NORWALK,
Conn., March 28, 2025 /PRNewswire/ -- Emeren
Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL),
a leading solar project developer, owner, and operator, today
announced that Mr. Yumin Liu, Chief
Executive Officer, will step down from his role effective
April 30, 2025. The company's Board
of Directors has appointed Ms. Julia
Xu, currently an independent director, as Interim CEO,
effective May 1, 2025. Emeren has
initiated a formal search for its next Chief Executive Officer and
is considering both internal and external candidates.
CEO Transition
Mr. Liu has served as CEO for over five years, during which time
he played a key role in advancing Emeren's strategic focus on
high-margin growth and capital-efficient development. He will
remain with the company through the end of April to ensure a smooth
transition.
"Mr. Liu's leadership has been instrumental in shaping Emeren's
transformation into the developer of solar and energy storage
projects," said Mr. Himanshu H.
Shah, Chairman of the Board. "We are grateful for his many
contributions and leadership on operational discipline."
Reflecting on his time at Emeren, Mr. Liu said, "It has been a
tremendous honor to lead Emeren over our phase of evolution
strengthening both our presence and deepening our operational
capabilities. I'm particularly proud to have contributed to
refining our strategic focus, including the execution of our
Development Service Agreement (DSA) and IPP segments. I leave with
full confidence in the leadership team, and the exceptional people
across Emeren."
Ms. Julia Xu will assume the role
of Interim CEO on May 1. A member of
Emeren's Board of Directors, Ms. Xu brings deep experience in the
financial markets and international business leadership. She is the
Founder and Managing Director of Oravida, a New Zealand-based group focused on premium
food branding and cross-border market strategy. Earlier in her
career, she served as Chief Financial Officer of Emeren Group Ltd,
and held senior financial roles at Deutsche Bank Hong Kong, Bankers
Trust, and Lehman Brothers.
"The Board is confident in Julia's ability to lead the company
during this transition," said Mr. Himanshu
H. Shah, "She brings strong operational insight and
familiarity with our strategic priorities." "I'm honored to step
into this interim role at a critical time for Emeren," said Ms. Xu.
"Our focus remains on disciplined execution across our solar and
energy storage segments."
Emeren also formed a special committee which includes its three
independent directors Martin Bloom,
Ramnath Iyer and Ramki Srinivasan to evaluate a going private
proposal received on March 17,
2025.
Preliminary Q1 2025 Results
Emeren is also releasing preliminary financial results for the
first quarter of 2025. Based on currently available information,
the company expects:
- Revenue of approximately $8.4m
- Gross margin of approximately 32%
- Non-GAAP operating loss of about $4
million
Emeren expects to report final Q1 2025 results around
mid-May.
About Emeren Group Ltd
Emeren Group Ltd (NYSE: SOL), a renewable energy leader,
showcases a comprehensive portfolio of solar projects and
Independent Power Producer (IPP) assets, complemented by a
significant global Battery Energy Storage System (BESS) capacity.
Specializing in the entire solar project lifecycle — from
development through construction to financing — we excel by
leveraging local talent in each market, ensuring our sustainable
energy solutions are at the forefront of efficiency and impact. Our
commitment to enhancing solar power and energy storage underlines
our dedication to innovation, excellence, and environmental
responsibility. For more information, go to www.emeren.com.
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SOURCE Emeren Group Ltd
