0001410578-24-001524 | 10-Q | XBRL Viewer

PROJECT ASSETS (Tables)

6 Months Ended

Jun. 30, 2024


	June 30,		December 31,
	2024		2023

	in thousands
Project assets - Development and construction cost	$	105,170	$	75,277
Project assets - Others		1,287		1,247
Total project assets	$	106,457	$	76,524

Current portion	$	70,392	$	39,914
Non-current portion	$	36,065	$	36,610

COMMON SHARES	6 Months Ended
Jun. 30, 2024
COMMON SHARES
COMMON SHARES	10. COMMON SHARES During 2023, the Company repurchased 57,244,020 of its ordinary shares, no par value at the cost of $21.9 million. On February 12, 2024, the Company announced that it approved an accelerated stock repurchase program (“ASR”) of up to $10 million. During first half of 2024, the Company repurchased 33,988,150 of its ordinary shares, no par value at the cost of $7.2 million. All repurchased shares under the repurchase program are classified as treasury shares of the Company until they are retired or reissued. As of June 30, 2024 and December 31, 2023, the number of total issued shares of the Company was 652,155,075 shares and 651,821,742 shares, respectively.

COMMON SHARES

6 Months Ended

Jun. 30, 2024

COMMON SHARES

COMMON SHARES

10. COMMON SHARES

During 2023, the Company repurchased 57,244,020 of its ordinary shares, no par value at the cost of $21.9 million. On February 12, 2024, the Company announced that it approved an accelerated stock repurchase program (“ASR”) of up to $10 million. During first half of 2024, the Company repurchased 33,988,150 of its ordinary shares, no par value at the cost of $7.2 million. All repurchased shares under the repurchase program are classified as treasury shares of the Company until they are retired or reissued.

As of June 30, 2024 and December 31, 2023, the number of total issued shares of the Company was 652,155,075 shares and 651,821,742 shares, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company's revenues geographic location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	$ 30,057	$ 33,846	$ 44,657	$ 46,722
China
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	6,244	4,080	9,124	7,310
United States
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	394	254	801	457
UK
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	4,037	5,274	6,134	6,560
Spain
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	815	0	815	0
France
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	1	6	2	6
Poland
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	480	18,026	2,940	25,934
Italy
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	3,099	1,123	8,161	1,123
Hungary
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total	$ 14,987	$ 5,083	$ 16,680	$ 5,332

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental schedule of non-cash operating activities
Transfer from property, plant and equipment, net to project assets, current	$ (9,863)
Supplemental schedule of non-cash investing and financing activities:
Payables for purchase of property, plant and equipment	(11,157)	$ (13,542)
Payable for finance leases	$ (2,698)	$ (4,721)

COMMITMENTS AND CONTINGENCIES - Operating lease accounting (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating lease cost
Operating lease cost	$ 986	$ 972
Short-term lease cost		22
Net lease cost	$ 986	994
Lease Term and Discount Rate
Weighted-average remaining lease term (years) - Operating leases	23 years 2 months 12 days		23 years 6 months
Weighted-average discount rate (%) - Operating leases	6.06%		6.07%
Other information
Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 828	1,010
Cash paid for amount included in the measurement of lease liabilities: Cash paid for short-term leases		$ 22
Capital commitments	3,200		$ 7,900
Future minimum payments required under the operating lease
2024 (July 1 through December 31)	756
2025	1,803
2026	1,892
2027	2,009
2028	1,417
2029 and later	32,053
Total minimum lease payments	39,930
Less: Amount representing interest	(18,929)
Present value of net minimum lease payments	$ 21,001
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

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Schedule of deferred costs, capitalized, prepaid, and other assets disclosure


	June 30,		December 31,
	2024		2023

	in thousands
Receivables from disposal of property, plant and equipment (1)	$	1,399	$	1,885
Deposits (2)		14,699		13,727
Others (3)		3,174		4,577
Total prepaid expenses and other current assets		19,272		20,189
Allowance for credit losses (4)		(1,850)		(1,934)
Total prepaid expenses and other current assets	$	17,422	$	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 June 30, 2024 and December 31, 2023, 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 June 30, 2024, others mainly included $0.7 million prepayment on Korea project development (the Company has recorded 100% allowance for credit losses associated with such prepayment), and $0.8 million prepaid for UK project.

(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.

ACCOUNTS RECEIVABLE TRADE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	$ 27,173	$ 31,955
Less: allowance for credit losses	(4,009)	(4,832)	$ (2,000)
Accounts receivable trade, net	23,164	27,123	$ 21,700
From EPC services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	4,047	7,304
From solar power project assets and DSA
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	10,437	15,055
From electricity generation
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable	$ 12,689	$ 9,596

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

16. 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 Rights-of-Use (“ROU”) assets, operating lease liabilities, current, and operating lease liabilities, non-current in the condensed consolidated balance sheets. 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:


		Six months ended June 30,
Lease cost	Classification	2024		2023

		in thousands
Operating lease cost	Operating expenses: General and administrative	$	986	$	972
Short-term lease cost	Operating expenses: General and administrative		—		22
Net lease cost		$	986	$	994


Lease Term and Discount Rate	June 30, 2024		December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	23.2	years	23.5	years
Weighted-average discount rate (%)
Operating leases	6.06	%	6.07	%


	Six months ended June 30,
Other information	2024		2023

	in thousands
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	828	$	1,010
Cash paid for short-term leases	$	—	$	22

As of June 30, 2024, future minimum payments required under the operating lease are:


	USD
	in thousands
2024 (July 1 through December 31)	$	756
2025		1,803
2026		1,892
2027		2,009
2028		1,417
2029 and later		32,053
Total minimum lease payments		39,930
Less: Amount representing interest		(18,929)
Present value of net minimum lease payments	$	21,001

Capital commitments

As of June 30, 2024 and December 31, 2023, the Company had capital commitments of approximately $3.2 million and $7.9 million, respectively. 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.

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2024

SEGMENT REPORTING

SEGMENT REPORTING

17. SEGMENT REPORTING

The Company separated the solar power project segment into four reportable segments, including solar power project development, EPC services, electricity generation and DSA. 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:


	Three months ended June 30, 2024
	in thousands
	Solar power project		Electricity		EPC
	development		generation		Services		DSA		Others			Total
Net revenue	$	5,884	$	8,690	$	12,365	$	3,099	$	19	$	30,057
Gross profit	$	1,883	$	5,162	$	1,307	$	1,019	$	11	$	9,382


	Three months ended June 30, 2023
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		DSA		Others			Total
Net revenue	$	14,216	$	9,819	$	8,585	$	656	$	570	$	33,846
Gross profit	$	4,413	$	7,359	$	119	$	334	$	437	$	12,662


	Six months ended June 30, 2024
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		DSA		Others		Total
Net revenue	$	5,884	$	14,074	$	16,502	$	8,161	$	36	$	44,657
Gross profit	$	1,883	$	7,663	$	1,716	$	2,414	$	28	$	13,704


	Six months ended June 30, 2023
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		DSA		Others		Total
Net revenue	$	14,216	$	14,701	$	16,480	$	656	$	669	$	46,722
Gross profit	$	4,413	$	8,909	$	113	$	334	$	486	$	14,255

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


	Three months ended June 30,				Six months ended June 30,
		2024	2023		2024		2023

	in thousands
China	$	6,244	$	4,080	$	9,124	$	7,310
United States		394		254		801		457
UK		4,037		5,274		6,134		6,560
Spain		815		—		815		—
France		1		6		2		6
Poland		480		18,026		2,940		25,934
Italy		3,099		1,123		8,161		1,123
Hungary		14,987		5,083		16,680		5,332
Total	$	30,057	$	33,846	$	44,657	$	46,722

- 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.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: 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 22: 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 23: 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 24: 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 25: 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

SHARE BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

SHARE BASED COMPENSATION

Schedule of the option activity


				Weighted
				Average
			Weighted	Remaining		Aggregate
	Number of		Average	Contractual		Intrinsic
	Options		Exercise Prices	Term (in years)		Value
Outstanding on December 31, 2023	13,360,000	$	0.39	2.61	$	624,234
Granted	—		—			—
Exercised	—		—			—
Forfeited	(600,010)		—			—
Outstanding on March 31, 2024	12,759,990		0.39	2.28	$	215,000
Granted	—		—			—
Exercised	—		—			—
Forfeited	—		—			—
Outstanding on June 30, 2024	12,759,990		0.39	2.03		—
Expected to vest at June 30, 2024	833,390		0.42	3.88		—
Exercisable at June 30, 2024	12,759,990		0.39	2.03		—

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advances to Suppliers (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advances to suppliers-current	$ 2,971	$ 4,283

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income (loss)	$ (4,742)	$ 7,067
Adjustments to reconcile net income / (loss) to net cash used in operating activities:
Depreciation	3,220	3,594
Allowances for credit losses	936	176
Loss on cancellation of project assets	2,044	143
Share-based compensation	132	848
Deferred tax provision	54	(1,010)
Loss on disposal of property, plant and equipment		2,156
Investment gains from U.S. treasury note		(182)
Changes in operating assets and liabilities:
Accounts receivable, trade and unbilled	13,183	(16,737)
Advances to suppliers	1,064	235
Value added tax recoverable	(395)	(1,775)
Prepaid expenses and other current assets	(1,439)	(11,120)
Project assets	(20,318)	(16,011)
Other non-current assets	(2,101)	(9)
Accounts payable	515	(1,607)
Advances from customers	967	882
Amounts due to related parties	(2,692)
Other current liabilities	(1,717)	6,330
Income tax payable	2,242	785
Salaries payable	47	154
Net cash used in operating activities	(9,000)	(26,081)
Investing activities:
Purchase of property, plant and equipment	(6,730)	(4,138)
Proceeds from disposal of property, plant and equipment	277
Proceeds from disposal of non-financial assets in subsidiary		2,275
Interest from U.S. treasury note		113
Net cash used in investing activities	(6,453)	(1,750)
Financing activities:
Proceeds from banks and other third-party borrowings	776
Repayment of banks and other third-party borrowings	(1,003)	(1,932)
Proceeds from option exercise		38
Repurchase of shares	(7,208)	(14,623)
Borrowings from related parties	239	664
Proceeds from failed sale-lease back	3,658	7,526
Repayment of finance lease obligations	(939)	(3,303)
Repayment of failed sale-lease back financing	(2,227)	(3,360)
Net cash used in financing activities	(6,704)	(14,990)
Effect of exchange rate changes	2,813	(4,011)
Net decrease in cash and cash equivalents and restricted cash	(19,344)	(46,832)
Cash and cash equivalents and restricted cash, beginning of period	70,174	107,288
Cash and cash equivalents and restricted cash, end of period	$ 50,830	$ 60,456

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of disaggregation of revenue


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	in thousands
Solar power project development	$	5,884	$	14,216	$	5,884	$	14,216
Revenue recognized at a point in time		5,884		14,216		5,884		14,216
EPC services		12,365		8,585		16,502		16,480
Electricity generation		8,690		9,819		14,074		14,701
DSA		3,099		656		8,161		656
Others		19		570		36		669
Revenue recognized over time		24,173		19,630		38,773		32,506
Total	$	30,057	$	33,846	$	44,657	$	46,722


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

					in thousands
China	$	6,244	$	4,080	$	9,124	$	7,310
United States		394		254		801		457
UK		4,037		5,274		6,134		6,560
Spain		815		—		815		—
France		1		6		2		6
Poland		480		18,026		2,940		25,934
Italy		3,099		1,123		8,161		1,123
Hungary		14,987		5,083		16,680		5,332
Total	$	30,057	$	33,846	$	44,657	$	46,722

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency (Details) ¥ in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents, functional currency equivalent of foreign currency denominated amount	$ 11.7	¥ 84.9	$ 19.5	¥ 138.1

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2024

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


	June 30,		December 31,
	2024		2023

	in thousands
Due from other related party ⁽¹⁾	$	—	$	30
Due from Related Party balances, net	$	—	$	30

Due to other related party ⁽¹⁾	$	2,443	$	4,997
Due to related party balances, net	$	2,443	$	4,997

Schedule of related party transactions


	Six months ended June 30,
	2024		2023

	in thousands
Payable to related party services ⁽⁴⁾	$	1,981	$	—
Payment for service ⁽³⁾		4,602		—
Bond issued ⁽²⁾		216		663
Interest expense ⁽²⁾		22		7

(1)	The balances due to other related party were convertible bond issued to Eiffel Investment Group for solar power development purpose and included the outstanding service cost that minority controllers of Gravel A provided to the Company.

(2)

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 March 2023, a subsidiary of the Company withdrew $0.7 million (EUR 0.6 million) from Eiffel Investment Group, respectively. December 31, 2023, the outstanding convertible bond was $2.3 million (EUR 2.1 million). Bonds issued to related party for the three months ended June 30, 2024 was $0.2 million. Interest expense for the three months ended June 30, 2024 was $0.01 million.

(3)	Represents the amount that the Company paid in cash to minority shareholders of Gravel A for settling historical payable balance. Payment for service for the three months ended June 30, 2024 was $4.1 million.

(4)	Transactions during the six months ended June 30, 2024, which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects. Payable to related party services for the three months ended June 30, 2024 was $0.5 million.

RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Details) € in Thousands, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Other Receivables, Net, Current			$ 0	$ 0		$ 30
Due to related party balances, net			2,443	2,443		4,967
Bond issued			200
Payment for service			4,100	$ 4,100
Related party \| Eiffel Investment Group
RELATED PARTY BALANCES AND TRANSACTIONS
Related Party Transaction, Rate				2.00%
Conversion price as a percentage on purchase price				70.00%
Bond issued	$ 700	€ 600
Convertible Debt						2,300	€ 2,100
Payment for service			10
Related party \| Eiffel Investment Group \| Maximum \| Convertible bond
RELATED PARTY BALANCES AND TRANSACTIONS
Debt issued			8,000	$ 8,000	€ 7,030
Related party \| Enerpoint and Kaizen \| Project services regarding Italy project
RELATED PARTY BALANCES AND TRANSACTIONS
Payment for service			500	500
Nonrelated party
RELATED PARTY BALANCES AND TRANSACTIONS
Due to related party balances, net			$ 15,174	$ 15,174		$ 21,320

NON-CONTROLLING INTEREST (Details) - USD ($)	3 Months Ended		6 Months Ended
NON-CONTROLLING INTEREST (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
NON-CONTROLLING INTEREST
Comprehensive income (loss) attributed to non-controlling interest	$ 50,000.00	$ (2,700,000)	$ (200,000)	$ (3,100,000)
RPNC Holdings
NON-CONTROLLING INTEREST
Percentage of the company non-controlling interest	99.00%		99.00%
Zhejiang Emeren Smart Energy Co. Ltd
NON-CONTROLLING INTEREST
Percentage of the company non-controlling interest	40.13%		40.13%

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 16, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		512,549,555
Entity Central Index Key	0001417892
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

SHARE BASED COMPENSATION - Schedule of Assumptions Used to Estimate the Fair Value of the Options (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Assumptions used to estimate fair value of the options
Share exercised by employee (in shares)	0	0
Maximum
Assumptions used to estimate fair value of the options
Weighted average expected option life			6 years

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Net revenues:

Total net revenues

$ 30,057

$ 33,846

$ 44,657

$ 46,722

Cost of revenues

(20,675)

(21,184)

(30,953)

(32,467)

Gross profit

9,382

12,662

13,704

14,255

Operating expenses:

Sales and marketing

(57)

(127)

(116)

(219)

General and administrative

(5,354)

(5,329)

(9,976)

(9,725)

Other operating expenses, net

(1,012)

(2,160)

(1,869)

(2,268)

Total operating expenses

(6,423)

(7,616)

(11,961)

(12,212)

Income from operations

2,959

5,046

1,743

2,043

Other (expenses) income:

Interest income

485

568

1,005

1,156

Interest expense

(518)

(193)

(902)

(914)

Investment gain

105

182

Foreign exchange (losses) gains

(838)

2,119

(4,090)

4,827

Total other (expense) income, net

(871)

2,599

(3,987)

5,251

Income (loss) before income tax

2,088

7,645

(2,244)

7,294

Income tax (expense) benefit

(1,342)

(2,498)

(227)

Net income (loss)

746

7,682

(4,742)

7,067

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

354

(666)

791

(1,087)

Net income (loss) attributed to Emeren Group Ltd

$ 392

$ 8,348

$ (5,533)

$ 8,154

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

Basic

^[1]

$ 0.01

$ 0.15

$ (0.11)

$ 0.14

Diluted

^[1]

$ 0.01

$ 0.14

$ (0.11)

$ 0.14

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

Basic

^[1]

51,283,524

57,234,013

52,402,518

57,304,704

Diluted

^[1]

51,374,185

57,600,701

52,402,518

57,698,310

Solar power project development

Net revenues:

Total net revenues

$ 5,884

$ 14,216

$ 5,884

$ 14,216

Electricity generation

Net revenues:

Total net revenues

8,690

9,819

14,074

14,701

EPC services

Net revenues:

Total net revenues

12,365

8,585

16,502

16,480

DSA

Net revenues:

Total net revenues

3,099

656

8,161

656

Others

Net revenues:

Total net revenues

$ 19

$ 570

$ 36

$ 669

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The unaudited condensed consolidated financial statements have been prepared and presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been omitted.

In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Quarterly results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by US GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

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 realized 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. Net income (loss) on the condensed 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 condensed consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the condensed consolidated statements of cash flows, when applicable.

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.

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 assets and liabilities held by the Company measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 include cash and cash equivalents, accounts receivable, accounts payable and salaries payable.

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

Significant accounting policies

There have been no material changes to the Company’s significant accounting policies disclosed in our audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.

Cash and cash equivalents

The Company maintains its cash and cash equivalents in bank accounts which, at times, exceed the federally insured limits. As of June 30, 2024 and December 31, 2023, the Company had cash in excess of FDIC insured amount. The Company has not experienced any losses in such accounts.

Advances to suppliers

As of June 30, 2024 and December 31, 2023, advances to suppliers in current assets were $3.0 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.

Leases

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 June 30, 2024 and December 31, 2023, the prepaid rental fees of $1.0 million and $1.0 million, respectively, were recorded in operating lease right-of-use assets.

Revenue recognition

The Company primarily derives its revenues from the following revenue streams:

●

Solar power project development – This comprise of 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 – Certain of the EPC contracts for photovoltaic (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 June 30, 2024 and December 31, 2023, the unbilled balance of accounts receivable from EPC services included in accounts receivable unbilled, net were $42.0 million and $51.9 million, respectively.

●

Electricity generation – See Note 3. ACCOUNTS RECEIVABLE TRADE, NET for further details.

●

DSA and others – DSA revenue is recognize over time based on the percentage of completion by using the cost-based input method upon the performance of relevant project development activities.

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 six months ended June 30, 2024 and 2023, the Company recognized nil and $0.04 million as revenue that was included in the balances of advances from customers as of January 1, 2024 and 2023, respectively.

Disaggregation of revenue

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	in thousands
Solar power project development	$	5,884	$	14,216	$	5,884	$	14,216
Revenue recognized at a point in time		5,884		14,216		5,884		14,216
EPC services		12,365		8,585		16,502		16,480
Electricity generation		8,690		9,819		14,074		14,701
DSA		3,099		656		8,161		656
Others		19		570		36		669
Revenue recognized over time		24,173		19,630		38,773		32,506
Total	$	30,057	$	33,846	$	44,657	$	46,722

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

					in thousands
China	$	6,244	$	4,080	$	9,124	$	7,310
United States		394		254		801		457
UK		4,037		5,274		6,134		6,560
Spain		815		—		815		—
France		1		6		2		6
Poland		480		18,026		2,940		25,934
Italy		3,099		1,123		8,161		1,123
Hungary		14,987		5,083		16,680		5,332
Total	$	30,057	$	33,846	$	44,657	$	46,722

See Note 17. SEGMENT REPORTING for further details.

Feed-in tariff (s) (FIT) payments

The Company collected FIT payments of $0.3 million and $0.1 million for the electricity sold to the state grid companies in the PRC for the three months ended June 30, 2024 and 2023, respectively. The Company recognized non-FIT payments of attracting foreign investment of nil and $0.1 million in other operating income and expense, net for the three months ended June 30, 2024 and 2023, respectively.

The Company collected FIT payments of $0.4 million and $1.7 million for the electricity sold to the state grid companies in the PRC for the six months ended June 30, 2024 and 2023, respectively. The Company recognized non-FIT payments of attracting foreign investment of $0.1 million and $0.1 million in other operating income and expense, net for the six months ended June 30, 2024 and 2023, respectively.

Foreign currency

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 RMB 84.9 million ($11.7 million) and RMB 138.1 million ($19.5 million) on June 30, 2024 and December 31, 2023, respectively.

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 June 30, 2024 and December 31, 2023, accumulated other comprehensive income (loss) is mainly composed of foreign currency translation adjustments.

Recently issued accounting pronouncements

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’s management does not believe the adoption of ASU No. 2023 - 01 will have a material impact on its consolidated financial statements and disclosures.

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.

EARNINGS/ (LOSS) PER ADS - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
EARNINGS/ (LOSS) PER ADS
Number of shares per ADS	10
Number of shares issued to the share depository bank but are treated as escrowed shares	10,063,147		10,396,480
Antidilutive securities excluded from computation of diluted net earnings/(loss) per share	1,122,900	4,220,557

RELATED PARTY BALANCES AND TRANSACTIONS

6 Months Ended

Jun. 30, 2024

RELATED PARTY BALANCES AND TRANSACTIONS

15. RELATED PARTY BALANCES AND TRANSACTIONS

(a) Related party balances

As of June 30, 2024 and December 31, 2023, related party balances with ReneSola Singapore Pte., Ltd and its subsidiaries and with other related parties were as follows:


	June 30,		December 31,
	2024		2023

	in thousands
Due from other related party ⁽¹⁾	$	—	$	30
Due from Related Party balances, net	$	—	$	30

Due to other related party ⁽¹⁾	$	2,443	$	4,997
Due to related party balances, net	$	2,443	$	4,997

(b) Related party transactions

Related party transactions with ReneSola Singapore Pte., Ltd and its subsidiaries and other related parties were as follows:


	Six months ended June 30,
	2024		2023

	in thousands
Payable to related party services ⁽⁴⁾	$	1,981	$	—
Payment for service ⁽³⁾		4,602		—
Bond issued ⁽²⁾		216		663
Interest expense ⁽²⁾		22		7

(1)	The balances due to other related party were convertible bond issued to Eiffel Investment Group for solar power development purpose and included the outstanding service cost that minority controllers of Gravel A provided to the Company.

(2)

(3)	Represents the amount that the Company paid in cash to minority shareholders of Gravel A for settling historical payable balance. Payment for service for the three months ended June 30, 2024 was $4.1 million.

(4)	Transactions during the six months ended June 30, 2024, which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects. Payable to related party services for the three months ended June 30, 2024 was $0.5 million.

- 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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

Basis of consolidation

Use of estimates

Use of estimates

Fair value measurement

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

Significant accounting policies

Cash and cash equivalents

Advances to suppliers

Leases

Revenue recognition

The Company primarily derives its revenues from the following revenue streams:

●

Electricity generation – See Note 3. ACCOUNTS RECEIVABLE TRADE, NET for further details.

●

DSA and others – DSA revenue is recognize over time based on the percentage of completion by using the cost-based input method upon the performance of relevant project development activities.

Contract liability

Disaggregation of revenue

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	in thousands
Solar power project development	$	5,884	$	14,216	$	5,884	$	14,216
Revenue recognized at a point in time		5,884		14,216		5,884		14,216
EPC services		12,365		8,585		16,502		16,480
Electricity generation		8,690		9,819		14,074		14,701
DSA		3,099		656		8,161		656
Others		19		570		36		669
Revenue recognized over time		24,173		19,630		38,773		32,506
Total	$	30,057	$	33,846	$	44,657	$	46,722

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

					in thousands
China	$	6,244	$	4,080	$	9,124	$	7,310
United States		394		254		801		457
UK		4,037		5,274		6,134		6,560
Spain		815		—		815		—
France		1		6		2		6
Poland		480		18,026		2,940		25,934
Italy		3,099		1,123		8,161		1,123
Hungary		14,987		5,083		16,680		5,332
Total	$	30,057	$	33,846	$	44,657	$	46,722

See Note 17. SEGMENT REPORTING for further details.

Feed-in tariff (s) (FIT) payments

Feed-in tariff (s) (FIT) payments

Foreign currency

Comprehensive income (loss)

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company's revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	$ 30,057	$ 33,846	$ 44,657	$ 46,722
At a point in time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	5,884	14,216	5,884	14,216
Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	24,173	19,630	38,773	32,506
Solar power project development
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	5,884	14,216	5,884	14,216
EPC Services
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	12,365	8,585	16,502	16,480
Electricity generation
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	8,690	9,819	14,074	14,701
DSA
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	3,099	656	8,161	656
Others
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	$ 19	$ 570	$ 36	$ 669

- 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 + Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (ee)
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Depreciation expense	$ 1.4	$ 1.5	$ 3.2	$ 3.6

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2024

PROPERTY, PLANT AND EQUIPMENT, NET

Schedule of property, plant and equipment. net


	June 30,		December 31,
	2024		2023

	in thousands
Land	$	275	$	275
Plant and machinery		880		768
Motor vehicles		90		91
Office equipment		305		307
Power stations		187,566		187,518
Less: Accumulated depreciation		(31,826)		(27,125)
		157,290		161,834
Construction in progress		2,179		1,280
Property, plant and equipment, net	$	159,469	$	163,114

EARNINGS/ (LOSS) PER ADS (Tables)

6 Months Ended

Jun. 30, 2024

EARNINGS/ (LOSS) PER ADS

Schedule of basic and diluted earnings per ADS


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	in thousands, except number of shares and per share amounts
Numerator:
Net income (loss)	$	746	$	7,682	$	(4,742)	$	7,067
Less: Net income (loss) attributed to noncontrolling interests		354		(666)		791		(1,087)
Total net income (loss) attributed to Emeren Group Ltd	$	392	$	8,348	$	(5,533)	$	8,154

Numerator for diluted income (loss) per ADS	$	392	$	8,348	$	(5,533)	$	8,154

Denominator:
Denominator for basic income (loss) per ADS - weighted average number of ADS outstanding*		51,283,524		57,234,013		52,402,518		57,304,704
Dilutive effects of share options*		90,661		366,688		—		393,606
Denominator for diluted calculation - weighted average number of ADS outstanding*		51,374,185		57,600,701		52,402,518		57,698,310

Basic income (loss) per ADS	$	0.01	$	0.15	$	(0.11)	$	0.14
Diluted income (loss) per ADS	$	0.01	$	0.14	$	(0.11)	$	0.14

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

ACCOUNTS RECEIVABLE TRADE, NET - Accounts receivable unbilled (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 45,860	$ 59,969
Less: allowance for credit losses	(71)	(371)	$ (700)
Accounts receivable unbilled, net	45,789	59,598	$ 43,900
Solar power project assets
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	3,864	8,088
EPC Services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 41,996	$ 51,881

PROJECT ASSETS

6 Months Ended

Jun. 30, 2024

PROJECT ASSETS

PROJECT ASSETS

5. PROJECT ASSETS

Project assets consisted of the following at June 30, 2024 and December 31, 2023, respectively:


	June 30,		December 31,
	2024		2023

	in thousands
Project assets - Development and construction cost	$	105,170	$	75,277
Project assets - Others		1,287		1,247
Total project assets	$	106,457	$	76,524

Current portion	$	70,392	$	39,914
Non-current portion	$	36,065	$	36,610

UNAUDITED CONDENSED 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, 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	(194)	0	(194)	(421)	(615)
Stock repurchase	0	$ (13,200)	0	0	0	(13,200)	0	(13,200)
Stock repurchase (in shares)		(30,000,000)
Share-based compensation	0		441	0	0	441	0	441
Initial non-controlling interest of the minority shareholders	0		0	0	0	0	27	27
Other comprehensive income/(loss), net of tax	0		0	0	1,350	1,350	(10)	1,340
Balance at Mar. 31, 2023	$ 806,283	$ (33,200)	13,941	(437,571)	(13,763)	335,690	40,947	376,637
Balance (in shares) at Mar. 31, 2023	651,121,762	(63,471,750)
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)								7,067
Other comprehensive income/(loss), net of tax								(3,262)
Balance at Jun. 30, 2023	$ 806,576	$ (34,623)	14,116	(429,223)	(16,330)	340,516	38,247	378,763
Balance (in shares) at Jun. 30, 2023	651,488,412	(67,218,330)
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
Stock repurchase								$ (21,900)
Stock repurchase (in shares)								(57,244,020)
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)
Balance at Mar. 31, 2023	$ 806,283	$ (33,200)	13,941	(437,571)	(13,763)	335,690	40,947	376,637
Balance (in shares) at Mar. 31, 2023	651,121,762	(63,471,750)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	8,348	0	8,348	(666)	7,682
Stock repurchase	0	$ (1,423)	0	0	0	(1,423)	0	(1,423)
Stock repurchase (in shares)		(3,746,580)
Share exercised by employee	$ 293		(232)	0	0	61	0	61
Share exercised by employee (in shares)	366,650
Share-based compensation	$ 0		407	0	0	407	0	407
Initial non-controlling interest of the minority shareholders	0		0	0	0	0	1	1
Other comprehensive income/(loss), net of tax	0		0	0	(2,567)	(2,567)	(2,035)	(4,602)
Balance at Jun. 30, 2023	$ 806,576	$ (34,623)	14,116	(429,223)	(16,330)	340,516	38,247	378,763
Balance (in shares) at Jun. 30, 2023	651,488,412	(67,218,330)
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)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	(5,925)	0	(5,925)	437	(5,488)
Stock repurchase	0	$ (6,178)	0	0	0	(6,178)	0	$ (6,178)
Stock repurchase (in shares)		(29,258,280)
Share exercised by employee (in shares)								0
Share-based compensation	0		29	0	0	29	0	$ 29
Issuance of common stock from release of restricted share units	$ 0		0	0	0	0	0	0
Issuance of common stock from release of restricted share units (in shares)	333,333
Other comprehensive income/(loss), net of tax	$ 0		0	0	(2,274)	(2,274)	(681)	(2,955)
Balance at Mar. 31, 2024	$ 806,714	$ (48,116)	14,757	(446,488)	(15,903)	310,964	37,753	348,717
Balance (in shares) at Mar. 31, 2024	652,155,075	(119,974,050)
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)
Increase (Decrease) in Stockholders' Equity
Net income (loss)								(4,742)
Stock repurchase								$ (7,200)
Stock repurchase (in shares)								(33,988,150)
Other comprehensive income/(loss), net of tax								$ (3,976)
Balance at Jun. 30, 2024	$ 806,714	$ (49,146)	14,860	(446,096)	(16,612)	309,720	37,801	347,521
Balance (in shares) at Jun. 30, 2024	652,155,075	(124,703,920)
Balance at Mar. 31, 2024	$ 806,714	$ (48,116)	14,757	(446,488)	(15,903)	310,964	37,753	348,717
Balance (in shares) at Mar. 31, 2024	652,155,075	(119,974,050)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	392	0	392	354	746
Stock repurchase	0	$ (1,030)	0	0	0	(1,030)	0	$ (1,030)
Stock repurchase (in shares)		(4,729,870)
Share exercised by employee (in shares)								0
Share-based compensation	0		103	0	0	103	6	$ 109
Other comprehensive income/(loss), net of tax	0		0	0	(709)	(709)	(312)	(1,021)
Balance at Jun. 30, 2024	$ 806,714	$ (49,146)	$ 14,860	$ (446,096)	$ (16,612)	$ 309,720	$ 37,801	$ 347,521
Balance (in shares) at Jun. 30, 2024	652,155,075	(124,703,920)

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Numerator:

Net income (loss)

$ 746

$ 7,682

$ (4,742)

$ 7,067

Less: Net income (loss) attributed to noncontrolling interests

354

(666)

791

(1,087)

Less: Net income (loss) attributed to noncontrolling interests

392

8,348

(5,533)

8,154

Numerator for diluted income (loss) per ADS

$ 392

$ 8,348

$ (5,533)

$ 8,154

Denominator:

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

^[1]

51,283,524

57,234,013

52,402,518

57,304,704

Dilutive effects of share options

90,661

366,688

393,606

Denominator for diluted calculation - weighted average number of ADS outstanding

^[1]

51,374,185

57,600,701

52,402,518

57,698,310

Basic income (loss) per ADS

$ 0.01

$ 0.15

$ (0.11)

$ 0.14

Diluted income (loss) per ADS

$ 0.01

$ 0.14

$ (0.11)

$ 0.14

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

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2024

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

Schedule of bank borrowings


	June 30,		December 31,
	2024		2023

	in thousands
Long-term borrowings, current	$	1,245	$	1,385
Long-term borrowings, non-current		22,863		22,685
Total borrowings from bank and other third parties	$	24,108	$	24,070

Schedule of future minimum payments required under the lease loan contract


	USD
	in thousands
2024 (July 1 through December 31)	$	1,033
2025		1,224
2026		1,224
2027		1,224
2028		1,224
2029 and later		38,424
Total minimum lease loan payments		44,353
Less: Amount representing interest		(21,348)
Present value of net minimum lease loan payments	$	23,005

Schedule of future minimum payments required under the finance lease


	USD
	in thousands
2024 (July 1 through December 31)	$	518
2025		977
2026		760
2027		745
Total minimum lease payments		3,000
Less: Amount representing interest		(302)
Present value of net minimum lease payments	$	2,698
Current portion	$	996
Non-current portion	$	1,702

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


	USD
	in thousands
2024 (July 1 through December 31)	$	2,867
2025		4,853
2026		3,309
2027		2,620
2028		1,996
2029 and later		1,348
Total minimum lease payments		16,993
Less: Amount representing interest		(2,106)
Present value of net minimum lease payments	$	14,887
Current portion	$	4,129
Non-current portion	$	10,758


	June 30,		December 31,
	2024		2023

	in thousands
Current portion of finance lease	$	996	$	970
Current portion of failed sale and lease back		4,129		3,589
Total current portion of failed sale-lease back and finance lease	$	5,125	$	4,559

Non-current portion for finance lease	$	1,702	$	2,203
Non-current portion for failed sale and lease back		10,758		9,055
Total non-current portion of failed sale-lease back and finance lease	$	12,460	$	11,258

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

18. SUBSEQUENT EVENTS

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

NON-CONTROLLING INTEREST

6 Months Ended

Jun. 30, 2024

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST

14. NON-CONTROLLING INTEREST

During the three months ended June 30, 2024 and 2023, the Company has comprehensive income (loss) attributed to non-controlling interest for $0.05 million and ($2.7) million, respectively, of which, the majority resulted from two consolidated entities, RPNC Holdings, LLC and Zhejiang Emeren Smart Energy Co., Ltd. The Company calculated the non-controlling interest for 99% to RPNC Holdings, LLC and 40.13% to Zhejiang Emeren Smart Energy Co., Ltd.

During the six months ended June 30, 2024 and 2023, the Company has comprehensive loss attributed to non-controlling interest for ($0.2) million and ($3.1) million, respectively, of which, the majority resulted from two consolidated entities, RPNC Holdings, LLC and Zhejiang Emeren Smart Energy Co., Ltd. The Company calculated the non-controlling interest for 99% to RPNC Holdings, LLC and 40.13% to Zhejiang Emeren Smart Energy Co., Ltd.

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule Of Finance Lease Future Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
2024 (July 1 through December 31)	$ 518
2025	977
2026	760
2027	745
Total minimum lease payments	3,000
Less: Amount representing interest	(302)
Present value of net minimum lease payments	2,698		$ 4,721
Current portion	996	$ 970
Non-current portion	$ 1,702	$ 2,203

SHARE BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

11. 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

During the six months ended June 30, 2024 and year ended December 31, 2023, no options were granted to employees.

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
				Average
			Weighted	Remaining		Aggregate
	Number of		Average	Contractual		Intrinsic
	Options		Exercise Prices	Term (in years)		Value
Outstanding on December 31, 2023	13,360,000	$	0.39	2.61	$	624,234
Granted	—		—			—
Exercised	—		—			—
Forfeited	(600,010)		—			—
Outstanding on March 31, 2024	12,759,990		0.39	2.28	$	215,000
Granted	—		—			—
Exercised	—		—			—
Forfeited	—		—			—
Outstanding on June 30, 2024	12,759,990		0.39	2.03		—
Expected to vest at June 30, 2024	833,390		0.42	3.88		—
Exercisable at June 30, 2024	12,759,990		0.39	2.03		—

As of June 30, 2024, there was 12,759,990 outstanding options with weighted average contractual period of 2 years under the Plan.

Share-based compensation costs of $0.1 million and $0.4 million have been charged against income during the three months ended June 30, 2024 and 2023, respectively. Share-based compensation costs of $0.1 million and $0.8 million have been charged against income during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $0.3 million in total unrecognized share-based compensation expense related to unvested options granted under the Plan, which is expected to be recognized over a weighted-average period of 1 year.

During the six months ended June 30, 2024, the 333,333 ordinary shares of restricted share units were exercised. As of June 30, 2024, 666,667 ordinary shares of restricted share units were outstanding.

ACCOUNTS RECEIVABLE TRADE, NET

6 Months Ended

Jun. 30, 2024

ACCOUNTS RECEIVABLE TRADE, NET

ACCOUNTS RECEIVABLE TRADE, NET

3. ACCOUNTS RECEIVABLE TRADE, NET


	June 30,		December 31,
	2024		2023

	in thousands
Accounts receivable trade
– from EPC services	$	4,047	$	7,304
– from solar power project assets and DSA		10,437		15,055
– from electricity generation (1)		12,689		9,596
Total accounts receivable trade		27,173		31,955
Less: allowance for credit losses		(4,009)		(4,832)
Accounts receivable trade, net	$	23,164	$	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 June 30, 2024 and December 31, 2023, there are $3.4 million and $3.5 million of FIT receivables classified as current, and $18.1 million and $16.4 million classified as non-current, which is included in the other non-current assets on the condensed consolidated balance sheets, respectively.

Accounts receivable trade, net and its allowance for credit losses as of December 31, 2022 amounted to $21.7 million and $2.0 million, respectively.

ACCOUNTS RECEIVABLE UNBILLED, NET


	June 30,		December 31,
	2024		2023

	in thousands
Accounts receivable unbilled
–from solar power project assets	$	3,864	$	8,088
–from EPC services		41,996		51,881
Total accounts receivable unbilled		45,860		59,969
Less: allowance for credit losses		(71)		(371)
Accounts receivable unbilled, net	$	45,789	$	59,598

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, 2022 amounted to $43.9 million and $0.7 million, 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 receivables under the simplified approach.


	June 30,		December 31,
	2024		2023

	in thousands
At beginning of the period	$	5,203	$	2,749
Allowance for credit losses for the period		859		2,925
Written off		(1,982)		(471)
At end of the period	$	4,080	$	5,203

During the three months ended June 30, 2024 and 2023, the Company recorded credit losses of $0.7 million and $0.2 million, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded credit losses of $0.9 million and $0.2 million, respectively.

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

As of June 30, 2024, receivables from a solar power customer amounted to $44.5 million, including billed receivable of $4.1 million and unbilled receivable of $40.4 million, which accounts for 61% 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 three months ended June 30, 2024 and 2023, revenue from this solar power customer accounted for 1.4% ($0.4 million) and 14.1% ($4.8 million) of the Company’s total net revenues, respectively. For the six months ended June 30, 2024 and 2023, revenue from this solar power customer accounted for 6.4% ($2.8 million) and 27.1% ($12.7 million) of the Company’s total net revenues, respectively.

SEGMENT REPORTING - Schedule of the Company's Revenues Generated from Each Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
SEGMENT REPORTING
Number of reportable segments \| segment			4
Net revenue	$ 30,057	$ 33,846	$ 44,657	$ 46,722
Gross profit	9,382	12,662	13,704	14,255
Operating segment
SEGMENT REPORTING
Net revenue	30,057	33,846	44,657	46,722
Gross profit	9,382	12,662	13,704	14,255
Solar power project development
SEGMENT REPORTING
Net revenue	5,884	14,216	5,884	14,216
Solar power project development \| Operating segment
SEGMENT REPORTING
Net revenue	5,884	14,216	5,884	14,216
Gross profit	1,883	4,413	1,883	4,413
Electricity generation
SEGMENT REPORTING
Net revenue	8,690	9,819	14,074	14,701
Electricity generation \| Operating segment
SEGMENT REPORTING
Net revenue	8,690	9,819	14,074	14,701
Gross profit	5,162	7,359	7,663	8,909
EPC services
SEGMENT REPORTING
Net revenue	12,365	8,585	16,502	16,480
EPC services \| Operating segment
SEGMENT REPORTING
Net revenue	12,365	8,585	16,502	16,480
Gross profit	1,307	119	1,716	113
DSA
SEGMENT REPORTING
Net revenue	3,099	656	8,161	656
DSA \| Operating segment
SEGMENT REPORTING
Net revenue	3,099	656	8,161	656
Gross profit	1,019	334	2,414	334
Others
SEGMENT REPORTING
Net revenue	19	570	36	669
Others \| Operating segment
SEGMENT REPORTING
Net revenue	19	570	36	669
Gross profit	$ 11	$ 437	$ 28	$ 486

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 392	$ 8,348	$ (5,533)	$ 8,154

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
Long-term borrowings, current	$ 1,245	$ 1,385
Long-term borrowings, non-current	22,863	22,685
Total borrowings from bank and other third parties	$ 24,108	$ 24,070

- 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

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
UNAUDITED CONDENSED 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	652,155,075	651,821,742
Common shares, shares outstanding	512,549,555	546,204,372
Treasury stock (in shares)	124,703,920	90,715,770

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2024

SEGMENT REPORTING

Schedule of the Company's revenues generated from each segment


	Three months ended June 30, 2024
	in thousands
	Solar power project		Electricity		EPC
	development		generation		Services		DSA		Others			Total
Net revenue	$	5,884	$	8,690	$	12,365	$	3,099	$	19	$	30,057
Gross profit	$	1,883	$	5,162	$	1,307	$	1,019	$	11	$	9,382


	Three months ended June 30, 2023
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		DSA		Others			Total
Net revenue	$	14,216	$	9,819	$	8,585	$	656	$	570	$	33,846
Gross profit	$	4,413	$	7,359	$	119	$	334	$	437	$	12,662


	Six months ended June 30, 2024
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		DSA		Others		Total
Net revenue	$	5,884	$	14,074	$	16,502	$	8,161	$	36	$	44,657
Gross profit	$	1,883	$	7,663	$	1,716	$	2,414	$	28	$	13,704


	Six months ended June 30, 2023
	in thousands
	Solar power project		Electricity		EPC
	development		generation		services		DSA		Others		Total
Net revenue	$	14,216	$	14,701	$	16,480	$	656	$	669	$	46,722
Gross profit	$	4,413	$	8,909	$	113	$	334	$	486	$	14,255

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


	Three months ended June 30,				Six months ended June 30,
		2024	2023		2024		2023

	in thousands
China	$	6,244	$	4,080	$	9,124	$	7,310
United States		394		254		801		457
UK		4,037		5,274		6,134		6,560
Spain		815		—		815		—
France		1		6		2		6
Poland		480		18,026		2,940		25,934
Italy		3,099		1,123		8,161		1,123
Hungary		14,987		5,083		16,680		5,332
Total	$	30,057	$	33,846	$	44,657	$	46,722

ACCOUNTS RECEIVABLE TRADE, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	$ 23,164		$ 23,164		$ 27,123	$ 21,700
Allowance for doubtful accounts	4,009		4,009		4,832	2,000
Accounts receivable unbilled, net	45,789		45,789		59,598	43,900
Allowance for credit losses unbilled	(71)		(71)		(371)	$ (700)
Accounts receivable unbilled, net	45,789		45,789		59,598
Total	30,057	$ 33,846	$ 44,657	$ 46,722
Electricity Revenue Generation
ACCOUNTS RECEIVABLE TRADE, NET
Feed-in tariff(s) (FIT) receivables, recovery period			12 months
Feed-in tariff(s) (FIT) receivables, current	3,400		$ 3,400		3,500
Feed-in tariff(s) (FIT) receivables, noncurrent	18,100		18,100		16,400
Solar power customers \| Credit concentration \| Accounts receivable
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	44,500		44,500		44,900
Billed receivable	4,100		4,100		6,300
Accounts receivable unbilled, net	$ 40,400		$ 40,400		$ 38,600
Concentration risk percentage			61.00%		49.00%
Solar power customers \| Customer Concentration Risk \| Revenue Benchmark
ACCOUNTS RECEIVABLE TRADE, NET
Concentration risk percentage	1.40%	14.10%	6.40%	27.10%
Total	$ 400	$ 4,800	$ 2,800	$ 12,700

ACCOUNTS RECEIVABLE TRADE, NET (Tables)

6 Months Ended

Jun. 30, 2024

ACCOUNTS RECEIVABLE TRADE, NET

Schedule of components of accounts receivable, net


	June 30,		December 31,
	2024		2023

	in thousands
Accounts receivable trade
– from EPC services	$	4,047	$	7,304
– from solar power project assets and DSA		10,437		15,055
– from electricity generation (1)		12,689		9,596
Total accounts receivable trade		27,173		31,955
Less: allowance for credit losses		(4,009)		(4,832)
Accounts receivable trade, net	$	23,164	$	27,123

(1)

Schedule of accounts receivable unbilled


	June 30,		December 31,
	2024		2023

	in thousands
Accounts receivable unbilled
–from solar power project assets	$	3,864	$	8,088
–from EPC services		41,996		51,881
Total accounts receivable unbilled		45,860		59,969
Less: allowance for credit losses		(71)		(371)
Accounts receivable unbilled, net	$	45,789	$	59,598

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


	June 30,		December 31,
	2024		2023

	in thousands
At beginning of the period	$	5,203	$	2,749
Allowance for credit losses for the period		859		2,925
Written off		(1,982)		(471)
At end of the period	$	4,080	$	5,203

OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

OTHER CURRENT LIABILITIES

Schedule of other current liabilities


	June 30,		December 31,
	2024		2023

	in thousands
Payables for purchase of property, plant and equipment⁽¹⁾	$	11,157	$	13,426
Other tax payables		250		271
Deferred revenue⁽³⁾		—		3,177
Other ⁽²⁾		3,767		4,446
Total other current liabilities	$	15,174	$	21,320

(1)	Payable for purchase of property, plant and equipment as of June 30, 2024 and December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries.

(2)	Other as of June 30, 2024 and December 31, 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.

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Finance lease (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Finance lease liabilities	$ 2,698		$ 4,721
Modules, inverters, and other
Estimated useful lives	25 years	25 years
Finance lease liabilities	$ 2,700	$ 3,200

ORGANIZATION AND NATURE OF OPERATIONS

6 Months Ended

Jun. 30, 2024

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”); owns and operates solar power projects and sells the electricity generated by the operated solar power plants (“IPP business”); and provides Development Services Agreement (“DSA”). The Company conducts the IPP business, EPC business, DSA business and project development business in a number of countries, including United States, Poland, Hungary, Spain, France, United Kingdom (“UK”), Germany, Italy and China.

ACCOUNTS RECEIVABLE TRADE, NET - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
ACCOUNTS RECEIVABLE TRADE, NET
At beginning of the period			$ 5,203	$ 2,749	$ 2,749
Allowance for credit losses for the period	$ 700	$ 200	859	$ 200	2,925
Written off			(1,982)		(471)
At end of the period	$ 4,080		$ 4,080		$ 5,203

EMPLOYEE BENEFITS

6 Months Ended

Jun. 30, 2024

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

12. 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.

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 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. 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.

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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

EARNINGS/ (LOSS) PER ADS

6 Months Ended

Jun. 30, 2024

EARNINGS/ (LOSS) PER ADS

EARNINGS/ (LOSS) PER ADS

13. EARNINGS/ (LOSS) PER ADS

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

	in thousands, except number of shares and per share amounts
Numerator:
Net income (loss)	$	746	$	7,682	$	(4,742)	$	7,067
Less: Net income (loss) attributed to noncontrolling interests		354		(666)		791		(1,087)
Total net income (loss) attributed to Emeren Group Ltd	$	392	$	8,348	$	(5,533)	$	8,154

Numerator for diluted income (loss) per ADS	$	392	$	8,348	$	(5,533)	$	8,154

Denominator:
Denominator for basic income (loss) per ADS - weighted average number of ADS outstanding*		51,283,524		57,234,013		52,402,518		57,304,704
Dilutive effects of share options*		90,661		366,688		—		393,606
Denominator for diluted calculation - weighted average number of ADS outstanding*		51,374,185		57,600,701		52,402,518		57,698,310

Basic income (loss) per ADS	$	0.01	$	0.15	$	(0.11)	$	0.14
Diluted income (loss) per ADS	$	0.01	$	0.14	$	(0.11)	$	0.14

*	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 June 30, 2024 and December 31, 2023, there was 10,063,147 ordinary shares 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). For the six months ended June 30, 2024 and 2023, the Company excluded ordinary share equivalents of 1,122,900 and 4,220,557, respectively, from the computation of diluted net earnings/(loss) per share because including them would have been anti-dilutive.

SHARE BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
SHARE BASED COMPENSATION (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 29, 2021	Dec. 21, 2020	Jul. 27, 2010	Sep. 27, 2007
Additional disclosures
Granted (in shares)	0	0		0		0
Proceeds received on exercise					$ 38
Additional disclosures
Stock units issued to employee (in shares)	0	0
Share-based compensation arrangement by share-based payment award options outstanding number	12,759,990	12,759,990		12,759,990		13,360,000
Unrecognized compensation expense related to unvested share-based compensation arrangements	$ 300			$ 300
Employees
Additional disclosures
Stock units issued to employee (in shares)				333,333
Employee Stock Option
Additional disclosures
Share-based Compensation cost	$ 100		$ 400	$ 100	$ 800
Period for recognition of unrecognized compensation costs				1 year
Performance Shares
Additional disclosures
Released performance compensation (in shares)				666,667
2007 Share Incentive Plan
Additional disclosures
Number of authorized shares							42,500,000	22,500,000	12,500,000	7,500,000

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

6 Months Ended

Jun. 30, 2024

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

BORROWINGS AND OTHER FINANCING ARRANGEMENTS

8. 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:


	June 30,		December 31,
	2024		2023

	in thousands
Long-term borrowings, current	$	1,245	$	1,385
Long-term borrowings, non-current		22,863		22,685
Total borrowings from bank and other third parties	$	24,108	$	24,070

As of June 30, 2024 and December 31, 2023, the long-term borrowings of $24.1 million and $24.1 million were jointly guaranteed by the Company and its subsidiaries.

Long-term borrowings

In January 2021, the Company’s 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 June 30, 2024 and December 31, 2023, the balance of this long-term borrowings was $0.03 million and $0.04 million, respectively.

In January 2022, the Company’s Project Branston subsidiary entered into a lease loan contract with Aviva Investor Infrastructure Income No.4 Ltd. The loan bears interest at 4.0% 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, 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 June 30, 2024, the long-term borrowings were $23.0 million, including current of $1.2 million and non-current of $21.8 million.

As of June 30, 2024, future minimum payments required under the lease loan contract are:


	USD
	in thousands
2024 (July 1 through December 31)	$	1,033
2025		1,224
2026		1,224
2027		1,224
2028		1,224
2029 and later		38,424
Total minimum lease loan payments		44,353
Less: Amount representing interest		(21,348)
Present value of net minimum lease loan payments	$	23,005

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 June 30, 2024 and December 31, 2023, the balance of the shareholder loan was $0.1 million and $ 0.1 million, respectively.

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 June 30, 2024 and December 31, 2023, the balance of the shareholder loan was $0.03 million and $0.03 million, respectively.

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. As of June 30, 2024, the long - term borrowings were $0.2 million, including current of $0.02 million and non - current of $0.2 million.

In March 2024, the Company’s China subsidiary obtained a long-term loan by a bank totaling RMB 5.6 million ($0.8 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 March 2034. As of June 30, 2024, the long - term borrowings were $0.8 million, including current of $0.08 million and non – current of $0.7 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 three months ended June 30, 2024 and 2023, the Company paid for amount of financing lease associated with failed sales-lease back transactions of $1.1 million and $1.7 million, respectively. During the six months ended June 30, 2024 and 2023, the Company paid for amount of financing lease associated with failed sales-lease back transactions of $2.2 million and $3.4 million, respectively. As of June 30, 2024 and December 31, 2023, the Company recorded $10.8 million and $9.1 million under failed sales leaseback liabilities as non-current portion and $4.1 million and $3.6 million as the current portion, which represents principal to be paid in the next year, respectively. The weighted average effective interest rate of the financing was 6.36% and 6.67% and interest costs incurred during the six months ended June 30, 2024 and 2023 were $0.4 million and $0.4 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 June 30, 2024 and December 31, 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 June 30, 2024 and December 31, 2023 was $2.7 million and $3.2 million, respectively.

As of June 30, 2024, future minimum payments required under the finance lease are:


	USD
	in thousands
2024 (July 1 through December 31)	$	518
2025		977
2026		760
2027		745
Total minimum lease payments		3,000
Less: Amount representing interest		(302)
Present value of net minimum lease payments	$	2,698
Current portion	$	996
Non-current portion	$	1,702

As of June 30, 2024, future minimum payments required under the failed sale-lease back are:


	USD
	in thousands
2024 (July 1 through December 31)	$	2,867
2025		4,853
2026		3,309
2027		2,620
2028		1,996
2029 and later		1,348
Total minimum lease payments		16,993
Less: Amount representing interest		(2,106)
Present value of net minimum lease payments	$	14,887
Current portion	$	4,129
Non-current portion	$	10,758


	June 30,		December 31,
	2024		2023

	in thousands
Current portion of finance lease	$	996	$	970
Current portion of failed sale and lease back		4,129		3,589
Total current portion of failed sale-lease back and finance lease	$	5,125	$	4,559

Non-current portion for finance lease	$	1,702	$	2,203
Non-current portion for failed sale and lease back		10,758		9,055
Total non-current portion of failed sale-lease back and finance lease	$	12,460	$	11,258

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

Interest expense

Interest expenses incurred for the three months ended June 30, 2024 and 2023 was $0.5 million and $0.2 million. Interest expenses incurred for the six months ended June 30, 2024 and 2023 was $0.9 million and $0.9 million.

- 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.

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+ Details

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables for purchase of property, plant and equipment	$ 11,157	$ 13,426
Other tax payables	250	271
Deferred revenue		3,177
Other	3,767	4,446
Nonrelated party
Total other current liabilities	$ 15,174	$ 21,320

EMPLOYEE BENEFITS (Details)	6 Months Ended
EMPLOYEE BENEFITS (Details)	Jun. 30, 2024
401(k) plan
EMPLOYEE BENEFITS
Percentage of employer matching contribution of basic salaries	100.00%

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 746	$ 7,682	$ (4,742)	$ 7,067
Other comprehensive loss, net of tax:
Foreign currency translation adjustment	(1,021)	(4,602)	(3,976)	(3,262)
Other comprehensive loss	(1,021)	(4,602)	(3,976)	(3,262)
Comprehensive (loss) income	(275)	3,080	(8,718)	3,805
Less: Comprehensive income (loss) attributed to non-controlling interests	42	(2,701)	(202)	(3,132)
Comprehensive (loss) income attributed to Emeren Group Ltd	$ (317)	$ 5,781	$ (8,516)	$ 6,937

- Definition

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

+ References + Details

- Definition

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

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- Definition

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

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- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

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

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+ Details

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the failed sale-lease back (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Future minimum payments required under the failed sale-lease back
2024 (July 1 through December 31)	$ 2,867
2025	4,853
2026	3,309
2027	2,620
2028	1,996
2029 and later	1,348
Total minimum lease payments	16,993
Less: Amount representing interest	(2,106)
Present value of net minimum lease payments	14,887
Current portion	4,129	$ 3,589
Non-Current portion	10,758	9,055
Current portion of finance lease	996	970
Current portion of failed sale and lease back	4,129	3,589
Total current portion of failed sale-lease back and finance lease	5,125	4,559
Non-current portion for finance lease	1,702	2,203
Non-current portion for failed sale and lease back	10,758	9,055
Total non-current portion of failed sale-lease back and finance lease	$ 12,460	11,258
Financings With Failed Sale Lease Back Transactions [Member]
Future minimum payments required under the failed sale-lease back
Current portion of finance lease		$ 800

PROJECT ASSETS - Schedule of Project Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
PROJECT ASSETS
Project assets - Development and construction cost	$ 105,170	$ 75,277
Project assets - Others	1,287	1,247
Total project assets	106,457	76,524
Current portion	70,392	39,914
Non-current portion	$ 36,065	$ 36,610

INCOME TAXES - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAXES
Income tax expense (benefit)	$ 1,342	$ (37)	$ 2,498	$ 227
Effective tax rate	64.00%	(0.50%)	(111.00%)	3.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-lived Assets, Leases, Revenue Recognition, and Feed-in tariff (s) (FIT) payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Prepaid rental fees	$ 1,000		$ 1,000		$ 1,000
Accounts receivable unbilled, net	45,789		45,789		59,598
FIT payments	300	$ 100	400	$ 1,700
Recognized FIT payments	0	$ 100	100	100
Green certificates
Advance from customers, revenue recognized			0	$ 40
EPC Services
Accounts receivable unbilled, net	$ 42,000		$ 42,000		$ 51,900

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Less: Accumulated depreciation	$ (31,826)	$ (27,125)
Property, plant and equipment Before Construction	157,290	161,834
Property, plant and equipment, net	159,469	163,114
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	880	768
Motor vehicles
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	90	91
Office equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	305	307
Power stations
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	187,566	187,518
Construction in progress
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	$ 2,179	$ 1,280

SHARE BASED COMPENSATION - Summary of the Option Activity (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Number of Options
Options outstanding at the beginning of the period (in shares)	12,759,990	13,360,000	13,360,000
Granted (in shares)	0	0	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	0	(600,010)
Options outstanding at the end of the period (in shares)	12,759,990	12,759,990	12,759,990	13,360,000
Expected to vest at the end of the period (in shares)	833,390		833,390
Exercisable at the end of the period (in shares)	12,759,990		12,759,990
Weighted Average Exercise Prices
Options outstanding at the beginning of the period (in dollars per share)	$ 0.39	$ 0.39	$ 0.39
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	0	0
Options outstanding at the end of the period (in dollars per share)	0.39	$ 0.39	0.39	$ 0.39
Expected to vest at the end of the period (in dollars per share)	0.42		0.42
Exercised at the end of the period (in dollars per share)	$ 0.39		$ 0.39
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)	2 years 10 days	2 years 3 months 10 days	2 years	2 years 7 months 9 days
Expected to vest	3 years 10 months 17 days
Exercisable	2 years 10 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period (in dollars)	$ 215,000	$ 624,234	$ 624,234
Granted (in dollars)	0	0
Exercised (in dollars)	0	0
Forfeited (in dollars)	0	0
Outstanding at the end of the period (in dollars)	0	$ 215,000	0	$ 624,234
Expected to vest at the end of the period (in dollars)	0		0
Exercisable at the end of the period (in dollars)	$ 0		$ 0

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

Schedule of components of lease expenses


		Six months ended June 30,
Lease cost	Classification	2024		2023

		in thousands
Operating lease cost	Operating expenses: General and administrative	$	986	$	972
Short-term lease cost	Operating expenses: General and administrative		—		22
Net lease cost		$	986	$	994


Lease Term and Discount Rate	June 30, 2024		December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	23.2	years	23.5	years
Weighted-average discount rate (%)
Operating leases	6.06	%	6.07	%


	Six months ended June 30,
Other information	2024		2023

	in thousands
Cash paid for amount included in the measurement of lease liabilities
Operating cash flows from operating leases	$	828	$	1,010
Cash paid for short-term leases	$	—	$	22

Schedule of future minimum payments required under the operating lease


	USD
	in thousands
2024 (July 1 through December 31)	$	756
2025		1,803
2026		1,892
2027		2,009
2028		1,417
2029 and later		32,053
Total minimum lease payments		39,930
Less: Amount representing interest		(18,929)
Present value of net minimum lease payments	$	21,001

PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

6. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net:


	June 30,		December 31,
	2024		2023

	in thousands
Land	$	275	$	275
Plant and machinery		880		768
Motor vehicles		90		91
Office equipment		305		307
Power stations		187,566		187,518
Less: Accumulated depreciation		(31,826)		(27,125)
		157,290		161,834
Construction in progress		2,179		1,280
Property, plant and equipment, net	$	159,469	$	163,114

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

Depreciation expense for the three months ended June 30, 2024 and 2023 was $1.4 million and $1.5 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $3.2 million and $3.6 million, respectively.

COMMON SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023	Feb. 14, 2024
COMMON SHARES
Deferred tax liabilities, current					33,988,150	57,244,020
Common shares, par value	$ 0	$ 0			$ 0	$ 0
Value of shares repurchased	$ 1,030	$ 6,178	$ 1,423	$ 13,200	$ 7,200	$ 21,900
Amount authorized for share repurchase							$ 10,000
Common shares, shares issued	652,155,075				652,155,075	651,821,742
ReneSola Singapore
COMMON SHARES
Common shares, shares issued	652,155,075				652,155,075	651,821,742

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

- 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

- 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

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
ReneSola Singapore
RELATED PARTY BALANCES AND TRANSACTIONS
Payable to related party services		$ 22	$ 7
Payment for service	$ 4,602	4,602	0
Bond issued		216	663
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from related parties, net	0	0		$ 30
Due to related party balances, net	2,443	2,443		4,997
Payment for service	4,100	4,100
Bond issued	200
Related party \| ReneSola Singapore
RELATED PARTY BALANCES AND TRANSACTIONS
Payable to related party services		1,981	$ 0
Related party \| Other related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from Related Party, gross	0	0		30
Due to related party balances	$ 2,443	$ 2,443		$ 4,997

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Details) £ in Thousands, € in Millions, ¥ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Feb. 28, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jan. 31, 2022	Jan. 31, 2021 GBP (£)
Borrowings and other financing arrangements
long-term borrowings		$ 24,108,000		$ 24,108,000					$ 24,070,000
Long-term borrowings, current		1,245,000		1,245,000					1,385,000
Interest expense
Interest expense incurred		500,000	$ 200,000	$ 900,000	$ 900,000
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		1,100,000	$ 1,700,000	$ 2,200,000	3,400,000
Non-current portion for failed sale and lease back		10,758,000		10,758,000					9,055,000
Total failed sale and lease back									700,000
Interest Rate				400,000	$ 400,000
Long-term Debt		44,353,000		44,353,000
Long-term borrowings, non-current		$ 22,863,000		$ 22,863,000					22,685,000
Financings With Failed Sale Lease Back Transactions
Borrowings and other financing arrangements
Weighted average interest rate		6.36%	6.67%	6.36%	6.67%
Interest expense
Current portion for failed sale and lease back		$ 4,100,000		$ 4,100,000					3,600,000
Takeover of existing loans \| Aviva Investor infrastructure income \| Branston Solar Farm Limited
Borrowings and other financing arrangements
Interest rate (as a percent)														4.00%
Long-term borrowings, current		1,200,000		1,200,000					1,100,000
Interest expense
Long-term Debt		23,000,000.0		23,000,000.0					23,700,000
Long-term borrowings, non-current		21,800,000		21,800,000					22,700,000
Shareholder loan \| Tensol 3 Subsidiary [Member]
Borrowings and other financing arrangements
Term loan amount												$ 700,000
Interest rate (as a percent)												2.00%
Interest expense
Long-term Debt		30,000.00		30,000.00					30,000.00
Shareholder loan \| RPZE 1
Borrowings and other financing arrangements
Term loan amount													$ 600,000
Interest rate (as a percent)													2.00%
Interest expense
Long-term Debt		100,000		100,000					100,000
Long-term loan maturing on november 2033 \| China subsidiary
Borrowings and other financing arrangements
Term loan amount										$ 200,000	€ 1.3
Interest rate (as a percent)										5.20%	5.20%
Long-term borrowings, current		20,000.00		20,000.00					20,000.00
Interest expense
Long-term Debt		200,000		200,000					200,000
Long-term borrowings, non-current		200,000		200,000					200,000
Long-term loan maturing on march 2034 \| China subsidiary
Borrowings and other financing arrangements
Term loan amount							$ 800,000	¥ 5.6
Interest rate (as a percent)							5.20%	5.20%
Long-term borrowings, current		80,000.00		80,000.00
Interest expense
Long-term Debt		800,000		800,000
Long-term borrowings, non-current		700,000		700,000
Secured debt
Borrowings and other financing arrangements
long-term borrowings		24,100,000		24,100,000					24,100,000
Interest expense
Long-term Debt		$ 30,000.00		$ 30,000.00					$ 40,000.00
Secured debt \| UK Lender
Interest expense
Interest Rate	$ 2.5
Long-term Debt	$ 60,000.00														£ 50

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 50,830	$ 70,174
Accounts receivable trade, net	23,164	27,123
Accounts receivable unbilled, net	45,789	59,598
Advances to suppliers	2,971	4,283
Value added tax receivable	7,291	7,103
Project assets, current	70,392	39,914
Prepaid expenses and other current assets, net	17,422	18,255
Total current assets	217,859	226,450
Property, plant and equipment, net	159,469	163,114
Project assets, non-current	36,065	36,610
Operating lease, right-of-use assets	20,969	21,057
Finance lease, right-of-use assets	4,715	14,192
Other non-current assets	18,674	16,928
Total assets	457,751	478,351
Current liabilities:
Accounts payable	15,183	16,203
Advances from customers	6,171	5,375
Long-term borrowings, current	1,245	1,385
Income tax payable	4,317	2,102
Salaries payable	745	718
Operating lease liabilities, current	643	363
Failed sales-leaseback and finance lease liabilities, current	5,125	4,559
Total current liabilities	51,046	56,992
Long-term borrowings, non-current	22,863	22,685
Operating lease liabilities, non-current	20,358	20,575
Failed sales-leaseback and finance lease liabilities, non-current	12,460	11,258
Deferred tax liabilities	3,503	3,532
Total liabilities	110,230	115,042
Commitments and contingencies
Shareholders' equity
Common shares (1,000,000,000 shares and 1,000,000,000 shares; no par value, authorized at June 30, 2024 and December 31, 2023; 652,155,075 shares issued and 512,549,555 shares outstanding at June 30, 2024; 651,821,742 shares issued and 546,204,372 shares outstanding at December 31, 2023)	806,714	806,714
Additional paid-in capital	14,860	14,728
Treasury stock, at cost (124,703,920 and 90,715,770 shares as of June 30, 2024 and December 31, 2023, respectively)	(49,146)	(41,938)
Accumulated deficit	(446,096)	(440,563)
Accumulated other comprehensive loss	(16,612)	(13,629)
Emeren Group Ltd shareholders' equity	309,720	325,312
Noncontrolling interest	37,801	37,997
Total shareholders' equity	347,521	363,309
Total liabilities and shareholders' equity	457,751	478,351
Related party
Current liabilities:
Other current liabilities	2,443	4,967
Nonrelated party
Current liabilities:
Other current liabilities	$ 15,174	$ 21,320

INCOME TAXES

6 Months Ended

Jun. 30, 2024

INCOME TAXES

INCOME TAXES

7. INCOME TAXES

The Company and its subsidiaries file separate income tax returns.

The Company recorded income tax expense (benefit) of $1.3 million and ($0.04) million for the three months ended June 30, 2024 and 2023, respectively. The Company recorded income tax expense of $2.5 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.

The Company’s effective tax rate for the three months ended June 30, 2024 and 2023 was 64% and (0.5%), respectively. The Company’s effective tax rate for the six months ended June 30, 2024 and 2023 was (111%) and 3%, respectively.

We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The Company’s income tax provision in the six months ended June 30, 2024 and 2023, was primarily related to the foreign tax provision. The Company’s income tax provision in the three months ended June 30, 2024 and 2023, was mainly due to income taxes on earnings from its foreign tax jurisdictions.

The Company conducts its business globally and its operating income is subject to varying rates of tax. Consequently, the Company’s effective tax rate is dependent upon the geographic distribution of its earnings or losses and the tax laws and regulations in each geographical region.

Due to historical losses in the U.S., the Company has a full valuation allowance on its U.S. federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. If management's assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which management makes the determination.

As of June 30, 2024, there is no material changes on uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Receivables from disposal of property, plant and equipment	$ 1,399	$ 1,885
Deposits	14,699	13,727
Others	3,174	4,577
Total prepaid expenses and other current assets	19,272	20,189
Allowance for doubtful accounts	(1,850)	(1,934)
Total prepaid expenses and other current assets	$ 17,422	$ 18,255

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Deferred project costs		$ 1.8
Prepayment on Korea project development	$ 0.7	$ 0.8
Percentage of prepayment as allowance for credit losses	100.00%	100.00%
Prepaid project cost	$ 0.8	$ 0.7

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the lease loan contract (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024 (July 1 through December 31)	$ 1,033
2025	1,224
2026	1,224
2027	1,224
2028	1,224
2029 and later	38,424
Total minimum lease loan payments	44,353
Less: Amount representing interest	(21,348)
Present value of net minimum lease loan payments	$ 23,005

SEGMENT REPORTING - Schedule of the Company's Revenues Generated by Geographic Location of Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SEGMENT REPORTING
Total	$ 30,057	$ 33,846	$ 44,657	$ 46,722
China
SEGMENT REPORTING
Total	6,244	4,080	9,124	7,310
United States
SEGMENT REPORTING
Total	394	254	801	457
UK
SEGMENT REPORTING
Total	4,037	5,274	6,134	6,560
Spain
SEGMENT REPORTING
Total	815	0	815	0
France
SEGMENT REPORTING
Total	1	6	2	6
Poland
SEGMENT REPORTING
Total	480	18,026	2,940	25,934
Italy
SEGMENT REPORTING
Total	3,099	1,123	8,161	1,123
Hungary
SEGMENT REPORTING
Total	$ 14,987	$ 5,083	$ 16,680	$ 5,332

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

Jun. 30, 2024

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETS

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS


	June 30,		December 31,
	2024		2023

	in thousands
Receivables from disposal of property, plant and equipment (1)	$	1,399	$	1,885
Deposits (2)		14,699		13,727
Others (3)		3,174		4,577
Total prepaid expenses and other current assets		19,272		20,189
Allowance for credit losses (4)		(1,850)		(1,934)
Total prepaid expenses and other current assets	$	17,422	$	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 June 30, 2024 and December 31, 2023, deposits mainly represented deposits made for interconnection, and the bidding of project asset construction rights and rooftop leases.

(3)

(4)

OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2024

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES

9. OTHER CURRENT LIABILITIES

The Company’s other current liabilities are summarized below:


	June 30,		December 31,
	2024		2023

	in thousands
Payables for purchase of property, plant and equipment⁽¹⁾	$	11,157	$	13,426
Other tax payables		250		271
Deferred revenue⁽³⁾		—		3,177
Other ⁽²⁾		3,767		4,446
Total other current liabilities	$	15,174	$	21,320

(1)	Payable for purchase of property, plant and equipment as of June 30, 2024 and December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries.

(2)	Other as of June 30, 2024 and December 31, 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.