Emeren Group Ltd. (NYSE: SOL) completed a go‑private transaction on December 15 2025 that merged the company with Shurya Vitra Ltd. and Emeren Holdings Ltd. The deal makes Emeren a wholly owned subsidiary of a British Virgin Islands‑incorporated parent and ends its public listing on the New York Stock Exchange.
Under the terms, all outstanding ordinary shares and American Depositary Shares (ADSs) were cancelled in exchange for cash consideration of $0.20 per ordinary share and $2.00 per ADS, net of a $005 cancellation fee for ADS holders. The total cash consideration paid to equityholders is approximately $65 million, funded by Himanshu H. Shah, although other reports cite a deal value of $102.6 million.
The transaction is intended to accelerate Emeren’s growth by providing a more flexible operating environment and allowing the company to redirect capital toward renewable‑energy development and improve capital efficiency. Management has described the go‑private move as a strategic step to focus on long‑term value creation without the constraints of public‑market reporting.
Prior to the merger, Emeren’s financial performance had been mixed. In the fourth quarter of 2024 the company reported a net loss of $0.23 per ADS, compared with a net income of $0.09 per ADS in the third quarter of 2024 and a net loss of $0.04 per ADS in the fourth quarter of 2023. In the third quarter of 2025 revenue rose to $15.6 million from $12.9 million in the same period a year earlier, while net income fell to $3.5 million from $5.7 million in Q3 2024.
The merger triggered the suspension of trading of Emeren’s ADSs on the NYSE and the filing of a Form 15 to terminate reporting obligations under the Securities Exchange Act of 1934. As a result, Emeren will no longer file periodic reports with the SEC and will be delisted from the NYSE, ending its public reporting requirements.
The go‑private transaction represents a significant shift in Emeren’s capital structure and strategic focus. While the company will no longer be subject to public‑market scrutiny, investors who held shares will receive the agreed cash consideration, and the company’s management will be able to pursue long‑term renewable‑energy projects without the pressure of quarterly earnings expectations.
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