SOL Emeren Group Ltd

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): January 25, 2024

 

 

EMEREN GROUP LTD

(Exact Name of Registrant as Specified in Its Charter)

 

 

British Virgin Islands	001-33911	N/A
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

100 First Stamford Place, Suite 302 Stamford, Connecticut	06902
(Address of principal executive offices)	(Zip Code)

 

Registrant’s telephone number, including area code: +1 510-631-6550

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
American Depositary Shares, each representing Common stock, 10 shares, no par value per share		SOL		New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On January 25, 2024, Emeren Group Ltd (the “Company”) issued a press release announcing its preliminary financial results and providing a business update as of and for the fourth quarter and year ended December 31, 2023. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information furnished in this Item 2.02, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

 

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits:

 

Exhibit No.		Description
99.1		Press Release issued by Emeren Group Ltd on January 25, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	EMEREN GROUP LTD
Date: January 25, 2024	By:	/s/ Ke Chen
		Ke Chen
		Chief Financial Officer

  

 

Exhibit 99.1

 

 

 

 

Emeren Group Announces Preliminary 2023 Financials and 2024 Outlook

 

 

Stamford, CT, January 25, 2024 – Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today provided a preliminary unaudited overview of its key financial results for the full year 2023, highlighting notable achievements and providing insights into the Company's strategic plans moving forward.

 

·

Positive Operating Cash Flow and Strong Cash Position: As of December 31, 2023, Emeren achieved a cash balance of $70 million. Notably, operating cash flow became positive in Q4, a significant milestone, particularly in-light of the two acquisitions completed in Q4 in Spain and China. Furthermore, the Company successfully collected cash payments exceeding $40 million, underscoring strong financial discipline.

 

·

Ongoing Share Buybacks: Building on this positive financial trajectory, Emeren repurchased approximately 1,250,000 American Depositary Shares (“ADS”) of its stock, returning ~$3.35 million during the fourth quarter. This buyback program remains ongoing underscoring the Company's commitment to enhancing shareholder value.

 

·

2023 Financial Results: Despite delayed governmental approvals impacting revenue in Q4 2023, Emeren anticipates full year 2023 revenue of approximately $100 million and a net loss of $6-7 million. The delayed project approvals are anticipated to be resolved within the first half of 2024.

 

·

Storage Expansion Initiatives: Emphasizing its commitment to growth, Emeren remains steadfast in its pursuit of storage expansion initiatives, positioning itself for future opportunities.

 

·

2024 Financial Guidance and Strategic Shift: Emeren anticipates net income of approximately $26 million for the fiscal year 2024. The Company will discuss its strategy on advanced-stage development along with the commencement of building higher-return IPPs on its upcoming earnings call. The goal is also to accelerate the monetization of its over 3 GW pipeline.

 

·

Enhanced Disclosure and Transparency: To foster stronger communication with stakeholders, beginning in 2024, Emeren will initiate 10K/10Q filings, offering increased disclosures and transparency. The 2023 10K filing is scheduled for completion by March 31, 2024.

 

Emeren remains focused on executing its strategic plans and providing value to its shareholders. The comprehensive financial results will be accessible in the forthcoming 10-K filing. It's important to note that the figures presented in this press release are unaudited and subject to finalization, with official reporting to be included in the final 10-K filing.

 

 

About Emeren Group Ltd

 

Emeren Group Ltd (NYSE: SOL) is a leading global solar project developer, owner, and operator with a pipeline of projects and IPP assets totaling over 3 GW, as well as a storage pipeline of over 10 GWh across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams across multiple countries. For more information, go to www.emeren.com

 

Safe Harbor Statement

 

This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

 

For investor and media inquiries, please contact:

 

Emeren Group Ltd

Suzanne Wilson

+1 (510) 631 6550

Suzanne.wilson@emeren.com

 

Emeren Group Ltd - Investor Relations

ir@emeren.com

 

The Blueshirt Group 
Gary Dvorchak
+1 (323) 240-5796
gary@blueshirtgroup.com

 

 

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Cover	Jan. 25, 2024
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Document Period End Date	Jan. 25, 2024
Entity File Number	001-33911
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Entity Address, Address Line One	100 First Stamford Place
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Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
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Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	American Depositary Shares, each representing Common stock, 10 shares, no par value per share
Trading Symbol	SOL
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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