	(146)	%	(185)	%
Preferential tax rate⁽¹⁾	30	%	20	%
Tax effect of non-deductible expenses	(15)	%	(40)	%
Effect of different tax rate of subsidiaries	(27)	%	8	%
Non-taxable income	67	%	91	%
Other	(7)	%	(6)	%
Effective income tax rate	(73)	%	(87)	%

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

(1)	Certain solar power project entities are fully exempted from the 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.

SEGMENT REPORTING - Schedule of the Company's Revenues Generated from Each Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
SEGMENT REPORTING
Net revenue	$ 105,642	$ 61,291
Gross profit/(loss)	$ 25,013	15,336
Number of reportable segments \| segment	3
Operating segment
SEGMENT REPORTING
Net revenue	$ 105,642	61,291
Gross profit/(loss)	25,013	15,336
Solar power project development
SEGMENT REPORTING
Net revenue	25,152	13,753
Solar power project development \| Operating segment
SEGMENT REPORTING
Net revenue	25,152	13,753
Gross profit/(loss)	8,804	5,913
Electricity generation
SEGMENT REPORTING
Net revenue	29,405	21,654
Electricity generation \| Operating segment
SEGMENT REPORTING
Net revenue	29,405	21,654
Gross profit/(loss)	14,903	10,488
EPC services
SEGMENT REPORTING
Net revenue	43,902	24,760
EPC services \| Operating segment
SEGMENT REPORTING
Net revenue	43,902	24,760
Gross profit/(loss)	(1,825)	(2,038)
Others
SEGMENT REPORTING
Net revenue	7,183	1,124
Others \| Operating segment
SEGMENT REPORTING
Net revenue	7,183	1,124
Gross profit/(loss)	$ 3,131	$ 973

- Definition

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

+ References

+ Details

- Definition

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).

+ References

+ Details

INCOME TAXES - Schedule of Aggregate Amount and Per Share Effect of the Tax Holiday (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CHINA
INCOME TAXES
Preferential tax effect	$ 575	$ 797

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, PLANT AND EQUIPMENT, NET

Schedule of property, plant and equipment. net


	At December 31,
	2022		2023

	in thousands
Land	$	275	$	275
Plant and machinery		781		768
Motor vehicles		95		91
Office equipment		381		307
Power stations⁽¹⁾		191,011		187,518
Less: Accumulated depreciation		(25,438)		(27,125)
		167,105		161,834
Construction in progress		3,372		1,280
Property, plant and equipment, net	$	170,477	$	163,114

(1)	All power stations were self-constructed, except for Project Branston that the Company acquired on September 30, 2022 with an original cost of $42.8 million (as discussed in Note 3). During 2023, the Company sold power stations in Henan, China and recorded loss of $2.1 million.

SEGMENT REPORTING - Schedule of the Company's Revenues Generated by Geographic Location of Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEGMENT REPORTING
Total	$ 105,642	$ 61,291
China
SEGMENT REPORTING
Total	14,803	20,737
United States
SEGMENT REPORTING
Total	1,090	13,870
Germany
SEGMENT REPORTING
Total	2,435	0
UK
SEGMENT REPORTING
Total	12,754	1,079
Spain
SEGMENT REPORTING
Total	0	(490)
France
SEGMENT REPORTING
Total	9	14
Poland
SEGMENT REPORTING
Total	25,655	24,850
Italy
SEGMENT REPORTING
Total	6,901	779
Hungary
SEGMENT REPORTING
Total	41,995	452
UK
SEGMENT REPORTING
Total	$ 12,754	$ 1,079

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Advances to Suppliers (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Advances to suppliers-current	$ 4,283	$ 1,017

SHARE BASED COMPENSATION - Schedule of Assumptions Used to Estimate the Fair Value of the Options (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Assumptions used to estimate fair value of the options
Average risk-free rate of return, minimum (as a percent)		2.87%
Average risk-free rate of return, maximum (as a percent)		3.98%
Weighted average expected option life		3 years
Volatility rate, minimum (as a percent)		129.34%
Volatility rate, maximum (as a percent)		132.67%
Dividend yield (as a percent)		0.00%
Maximum
Assumptions used to estimate fair value of the options
Weighted average expected option life	6 years

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, shares authorized	1,000,000,000	1,000,000,000
Common shares, shares issued	651,821,742	651,121,762
Common shares, shares outstanding	546,204,372	602,748,412
Treasury stock (in shares)	90,715,770	33,471,750

EARNINGS/ (LOSS) PER ADS - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss attributed to Emeren Group Ltd per ADS
Number of shares issued to the share depository bank but are treated as escrowed shares	10,396,480	11,096,460
Number of shares per ADS	10

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common shares	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income/(loss)	Equity attributable to Emeren Group Ltd	Noncontrolling interest	Total
Balance at Dec. 31, 2021	$ 847,379	$ (18,446)	$ 12,396	$ (432,705)	$ (4,618)	$ 404,006	$ 44,407	$ 448,413
Balance (in shares) at Dec. 31, 2021	717,316,622	(30,904,110)
Increase (Decrease) in Stockholders' Equity
Net income/(loss)	$ 0		0	(4,672)	0	(4,672)	124	(4,548)
Contribution from non-controlling interest holders					0
Repurchase and retirement of common shares	$ (42,000)		(124)	0	0	(42,124)	0	(42,124)
Repurchase and retirement of common shares (in shares)	(70,000,000)
Stock repurchase	$ 0	$ (1,554)	0	0	0	(1,554)	0	$ (1,554)
Stock repurchase (in shares)		(2,567,640)						(2,567,640)
Other comprehensive income/(loss), net of tax (Notes 2 and 15)	0		0	0	(10,495)	(10,495)	(3,180)	$ (13,675)
Share-based compensation	0		1,739	0		1,739	0	1,739
Stock units issued to employees for prior year performance compensations	$ 0		0	0	0	0	0	0
Stock units issued to employees for prior year performance compensations (in shares)	2,405,000
Share exercised by employee	$ 904		(511)	0	0	393	0	$ 393
Share exercised by employee (in shares)	1,400,140							1,400,000
Balance at Dec. 31, 2022	$ 806,283	$ (20,000)	13,500	(437,377)	(15,113)	347,293	41,351	$ 388,644
Balance (in shares) at Dec. 31, 2022	651,121,762	(33,471,750)
Increase (Decrease) in Stockholders' Equity
Net income/(loss)	$ 0		0	(3,186)	0	(3,186)	(2,245)	(5,431)
Contribution from non-controlling interest holders	0		111	0	0	111	0	111
Initial non-controlling interest of the minority shareholders	0		0	0	0	0	344	344
Stock repurchase	0	$ (21,938)	0	0	0	(21,938)	0	$ (21,938)
Stock repurchase (in shares)		(57,244,020)						(57,244,020)
Other comprehensive income/(loss), net of tax (Notes 2 and 15)	0		0	0	1,484	1,484	(1,453)	$ 31
Share-based compensation	0		1,442	0	0	1,442	0	1,442
Share exercised by employee	$ 431		(325)	0	0	106	0	$ 106
Share exercised by employee (in shares)	699,980							699,980
Balance at Dec. 31, 2023	$ 806,714	$ (41,938)	$ 14,728	$ (440,563)	$ (13,629)	$ 325,312	$ 37,997	$ 363,309
Balance (in shares) at Dec. 31, 2023	651,821,742	(90,715,770)

ACCOUNTS RECEIVABLE TRADE, NET

12 Months Ended

Dec. 31, 2023

ACCOUNTS RECEIVABLE TRADE, NET

ACCOUNTS RECEIVABLE TRADE, NET

4. ACCOUNTS RECEIVABLE TRADE, NET


	At December 31,
	2022		2023

	in thousands
Accounts receivable trade
– from EPC services	$	2,430	$	7,304
– from solar power project assets		8,608		15,055
– from electricity generation (1)		12,669		9,596
Total accounts receivable trade		23,707		31,955
Less: allowance for credit losses		(2,037)		(4,832)
Accounts receivable trade, net	$	21,670	$	27,123

(1)

Accounts receivable trade, net and and its allowance for credit losses as of December 31, 2021 amounted to $34.3 million and $2.1 million, respectively.

ACCOUNTS RECEIVABLE UNBILLED, NET


	At December 31,
	2022		2023

	in thousands
Accounts receivable unbilled
–from solar power project assets	$	18,152	$	8,088
–from EPC services		26,442		51,881
Total accounts receivable unbilled		44,594		59,969
Less: allowance for credit losses		(712)		(371)
Accounts receivable unbilled, net	$	43,882	$	59,598

During the year ended December 31, 2022 and 2023, the Company’s contract assets classified as “Accounts receivable unbilled” are primary due to billing of certain project sales and EPC services where the Company has the right to consideration in exchange of the project sales transferred and EPC services performed.

Accounts receivable unbilled, net and its allowance for credit losses as of December 31, 2021 amounted to $11.5 million and nil, respectively.

ALLOWANCE FOR CREDIT LOSSES

The Company establishes an allowance for expected credit losses based on historically observed default rates over the expected life of the receivable balance and are adjusted for forward-looking information available without undue cost of effort. The Company’s management regularly reviews the allowance for credit losses 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 the simplified approach.


	At December 31,
	2022		2023

	in thousands
At beginning of year	$	2,136	$	2,749
Allowance for credit losses		613		2,925
Written off		—		(471)
At end of year	$	2,749	$	5,203

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

As of December 31, 2022, receivables from a solar power customer amounted to $30.4 million, including billed receivable of $3.9 million and unbilled receivable of $26.4 million which accounts for 44% of the Company’s total receivables, excluding FIT receivables in the other non-current assets, which are due from government. As of December 31, 2023, receivables from a solar power customer amounted to $44.9 million, including billed receivable of $6.3 million and unbilled receivable of $38.6 million which accounts for 49% of the Company’s total receivables, excluding FIT receivables in the other non - current assets, which are due from government.

For the years ended December 31, 2022 and 2023, revenue from this solar power customer accounted for 41% ($24.9 million) and 12% ($12.4 million) of the Company’s total net revenues, respectively.

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING

SEGMENT REPORTING

18. SEGMENT REPORTING

The Company separated the solar power project segment into three reportable segments, including solar power project development, EPC services and electricity generation. 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 segments’ 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, 2022
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		Other		Total
Net revenue	$	13,753	$	21,654	$	24,760	$	1,124	$	61,291
Gross profit/(loss)	$	5,913	$	10,488	$	(2,038)	$	973	$	15,336


	Year ended December 31, 2023
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		Other		Total
Net revenue	$	25,152	$	29,405	$	43,902	$	7,183	$	105,642
Gross profit/(loss)	$	8,804	$	14,903	$	(1,825)	$	3,131	$	25,013

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


	Years ended December 31,
	2022		2023

	in thousands
China	$	20,737	$	14,803
United States		13,870		1,090
Germany		—		2,435
UK		1,079		12,754
Spain		(490)		—
France		14		9
Poland		24,850		25,655
Italy		779		6,901
Hungary		452		41,995
Total	$	61,291	$	105,642

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PREPAID EXPENSES AND OTHER CURRENT ASSETS

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


	At December 31,
	2022		2023

	in thousands
Receivables from disposal of property, plant and equipment (1)	$	554	$	1,885
Deposits (2)		11,522		13,727
Others (3)		4,085		4,577
Total prepaid expenses and other current assets		16,161		20,189
Allowance for credit losses (4)		(1,187)		(1,934)
Total prepaid expenses and other current assets	$	14,974	$	18,255

(1)	Receivables from disposal of property, plant and equipment mainly represented disposal of Company’s solar power stations assets which were primarily for electricity generation revenue segment.

(2)	As of December 31, 2023 and 2022, deposits mainly represented deposits made for interconnection, and the bidding of project asset construction rights and rooftop leases.

(3)

(4)

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

Schedule of components of lease expenses


		Year Ended December 31,
Lease cost	Classification	2023
		in thousand
Operating lease cost	Operating expenses: General and administrative	$	1,943
Short-term lease cost	Operating expenses: General and administrative		42
Net lease cost		$	1,985


Lease Term and Discount Rate	December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	23.5	years
Weighted-average discount rate (%)
Operating leases	6.07	%


	Year Ended December 31,
Other information	2022		2023

	in thousands
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,720	$	2,018
Cash paid for short-term leases		—		42

Schedule of future minimum payments required under the operating lease


	USD
	in thousands
Year ended December 31,
2024	$	1,493
2025		1,719
2026		1,879
2027		2,026
2028		1,417
2029 and later		31,731
Total minimum lease payments		40,265
Less: Amount representing interest		(19,327)
Present value of net minimum lease payments	$	20,938

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

8. 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 an effective date of 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

Emeren Group 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, Emeren Group US is subject to California state franchise tax of 8.84% for 2022 and 2023, and Connecticut state income tax of 7.5% for 2022 and 2023, which are deductible for federal corporate income tax purpose.

The tax expense from continuing operations comprises:


	Years ended December 31,
	2022		2023

	in thousands
Income (loss) before income tax
PRC	$	4,108	$	(2,611)
Other jurisdictions		(6,739)		(291)

Total		(2,631)		(2,902)

Current tax expense
PRC		(733)		(269)
Other jurisdictions		(467)		(2,301)

Subtotal		(1,200)		(2,570)
Deferred tax benefit (expense)
PRC		(717)		—
Other jurisdictions		—		41

Subtotal		(717)		41

Total income tax expense	$	(1,917)	$	(2,529)

The Company classifies interest and penalties related to income tax matters in income tax expense. As of December 31, 2022 and 2023, there were no interest and penalties related to uncertain tax positions. As of December 31, 2022 and 2023, 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 $0.01 million) 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,
	2022		2023

	in thousands
Deferred tax assets:
Accrued expenses	$	44	$	329
Net operating losses		11,672		16,850
Unrealized internal profit		717		169
Allowances for credit losses		1,209		1,582
Impairment loss of assets		126		69
Other		82		241
Total gross deferred tax assets		13,850		19,240
Valuation allowance on deferred tax assets		(13,850)		(19,212)
Net deferred tax assets	$	—	$	28
Deferred tax liabilities:
Asset acquisitions		(3,573)		(3,532)
Other		—		(28)
Deferred tax liabilities	$	(3,573)	$	(3,560)

As of December 31, 2023, the subsidiaries of the Company in PRC had net operating loss carry forwards of $18.7 million, of which $4.5 million, $3.4 million, $1.2 million, $1.6 million and $8.0 million will expire in 2024, 2025, 2026, 2027 and 2028 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 $13.8 million and $19.2 million as at December 31, 2022 and 2023, respectively.

Reconciliation between the applicable statutory income tax rate and the Company’s effective tax rate for the years ended December 31, 2022 and 2023 is as follows:


	Years ended December 31,
	2022		2023
PRC applicable income tax rate	25	%	25	%
Change in deferred tax valuation allowance	(146)	%	(185)	%
Preferential tax rate⁽¹⁾	30	%	20	%
Tax effect of non-deductible expenses	(15)	%	(40)	%
Effect of different tax rate of subsidiaries	(27)	%	8	%
Non-taxable income	67	%	91	%
Other	(7)	%	(6)	%
Effective income tax rate	(73)	%	(87)	%

The following table sets forth the effect of preferential tax on China operations for the years ended December 31, 2022 and 2023, respectively:

(1)	Certain solar power project entities are fully exempted from the 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

EARNINGS/ (LOSS) PER ADS - Schedule of Basic and Diluted earnings/(loss) Per ADS (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Numerator:

Net loss

$ (5,431)

$ (4,548)

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

(2,245)

124

Total net loss attributed to Emeren Group Ltd

(3,186)

(4,672)

Numerator for diluted loss per ADS

$ (3,186)

$ (4,672)

Denominator:

Denominator for basic loss per ADS - weighted average number of ADS outstanding

^[1]

56,526,716

64,924,455

Dilutive effects of share options

Denominator for diluted calculation - weighted average number of ADS outstanding

^[1]

56,526,716

64,924,455

Basic loss per ADS

$ (0.06)

$ (0.07)

Diluted loss per ADS

$ (0.06)

$ (0.07)

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

ACQUISITIONS (Details) € in Thousands, $ in Thousands, £ in Millions					9 Months Ended		12 Months Ended
	Oct. 11, 2022 USD ($)	Oct. 11, 2022 EUR (€)	Sep. 30, 2022 USD ($) item	Nov. 17, 2020 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2022 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 EUR (€)	Oct. 11, 2022 EUR (€)	Sep. 30, 2022 GBP (£) item
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill							$ 0		$ 1,023
Branston Solar Farm Limited
ACQUISITION
Number of MWp operational solar farm held \| item			50		50								50
Contract term for output of the plant			40 years
Cash consideration					$ 21,600	£ 17.9
Other net assets			$ 2,300		2,300								£ 1.9
Deferred tax liabilities due to fair value adjustment upon acquisition			1,000		1,000
Branston Solar Farm Limited \| Takeover of existing loans \| Aviva Investor Infrasture Income No.4 Ltd
ACQUISITION
Term loan amount			$ 22,500		$ 22,500								£ 18.7
Shares Purchase Agreement to acquire of Emeren Ltd
ACQUISITION
Cash consideration	$ 5,000	€ 5,100
Deferred consideration	$ 5,000						2,000				€ 1,800	€ 5,100
Threshold period from the date of acquisition for target of output power	8 months	8 months
Management incentive consideration	$ 6,800						6,800				€ 6,900	6,900
Period for payment of management incentive consideration	2 years	2 years
Management incentive compensation cost							$ 600	€ 600	$ 50	€ 50
fair value of deferred consideration	$ 5,000											€ 5,100
PA Holdings and CA Holdings
ACQUISITION
Equity interest acquired (in percent)			100.00%	100.00%	100.00%								100.00%
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Project assets				$ 2,874
Net assets acquired				2,874
Goodwill				1,023
Total consideration transferred/Net cash paid				3,897
ET Cap PA Holdings LLC
ACQUISITION
Cash consideration				$ 3,900

EARNINGS/ (LOSS) PER ADS

12 Months Ended

Dec. 31, 2023

Loss attributed to Emeren Group Ltd per ADS

EARNINGS/ (LOSS) PER ADS

14. EARNINGS/ (LOSS) PER ADS

Basic and diluted earnings per ADS have been calculated as follows:


	For the years ended December 31,
	2022		2023

	in thousands, except number of shares and per share amounts
Numerator:
Net loss	$	(4,548)	$	(5,431)
Less: Net income/(loss) attributed to noncontrolling interests		124		(2,245)
Total net loss attributed to Emeren Group Ltd	$	(4,672)	$	(3,186)

Numerator for diluted loss per ADS	$	(4,672)	$	(3,186)

Denominator:
Denominator for basic loss per ADS - weighted average number of ADS outstanding*		64,924,455		56,526,716
Dilutive effects of share options*		—		—
Denominator for diluted calculation - weighted average number of ADS outstanding*		64,924,455		56,526,716

Basic loss per ADS	$	(0.07)	$	(0.06)
Diluted loss per ADS	$	(0.07)	$	(0.06)

*	All shares are converted to ADS, 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, 2022 and 2023, there are 11,096,460 and 10,396,480 ordinary shares, respectively, 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 ADS.

The Company uses the treasury method in determining whether those potential common shares are dilutive or antidilutive. That is, the number of potential common shares, after considering the shares repurchased used in computing the diluted per-share amount for income/(loss).

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:


	For the years ended December 31,
	2022	2023
Share options	5,441,650	3,353,126

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Impairment of Long-lived Assets, Leases, Revenue Recognition, and Government Grants (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Impairment losses of long-lived assets	$ 1,711	$ 0
Prepaid rental fees	$ 1,000	900
Number of agreements \| agreement	2
Revenue from green certificates	$ 105,642	$ 61,291
Recognized government grants	$ 200		$ 50
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Accounts receivable unbilled, net	$ 59,598	$ 43,882
Proceeds of government grants from feed-in tariff(s) (FIT)		5,900	$ 12,200
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
Revenue from green certificates	$ 0	0
Advance from customers, revenue recognized	400	0
EPC Services
Revenue from green certificates	43,902	24,760
Liability on loss contract	0	700
Accounts receivable unbilled, net	51,900	26,400
Electricity Revenue Generation
Impairment losses of long-lived assets	$ 700	$ 0
Feed-in tariff(s) (FIT) receivables, recovery period	12 months
Effective interest rate of feed-in tariff(s) (FIT) receivables	4.75%
Feed-in tariff(s) (FIT) receivables, current	$ 3,500
Feed-in tariff(s) (FIT) receivables, noncurrent	$ 16,400

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Finance lease (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance lease liabilities	$ 3,173	$ 7,598
Modules, inverters, and other
Estimated useful lives	25 years
Finance lease liabilities	$ 3,200	$ 7,600

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

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


	As of acquisition
	close date
	In thousands
Project assets⁽¹⁾	$	2,874
Net assets acquired		2,874
Goodwill		1,023
Total consideration transferred/Net cash paid	$	3,897

(1)	Included in project assets 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.

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING

Schedule of the Company's revenues generated from each segment


	Year ended December 31, 2022
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		Other		Total
Net revenue	$	13,753	$	21,654	$	24,760	$	1,124	$	61,291
Gross profit/(loss)	$	5,913	$	10,488	$	(2,038)	$	973	$	15,336


	Year ended December 31, 2023
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		Other		Total
Net revenue	$	25,152	$	29,405	$	43,902	$	7,183	$	105,642
Gross profit/(loss)	$	8,804	$	14,903	$	(1,825)	$	3,131	$	25,013

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


	Years ended December 31,
	2022		2023

	in thousands
China	$	20,737	$	14,803
United States		13,870		1,090
Germany		—		2,435
UK		1,079		12,754
Spain		(490)		—
France		14		9
Poland		24,850		25,655
Italy		779		6,901
Hungary		452		41,995
Total	$	61,291	$	105,642

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES

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

Fair value measurement

Use of estimates

Cash and cash equivalents

Restricted Cash


	At December 31,
	2022		2023

	in thousands
Cash and cash equivalents	$	107,105	$	70,174
Restricted cash		183		—
Total cash, cash equivalents, and restricted cash	$	107,288	$	70,174

Accounts Receivable, trade and unbilled

Accounts Receivable Trade, net

Accounts Receivable Unbilled, net

Allowance for Credit Losses

Project assets

Contract costs

Advances to suppliers

Property, plant and equipment, net

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		20-40 years

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

Goodwill

Held-to-maturity

Asset acquisiton

Asset acquisition

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

Impairment of long-lived assets

Leases

Contingencies

Deferred income taxes

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 from green certificates

Contract liability

Disaggregation of Revenue


	Years ended December 31,
	2022		2023

	in thousands
Solar power project development	$	13,753	$	25,152
Revenue recognized at the point in time		13,753		25,152
EPC Services		24,760		43,902
Electricity generation		21,654		29,405
Others		1,124		7,183
Revenue recognized over time		47,538		80,490
Total	$	61,291	$	105,642

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


	Years ended December 31,
	2022		2023

	in thousands
China	$	20,737	$	14,803
United States		13,870		1,090
Germany		—		2,435
UK		1,079		12,754
Spain		(490)		—
France		14		9
Poland		24,850		25,655
Italy		779		6,901
Hungary		452		41,995
Total	$	61,291	$	105,642

See Note 18. SEGMENT REPORTING for further details.

Value added tax (“VAT”)

Other operating income (expenses)

Other operating income (expenses) primarily consists of cancellation loss of project assets, disposal gain (loss) of property, plant and equipment and non-FIT government grants.

Government grants

Government grants

Foreign currency

Earnings (loss) per ADS

Share-based compensation

See Note 12, “Share Based Compensation” for further details.

Comprehensive income (loss)

Concentrations of credit risk

Concentrations of credit risk

Segment Reporting

Segment Reporting

Business Combinations

Business Combinations

Recently issued accounting pronouncements

Recently issued accounting pronouncements

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

ORGANIZATION AND NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

1. ORGANIZATION AND NATURE OF OPERATIONS

Emeren Group Ltd, rebranded from ReneSola Ltd. in January 2023, was incorporated in the British Virgin Islands on March 17, 2006. On January 29, 2008, Emeren Group Ltd and its subsidiaries (collectively, the “Company”) became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company is a solar project developer and operator, a solar downstream player. The Company develops and sells solar power projects or sells project Special Purpose Vehicles (“SPVs”) (project development business); provides engineering, procurement and construction business (EPC business); and owns and operates solar power projects and sells the electricity generated by the operated solar power plants (IPP business). The Company conducts the IPP business, EPC business and project development business in a number of countries, including United States, Poland, Hungary, Spain, France, United Kingdom (UK), Germany, Italy and China.

PROJECT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

PROJECT ASSETS

Schedule of Project Assets


	At December 31,
	2022		2023

	in thousands
Project assets - Development and construction cost	$	51,613	$	75,277
Project assets - Others		946		1,247
Total project assets	$	52,559	$	76,524

Current portion		25,969		39,914
Non-current portion		26,590		36,610

COMMON SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
COMMON SHARES
Common shares, par value		$ 0	$ 0
Deferred tax liabilities, current		57,244,020	2,567,640
Value of shares repurchased		$ 21,938	$ 1,554
Common shares, shares issued		651,821,742	651,121,762
ReneSola Singapore
COMMON SHARES
Common shares, par value	$ 0
Deferred tax liabilities, current	70,000,000
Value of shares repurchased	$ 42,100
Stock repurchased including commission fee	$ 100
Common shares, shares issued		651,821,742	651,121,762

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

10. OTHER CURRENT LIABILITIES

The Company’s other current liabilities are summarized below:


	At December 31,
	2022		2023

	in thousands
Payables for purchase of property, plant and equipment⁽¹⁾	$	14,322	$	13,426
Other tax payables		157		271
Deferred revenue⁽³⁾		—		3,177
Other ⁽²⁾		2,969		4,446
	$	17,448	$	21,320

(1)	Payable for purchase of property, plant and equipment as of December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries.

(2)	Other as of December 31, 2022 and 2023 mainly includes the payables for claims, audit fees and other professional service fees.

(3)	Deferred revenue as of December 31, 2023 is mainly related to Hungary project.

PROJECT ASSETS - Schedule of Project Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PROJECT ASSETS
Project assets - Development and construction cost	$ 75,277	$ 51,613
Project assets - Others	1,247	946
Total project assets	76,524	52,559
Current portion	39,914	25,969
Non-current portion	$ 36,610	$ 26,590

EARNINGS/ (LOSS) PER ADS - Schedules of Computation of Diluted Net Earnings/(Loss) Per ADS (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
EARNINGS/ (LOSS) PER ADS
Antidilutive Securities Excluded from Computation of Diluted Net Earnings/(loss) Per Share	3,353,126	5,441,650

ACCOUNTS RECEIVABLE TRADE, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	$ 31,955	$ 23,707
Less: allowance for credit losses	(4,832)	(2,037)	$ (2,100)
Accounts receivable trade, net	27,123	21,670	$ 34,300
From EPC services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	7,304	2,430
From solar power project assets
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	15,055	8,608
From electricity generation
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	$ 9,596	$ 12,669

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Property, Plant and Equipment Stated at Cost Less Accumulated Depreciation (Details)	Dec. 31, 2023
Plant and machinery \| Minimum
Estimated useful lives	3 years
Plant and machinery \| Maximum
Estimated useful lives	5 years
Motor vehicles \| Minimum
Estimated useful lives	4 years
Motor vehicles \| Maximum
Estimated useful lives	5 years
Office equipment \| Minimum
Estimated useful lives	3 years
Office equipment \| Maximum
Estimated useful lives	5 years
Power stations \| Minimum
Estimated useful lives	20 years
Power stations \| Maximum
Estimated useful lives	40 years
Power stations owned in different countries \| Minimum
Estimated useful lives	20 years
Power stations owned in different countries \| Maximum
Estimated useful lives	40 years

EARNINGS/ (LOSS) PER ADS (Tables)

12 Months Ended

Dec. 31, 2023

Loss attributed to Emeren Group Ltd per ADS

Schedule of Basic and diluted earnings per ADS


	For the years ended December 31,
	2022		2023

	in thousands, except number of shares and per share amounts
Numerator:
Net loss	$	(4,548)	$	(5,431)
Less: Net income/(loss) attributed to noncontrolling interests		124		(2,245)
Total net loss attributed to Emeren Group Ltd	$	(4,672)	$	(3,186)

Numerator for diluted loss per ADS	$	(4,672)	$	(3,186)

Denominator:
Denominator for basic loss per ADS - weighted average number of ADS outstanding*		64,924,455		56,526,716
Dilutive effects of share options*		—		—
Denominator for diluted calculation - weighted average number of ADS outstanding*		64,924,455		56,526,716

Basic loss per ADS	$	(0.07)	$	(0.06)
Diluted loss per ADS	$	(0.07)	$	(0.06)

*	All shares are converted to ADS, each ADS represents 10 common shares

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


	For the years ended December 31,
	2022	2023
Share options	5,441,650	3,353,126

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the failed sale-lease back (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future minimum payments required under the failed sale-lease back
2024	$ 4,327
2025	4,123
2026	2,640
2027	1,879
2028	1,146
2029 and later	104
Total minimum lease payments	14,219
Less: Amount representing interest	(1,575)
Present value of net minimum lease payments	12,644
Current portion	3,589	$ 5,656
Non-Current portion	9,055	11,703
Current portion of finance lease	970	4,337
Current portion of failed sale and lease back	3,589	5,656
Total current portion of failed sale-lease back and finance lease	4,559	9,993
Non-current portion for finance lease	2,203	3,260
Non-current portion for failed sale and lease back	9,055	11,703
Total non-current portion of failed sale-lease back and finance lease	11,258	$ 14,963
Financings With Failed Sale Lease Back Transactions [Member]
Future minimum payments required under the failed sale-lease back
Current portion of finance lease	$ 800

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER CURRENT LIABILITIES
Payables for purchase of property, plant and equipment	$ 13,426	$ 14,322
Other tax payables	271	157
Deferred revenue	3,177
Other	4,446	2,969
Other current liabilities	$ 21,320	$ 17,448

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Net revenues:

Total net revenues

$ 105,642

$ 61,291

Cost of revenues

(80,629)

(45,955)

Gross profit

25,013

15,336

Operating expenses:

Sales and marketing

(398)

(421)

General and administrative

(25,961)

(17,202)

Other operating expenses, net

(5,624)

(346)

Impairment loss of assets

(1,691)

Total operating expenses

(33,674)

(17,969)

Loss from operations

(8,661)

(2,633)

Other (expenses)/income:

Interest income

1,794

657

Interest expense

(2,205)

(3,167)

Investment gains

278

898

Foreign exchange gains

5,892

1,614

Total other income, net

5,759

Loss before income tax

(2,902)

(2,631)

Income tax expense

(2,529)

(1,917)

Loss, net of tax

(5,431)

(4,548)

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

(2,245)

124

Net loss attributed to Emeren Group Ltd

$ (3,186)

$ (4,672)

Income/(loss) attributed to Emeren Group Ltd per ADS

Basic

$ (0.06)

$ (0.07)

Diluted

(0.06)

(0.07)

Loss attributed to Emeren Group Ltd per ADS

Basic

(0.06)

(0.07)

Diluted

$ (0.06)

$ (0.07)

Weighted average number of ADS used in computing loss per ADS

Basic

^[1]

56,526,716

64,924,455

Diluted

^[1]

56,526,716

64,924,455

Solar power project development

Net revenues:

Total net revenues

$ 25,152

$ 13,753

Electricity generation

Net revenues:

Total net revenues

29,405

21,654

EPC services

Net revenues:

Total net revenues

43,902

24,760

Others

Net revenues:

Total net revenues

$ 7,183

$ 1,124

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

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Cash and cash equivalents	$ 70,174	$ 107,105
Restricted cash	0	183
Total cash, cash equivalents, and restricted cash	$ 70,174	$ 107,288	$ 254,383

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Deferred project costs	$ 1.8
Prepayment on Korea project development	$ 0.8	$ 0.8
Percentage of prepayment as allowance for credit losses	100.00%		50.00%
Prepaid project cost	$ 0.7
Prepayment for purchase of project		1.1
Compensation from insurance company		0.2
Wrote off of other receivable		$ 0.2

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Company's revenues geographic location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	$ 105,642	$ 61,291
China
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	14,803	20,737
United States
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	1,090	13,870
Germany
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	2,435	0
UK
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	12,754	1,079
Spain
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	0	(490)
France
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	9	14
Poland
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	25,655	24,850
Italy
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	6,901	779
Hungary
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	41,995	452
UK
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Total	$ 12,754	$ 1,079

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES - Held-to-maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
Held-to-maturity investments	$ 0	$ 10,047
Gain on investments	$ 898	$ 278

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the lease loan contract (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024	$ 1,962
2025	1,228
2026	1,228
2027	1,228
2028	1,228
2029 and later	38,476
Total minimum lease loan payments	45,350
Less: Amount representing interest	(21,634)
Present value of net minimum lease loan payments	$ 23,716