# EDGAR Filing Document

**Accession Number:** 0001417892
**File Stem:** 0001104659-25-120808
**Filing Date:** 2025-12
**Character Count:** 81330
**Document Hash:** ab22af0b64c11a6b0893d1dcd11439fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-120808.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001104659-25-120808

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251212

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Emeren Group Ltd
- **CENTRAL INDEX KEY:** 0001417892
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33911
- **FILM NUMBER:** 251569923

**BUSINESS ADDRESS:**
- **STREET 1:** 149 WATER STREET, SUITE 302
- **CITY:** NORWALK
- **STATE:** CT
- **ZIP:** 06854
- **BUSINESS PHONE:** 925-425-7335

**MAIL ADDRESS:**
- **STREET 1:** 149 WATER STREET, SUITE 302
- **CITY:** NORWALK
- **STATE:** CT
- **ZIP:** 06854

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ReneSola Ltd
- **DATE OF NAME CHANGE:** 20071108

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM 8-K**

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): December 12, 2025**

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**EMEREN GROUP LTD**

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| **British Virgin Islands** | **001-33911** | **N/A** |
| **(State or Other Jurisdiction<br> of Incorporation)** | **(Commission File Number)** | **(IRS Employer <br> Identification No.)** |

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| | |
|:---|:---|
| **149 Water Street, Suite 302**<br> **Norwalk, Connecticut**  | **06854** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code: +1 925-425-7335**

**(Former Name or Former Address, if Changed Since Last Report.)**

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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:

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| |
|:---|
| 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)) |

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br> Symbol(s)** | **Name of each exchange on which registered** |
| American Depositary Shares, each representing 10 ordinary shares, no par value per share | SOL | New York Stock Exchange |

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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. ◻

**<u>Introductory Note</u>**

This Current Report on Form 8-K is being filed in connection with the completion of the previously announced Merger (as defined below) pursuant to the Agreement and Plan of Merger, dated as of June 18, 2025, as amended by an amendment agreement dated September 2, 2025 (the "**Merger Agreement**"), by and among Emeren Group Ltd (the "**Company**"), Shurya Vitra Ltd., a BVI business company ("**Parent**"), and Emeren Holdings Ltd., a BVI business company and a wholly owned subsidiary of Parent ("**Merger Sub**").

On December 12, 2025, pursuant to the Merger Agreement, Merger Sub merged with and into the Company (the "**Merger**"), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Parent and Merger Sub are affiliated with Himanshu H. Shah and Shah Capital Opportunity Fund LP (the "**Buyer Group**").

The descriptions of the Merger Agreement and the transactions contemplated thereby (including, without limitation, the Merger) in this Current Report on Form 8-K are only a summary, do not purport to be complete and are subject to, and qualified in their entirety by reference to, the full text of the Merger Agreement, a copy of which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "**SEC**") on June 20, 2025 and Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on September 3, 2025, which are incorporated herein by reference.

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| | |
|:---|:---|
| **<u>Item 2.01.</u>** | **<u>Completion of Acquisition or Disposition of Assets.</u>** |

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The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference in this Item 2.01.

Pursuant to the Merger Agreement, at the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each ordinary share of the Company (other than ordinary shares represented
by ADSs (as defined) and ordinary shares held by the Company as treasury shares, by any direct or indirect subsidiary of the Company,
by the Rollover Securityholders (as defined), and by shareholders who have properly and validly exercised their statutory rights of dissent
under the BVI Business Companies Act (the "**Dissenting Shares** ")) was cancelled and extinguished and automatically converted
into the right to receive $0.20 in cash per ordinary share, without interest (the "**Per Share Merger Consideration** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each American Depositary Share ()"**ADS** "), representing
ten ordinary shares, was cancelled and extinguished and automatically converted into the right to receive $2.00 in cash per ADS, without
interest (the "**Per ADS Merger Consideration** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each outstanding Company option that was vested and had an exercise price
less than the Per Share Merger Consideration was cancelled and converted into the right to receive a cash payment equal to the difference
between the Per Share Merger Consideration and the exercise price, multiplied by the number of shares subject to such option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each outstanding Company option that was vested and had an exercise price
equal to or greater than the Per Share Merger Consideration, each outstanding Company option that was unvested, and each Company restricted
share unit award ()"**Company RSU Award**") that was unvested, was cancelled and replaced with an employee incentive award
by the surviving company, with terms substantially similar to the original award, which may be settled in cash or property other than
shares, as determined by Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each
 vested Company RSU Award was cancelled and converted into the right to receive a cash payment
 equal to the Per Share Merger Consideration per each such Company RSU Award.

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| | |
|:---|:---|
| **<u>Item 3.01.</u>** | **<u>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</u>** |

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The information set forth in the Introductory Note and under Item 2.01 of this Current Report on Form 8-K is incorporated by reference in this Item 3.01.

In connection with the consummation of the Merger, the Company notified The New York Stock Exchange (the "**NYSE**") on December 12, 2025 that each issued and outstanding ordinary share and ADS of the Company as of immediately prior to the Effective Time (except as described in Item 2.01) was cancelled and converted, at the Effective Time, into the right to receive the Per Share Merger Consideration and Per ADS Merger Consideration, respectively, pursuant to the Merger Agreement as described under Item 2.01, and the NYSE filed a Form 25 with the SEC to remove the ordinary shares and ADSs of the Company from listing on the NYSE and deregister the ordinary shares and ADSs of the Company pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

The ordinary shares and ADSs of the Company will cease trading on the NYSE effective prior to the opening of trading on December 15, 2025. After effectiveness of the Form 25, the Company intends to file with the SEC a certification and notice of termination on Form 15 to terminate the registration of the ordinary shares and ADSs of the Company under the Exchange Act and suspend the Company's reporting obligations under Section 13 and Section 15(d) of the Exchange Act.

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| | |
|:---|:---|
| **<u>Item 3.03.</u>** | **<u>Material Modification to Rights of Security Holders.</u>** |

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The information set forth in the Introductory Note and under Items 2.01, 3.01, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated by reference in this Item 3.03.

In connection with the consummation of the Merger, each issued and outstanding ordinary share and ADS of the Company as of immediately prior to the Effective Time (except as described in Item 2.01 of this Current Report on Form 8-K) was cancelled and converted, at the Effective Time, into the right to receive the Per Share Merger Consideration and the Per ADS Merger Consideration, respectively, pursuant to the Merger Agreement as described under Item 2.01. Accordingly, at the Effective Time, the holders of such ordinary shares and ADSs of the Company ceased to have any rights as shareholders or ADS holders of the Company, other than the right to receive the Per Share Merger Consideration or the Per ADS Merger Consideration, as applicable.

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| | |
|:---|:---|
| **<u>Item 5.01.</u>** | **<u>Changes in Control of Registrant.</u>** |

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The information set forth in the Introductory Note and under Items 2.01 and 3.01 of this Current Report on Form 8-K is incorporated by reference in this Item 5.01.

As a result of the Merger, a change in control of the Company occurred, and the Company became a wholly owned subsidiary of Parent. The total amount of cash consideration payable to the Company's equityholders at closing in connection with the Merger and pursuant to the Merger Agreement was approximately $65 million. The funds used by Parent to consummate the Merger and complete the related transactions came from cash and other liquid assets on hand of Himanshu H. Shah.

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| | |
|:---|:---|
| **<u>Item 5.03.</u>** | **<u>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</u>** |

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The information set forth in the Introductory Note and under Item 2.01 of this Current Report on Form 8-K is incorporated by reference in this Item 5.03.

Effective upon consummation of the Merger, the memorandum and articles of association of the Company, as in effect immediately prior to the Merger, were amended and restated to be in the form of the memorandum and articles of association attached as Exhibit 3.1 hereto, which is incorporated herein by reference.

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| | |
|:---|:---|
| **<u>Item 8.01.</u>** | **<u>Other Events.</u>** |

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In addition, on December 15, 2025, the Company issued a press release announcing the completion of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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| | |
|:---|:---|
| **<u>Item 9.01.</u>** | **<u>Financial Statements and Exhibits.</u>** |

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(d) <u>Exhibits</u>

<u>Exhibits Index</u>

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| | |
|:---|:---|
| Exhibit No. | Description |
| [2.1](https://www.sec.gov/Archives/edgar/data/1417892/000110465925060851/tm2517472d2_ex2-1.htm) | [Agreement and Plan of Merger, dated as of June 18, 2025, by and among Emeren Group Ltd, Shurya Vitra Ltd., and Emeren Holdings Ltd (incorporated herein by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on June 20, 2025)](https://www.sec.gov/Archives/edgar/data/1417892/000110465925060851/tm2517472d2_ex2-1.htm) |
| [2.2](https://www.sec.gov/Archives/edgar/data/1417892/000110465925086721/tm2525121d1_ex2-1.htm) | [Amendment to Agreement and Plan of Merger, dated as of September 2, 2025, by and among Emeren Group Ltd, Shurya Vitra Ltd., and Emeren Holdings Ltd (incorporated herein by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on September 3, 2025)](https://www.sec.gov/Archives/edgar/data/1417892/000110465925086721/tm2525121d1_ex2-1.htm) |
| [3.1](tm2533348d2_ex3-1.htm) | [Amended and Restated Memorandum and Articles of Association of Emeren Group Ltd](tm2533348d2_ex3-1.htm) |
| [99.1](tm2533348d2_ex99-1.htm) | [Press Release, dated as of December 15, 2025.](tm2533348d2_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

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**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.

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| | | |
|:---|:---|:---|
|  | **EMEREN GROUP LTD** | **EMEREN GROUP LTD** |
| Date: December 15, 2025 | By: | /s/ Ke Chen |
|  |  | Ke Chen |
|  |  | Chief Financial Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**The B.V.I. Business Companies Act 2004**

**MEMORANDUM**

**and**

**ARTICLES OF ASSOCIATION**

**Of**

**EMEREN GROUP LTD.**

Incorporated the 17<sup>th</sup> day of March 2006

Amended and Restated 12<sup>th</sup> day of December 2025

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**BVI BUSINESS COMPANIES ACT, 2004**

**MEMORANDUM OF ASSOCIATION**

**OF**

**EMEREN GROUP LTD.**

A Company Limited by Shares

**1.** **NAME** 

The name of the Company is EMEREN GROUP LTD.

**2.** **STATUS** 

The Company is a company limited by shares.

**3.** **REGISTERED OFFICE AND REGISTERED AGENT** 

3.1 The first registered office of the Company is at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands.

3.2 The first registered agent of the Company is Harneys Corporate Services Limited of Craigmuir Chambers, P.O. Box 71, Road Town,
Tortola, British Virgin Islands.

3.3 The Company may, by Resolution of Shareholders or by Resolution of Directors, change the location of its registered office or change
its registered agent.

3.4 If at any time the Company does not have a registered agent it may, by Resolution of Shareholders or Resolution of Directors, appoint
a registered agent.

**4.** **CAPACITY AND POWERS** 

4.1 Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph (a), full rights, powers and privileges.

4.2 For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on.

**5.** **NUMBER AND CLASSES OF SHARES** 

5.1 The Company is authorised to issue a maximum of 1,000,000,000 no par value shares of a single class.

5.2 The Company may issue fractional Shares and a fractional Share shall have the corresponding fractional
rights, obligations and liabilities of a whole Share of the same class or series of Shares.

5.3 The Company may issue a class of Shares in one or more series. The division of a class of Shares into
one or more series and the designation to be made to each series shall be determined by the directors from time to time.

**6.** **RIGHTS OF SHARES** 

Each Share in the Company confers upon the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one vote on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company.

**7.** **REGISTERED SHARES** 

The Company shall issue registered Shares only. The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares or exchange registered Shares for bearer Shares.

**8.** **AMENDMENT OF THE MEMORANDUM AND THE ARTICLES** 

8.1 The Company may amend this Memorandum or the Articles by Resolution of Shareholders or by Resolution of
Directors, save that no amendment may be made by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Shareholders to amend this Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the percentage of Shareholders required to pass a Resolution of Shareholders to amend this Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where this Memorandum or the Articles cannot be amended by the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to this Clause 8.

8.2 Any amendment of this Memorandum or the Articles will take effect from the date that the notice of amendment,
or restated Memorandum and Articles incorporating the amendment, is registered by the Registrar or from such other date as determined
pursuant to the Act.

8.3 The rights conferred upon the holders of the Shares of any class may only be varied, whether or not the
Company is in liquidation, with the consent in writing of the holders of a majority of the issued Shares of that class or by a resolution
approved at a duly convened and constituted meeting of the Shares of that class by the affirmative vote of a majority of the votes of
the Shares of that class which were present at the meeting and were voted.

8.4 The rights conferred upon the holders of the Shares of any class shall not, unless otherwise expressly
provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking
equally with such existing Shares.

**9.** **DEFINITIONS AND INTERPRETATION** 

9.1 In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the subject or context:

"**Act**" means the BVI Business Companies Act, 2004, as amended from time to time, and includes the BVI Business Companies Regulations, 2012 and any other regulations made under the Act;

"**Articles**" means the attached Articles of Association of the Company;

"**Memorandum**" means this Memorandum of Association of the Company;

"**person**" includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

"**Proscribed Powers**" means the powers to: (a) amend this Memorandum or the Articles; (b) designate committees of directors; (c) delegate powers to a committee of directors; (d) appoint or remove directors; (e) appoint or remove an agent; (f) approve a plan of merger, consolidation or arrangement; (g) make a declaration of solvency or to approve a liquidation plan; or (h) make a determination that immediately after a proposed distribution the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due;

"**Resolution of Directors**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee
of directors of the Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where
a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by the majority of directors or by the majority of members a committee
of directors of the Company, as the case may be;

"**Resolution of Shareholders**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a resolution approved at a duly convened and constituted meeting of the Shareholders of the Company by
the affirmative vote of a majority of in excess of 50% the votes of the Shares entitled to vote thereon which were present at the meeting
and were voted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a resolution consented to in writing by a majority of in excess of 50% of the votes of Shares entitled
to vote thereon;

"**Seal**" means any seal which has been duly adopted as the common seal of the Company; "**Share**" means a share issued or to be issued by the Company;

"**Shareholder**" means a person whose name is entered in the register of members of the Company as the holder of one or more Shares or fractional Shares; and

"**written**" or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and "**in writing**" shall be construed accordingly.

9.2 In this Memorandum and the Articles, unless the context otherwise requires, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "**Regulation**" or "**Sub-Regulation**" is a reference to a regulation or sub-regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "**Clause**" is a reference to a clause of this Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Act, this Memorandum or the Articles is a reference to the Act or those documents as amended or, in the case of the Act any re-enactment
thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the singular includes the plural and vice versa.

9.3 Where a period of time is expressed as a number of days, the days on which the period begins and ends
are not included in the computation of the number of days.

9.4 Any reference to a "**month**" shall be construed as a reference to a period starting on
one day in a calendar month and ending on the numerically corresponding day in the next calendar month and a reference to a period of
several months shall be construed accordingly.

9.5 Any words or expressions defined in the Act bear the same meaning in this Memorandum and the Articles
unless the context otherwise requires or they are otherwise defined in this Memorandum or the Articles.

9.6 Headings are inserted for convenience only and shall be disregarded in interpreting this Memorandum and
the Articles.

Signed for HARNEYS CORPORATE SERVICES LIMITED of Craigmuir Chambers, Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on 17 March 2006:

Incorporator

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| |
|:---|
| Sgd: Andrew Swapp |
| Andrew Swapp |
| Authorised Signatory |
| HARNEYS CORPORATE SERVICES LIMITED |

---

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**BVI BUSINESS COMPANIES ACT, 2004**

**ARTICLES OF ASSOCIATION OF**

**EMEREN GROUP LTD.**

A Company Limited by Shares

**1.** **DISAPPLICATION OF THE ACT** 

The following sections of the Act shall not apply to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) section 46 (*Pre-emptive rights*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) section 60 (*Process for acquisition of own shares*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) section 61 (*Offer to one or more shareholders*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) section 62 (*Shares redeemed otherwise than at the option of company*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) section 175 (*Disposition of assets*).

**2.** **SHARES** 

2.1 Every Shareholder is entitled to a certificate signed by a director or officer of the Company, or any
other person authorised by Resolution of Directors, or under the Seal specifying the number of Shares held by him and the signature of
the director, officer or authorised person and the Seal may be facsimiles.

2.2 Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers
harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any
person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn
out certificate or on satisfactory proof of its loss together with such indemnity as may be required by Resolution of Directors.

2.3 If several persons are registered as joint holders of any Shares, any one of such persons may give an
effectual receipt for any distribution.

2.4 Shares and other securities may be issued at such times, to such persons, for such consideration and on
such terms as the directors may by Resolution of Directors determine.

2.5 A Share may be issued for consideration in any form, including money, a promissory note, or other written
obligation to contribute money or property, real property, personal property (including goodwill and know-how), services rendered or a
contract for future services.

2.6 No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been
passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the determination of the directors of the reasonable present cash value of the non-money consideration for the issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that, in the opinion of the directors, the present cash value of the non-money consideration for the issue is not less than the amount
to be credited for the issue of the Shares.

2.7 The Company shall keep a register of members containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of each class and series of Shares held by each Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the name of each Shareholder was entered in the register of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any person ceased to be a Shareholder.

2.8 The register of members may be in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until the directors otherwise
determine, the magnetic, electronic or other data storage form shall be the original register of members.

2.9 A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

**3.** **REDEMPTION OF SHARES AND TREASURY SHARES** 

3.1 The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may
not purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed
or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem
or otherwise acquire the Shares without their consent.

3.2 The Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors
authorising the purchase, redemption or other acquisition contains a statement that the directors are satisfied, on reasonable grounds,
that immediately after the acquisition the value of the Company's assets will exceed its liabilities and the Company will be able
to pay its debts as they fall due.

3.3 Shares that the Company purchases, redeems or otherwise acquires may be cancelled or held as treasury
shares provided that the number of Shares purchased, redeemed or otherwise acquired and held as treasury shares, when aggregated with
shares of the same class already held by the company as treasury shares, may not exceed 50% of the Shares of that class previously issued
by the Company, excluding Shares that have been cancelled. Shares which have been cancelled shall be available for reissue.

3.4 All rights and obligations attaching to a treasury share are suspended and shall not be exercised by the
Company while it holds the Share as a treasury share.

3.5 Treasury shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent
with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

**4.** **MORTGAGES AND CHARGES OF SHARES** 

4.1 Shareholders may mortgage or charge their Shares.

4.2 There shall be entered in the register of members at the written request of the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Shares held by him are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register of members.

4.3 Where particulars of a mortgage or charge are entered in the register of members, such particulars may
be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon evidence satisfactory to the directors of the discharge of the liability secured by the mortgage
or charge and the issue of such indemnities as the directors shall consider necessary or desirable.

4.4 Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant
to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no transfer of any Share the subject of those particulars shall
be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no replacement certificate shall be issued in respect of such Shares,

without the written consent of the named mortgagee or chargee.

4.5 The directors may not resolve to refuse or delay the transfer of a Share pursuant to the enforcement of
a valid security interest created over the Share.

**5.** **FORFEITURE** 

5.1 Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation
and for this purpose Shares issued for a promissory note, other written obligation to contribute money or property or a contract for future
services are deemed to be not fully paid.

5.2 A written notice of call specifying the date for payment to be made shall be served on the Shareholder
who defaults in making payment in respect of the Shares.

5.3 The written notice of call referred to in Sub-Regulation 5.2 shall name a further date not earlier than
the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is to be made and
shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect
of which payment is not made will be liable to be forfeited.

5.4 Where a written notice of call has been issued pursuant to Sub-Regulation 5.2 and the requirements of
the notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which
the notice relates.

5.5 The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled
pursuant to Sub-Regulation 5.4 and that Shareholder shall be discharged from any further obligation to the Company.

**6.** **TRANSFER OF SHARES** 

6.1 Shares may be transferred by a written instrument of transfer signed by the transferor and containing
the name and address of the transferee, which shall be sent to the Company for registration.

6.2 The transfer of a Share is effective when the name of the transferee is entered on the register of members.

6.3 If the directors of the Company are satisfied that an instrument of transfer relating to Shares has been
signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the transferee's name should be entered in the register of members notwithstanding the absence of the instrument of transfer.

6.4 The personal representative of a deceased Shareholder may transfer a Share even though the personal representative
is not a Shareholder at the time of the transfer.

6.5 The directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder has failed
to pay an amount due in respect of the Share.

**7.** **MEETINGS AND CONSENTS OF SHAREHOLDERS** 

7.1 Any director of the Company may convene meetings of the Shareholders at such times and in such manner
and places within or outside the British Virgin Islands as the director considers necessary or desirable.

7.2 Upon the written request of Shareholders entitled to exercise 30% or more of the voting rights in respect
of the matter for which the meeting is requested the directors shall convene a meeting of Shareholders.

7.3 The director convening a meeting shall give not less than 7 days' notice of a meeting of Shareholders to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Shareholders whose names on the date the notice is given appear as Shareholders in the register of members of the Company and
are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other directors.

7.4 The director convening a meeting of Shareholders may fix as the record date for determining those Shareholders
that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice,
being a date not earlier than the date of the notice.

7.5 A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders
holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and,
for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder
holds.

7.6 The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder
or another director, or the fact that a Shareholder or another director has not received notice, does not invalidate the meeting.

7.7 A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf
of the Shareholder.

7.8 The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative
or additional place or time at which the proxy shall be presented.

7.9 The instrument appointing a proxy shall be in substantially the following form or such other form as approved
by the directors or as the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

EMEREN GROUP LTD.

I/We being a Shareholder of the above Company HEREBY APPOINT ___________ of ___________ or failing him __________ of _ _____________ to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the ____ day of __________ , _ 20 and at any adjournment thereof.

(Any restrictions on voting to be inserted here.)

Signed this __ day of _________, 20__

<br> Shareholder

7.10 The following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting of Shareholders and may
speak as a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more of the joint owners are present in person or by proxy they must vote as one.

7.11 A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by telephone
or other electronic means and all Shareholders or their authorised representatives participating in the meeting are able to hear each
other.

7.12 A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present
in person or by proxy not less than 50% of the votes of the Shares entitled to vote on Resolutions of Shareholders to be considered at
the meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders and a certificate
signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of
Shareholders.

7.13 If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened
upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction
in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine,
and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less
than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the meeting,
those present shall constitute a quorum but otherwise the meeting shall be dissolved.

7.14 At every meeting of Shareholders, the chairman of the board of directors shall preside as chairman of
the meeting. If there is no chairman of the board of directors or if that chairman is not present at the meeting, the Shareholders present
shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person
representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which
the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

7.15 The chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place
to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which
the adjournment took place.

7.16 At any meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers
appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and
recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall
cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any Shareholder present in
person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement
demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced
to the meeting and recorded in the minutes of the meeting.

7.17 Subject to the specific provisions contained in this Regulation for the appointment of representatives
of persons other than individuals the right of any individual to speak for or represent a Shareholder shall be determined by the law of
the jurisdiction where, and by the documents by which, the person is constituted or derives its existence. In case of doubt, the directors
may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule,
the directors may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

7.18 Any person other than an individual which is a Shareholder may by resolution of its directors or other
governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class
of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which he
represents as that Shareholder could exercise if it were an individual.

7.19 The chairman of any meeting at which a vote is cast by proxy or on behalf of any person other than an
individual may call for a notarially certified copy of such proxy or authority which shall be produced within 7 days of being so requested
or the votes cast by such proxy or on behalf of such person shall be disregarded.

7.20 Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting
of the holders of any class or series of Shares.

7.21 An action that may be taken by the Shareholders at a meeting may also be taken by a resolution consented
to in writing, without the need for any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written
consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not consenting to such resolution.
The consent may be in the form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or
more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Shareholders
holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts.

**8.** **DIRECTORS** 

8.1 The first directors of the Company shall be appointed by the first registered agent within 6 months of
the date of incorporation of the Company; and thereafter, the directors shall be elected by Resolution of Shareholders or by Resolution
of Directors. If, before the Company has any members, all of the directors appointed by the registered agent resign or die or otherwise
cease to exist, the registered agent may appoint one or more further persons as directors of the Company.

8.2 No person shall be appointed as a director or alternate director, or nominated as a reserve director,
of the Company unless he has consented in writing to be a director or alternate director, or to be nominated as a reserve director.

8.3 Subject to Sub-Regulation 8.1, the minimum number of directors shall be one and the maximum shall be twelve.

8.4 Each director holds office for the term, if any, fixed by the Resolution of Shareholders or the Resolution
of Directors appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment of a director,
the director serves indefinitely until his earlier death, resignation or removal.

8.5 A director may be removed from office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with or without cause, by Resolution of Shareholders passed at a meeting of Shareholders called for the
purpose of removing the director or for purposes including the removal of the director or by a written resolution passed by at least 75%
of the votes of the Shares of the Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with cause, by Resolution of Directors passed at a meeting of directors called for the purpose of removing
the director or for purposes including the removal of the director.

8.6 A director may resign his office by giving written notice of his resignation to the Company and the resignation
has effect from the date the notice is received by the Company or from such later date as may be specified in the notice. A director shall
resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the Act.

8.7 The directors may at any time appoint any person to be a director either to fill a vacancy or as an addition
to the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that
remained when the person who has ceased to be a director ceased to hold office.

8.8 A vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior
to the expiration of his term of office.

8.9 Where the Company only has one Shareholder who is an individual and that Shareholder is also the sole
director of the Company, the sole Shareholder/director may, by instrument in writing, nominate a person who is not disqualified from being
a director of the Company as a reserve director of the Company to act in the place of the sole director in the event of his death.

8.10 The nomination of a person as a reserve director of the Company ceases to have effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before the death of the sole Shareholder/director who nominated him,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he resigns as reserve director, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sole Shareholder/director revokes the nomination in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sole Shareholder/director who nominated him ceases to be able to be the sole Shareholder/director of the Company for any reason
other than his death.

8.11 The Company shall keep a register of directors containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are directors of the Company or who have been nominated as reserve directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a director, or nominated as a reserve director,
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a director ceased to be a director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which the nomination of any person nominated as a reserve director ceased to have effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such other information as may be prescribed by the Act.

8.12 The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors
determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors.

8.13 The directors may, by Resolution of Directors, fix the emoluments of directors with respect to services
to be rendered in any capacity to the Company.

8.14 A director is not required to hold a Share as a qualification to office.

**9.** **POWERS OF DIRECTORS** 

9.1 The business and affairs of the Company shall be managed by, or under the direction or supervision of,
the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising,
the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation
of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to
be exercised by the Shareholders.

9.2 Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company
acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his
duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

9.3 If the Company is the wholly owned subsidiary of a parent, a director of the Company may, when exercising
powers or performing duties as a director, act in a manner which he believes is in the best interests of the parent even though it may
not be in the best interests of the Company.

9.4 Any director which is a body corporate may appoint any individual as its duly authorised representative
for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

9.5 The continuing directors may act notwithstanding any vacancy in their body.

9.6 The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness,
liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

9.7 All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts
for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as
shall from time to time be determined by Resolution of Directors.

**10.** **PROCEEDINGS OF DIRECTORS** 

10.1 Any one director of the Company may call a meeting of the directors by sending a written notice to each
other director.

10.2 The directors of the Company or any committee thereof may meet at such times and in such manner and places
within or outside the British Virgin Islands as the directors may determine to be necessary or desirable.

10.3 A director is deemed to be present at a meeting of directors if he participates by telephone or other
electronic means and all directors participating in the meeting are able to hear each other.

10.4 A director shall be given not less than 3 days' notice of meetings of directors, but a meeting of
directors held without 3 days' notice having been given to all directors shall be valid if all the directors entitled to vote at
the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute
waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received
the notice, does not invalidate the meeting.

10.5 A director of the company (the "**appointing director**") may appoint any other director
or any other eligible person as his alternate to exercise the appointing director's powers and carry out the appointing director's
responsibilities in relation to the taking of decisions by the directors in the absence of the appointing director.

10.6 The appointment and termination of an alternate director must be in writing, and written notice of the
appointment and termination must be given by the appointing director to the Company as soon as reasonably practicable.

10.7 An alternate director has the same rights as the appointing director in relation to any directors'
meeting and any written resolution circulated for written consent. An alternate director has no power to appoint a further alternate,
whether of the appointing director or of the alternate director, and the alternate does not act as an agent of or for the appointing director.

10.8 The appointing director may, at any time, voluntarily terminate the alternate director's appointment.
The voluntary termination of the appointment of an alternate shall take effect from the time when written notice of the termination is
given to the Company. The rights of an alternate shall automatically terminate if the appointing director dies or otherwise ceases to
hold office.

10.9 A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there
are present in person or by alternate not less than one-half of the total number of directors, if fewer, two directors.

10.10 If the Company has only one director the provisions herein contained for meetings of directors do not
apply and such sole director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum
or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole director
shall record in writing and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes
sufficient evidence of such resolution for all purposes.

10.11 The directors may appoint a director as chairman of the board of directors. At meetings of directors at
which the chairman of the board of directors is present, he shall preside as chairman of the meeting. If there is no chairman of the board
of directors or if the chairman of the board is not present, the directors present shall choose one of their number to be chairman of
the meeting.

10.12 An action that may be taken by the directors or a committee of directors at a meeting may also be taken
by a Resolution of Directors or a resolution of a committee of directors consented to in writing by a majority of directors or a majority
of members of the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each
counterpart being signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different
dates, then the resolution shall take effect on the date upon which the last director has consented to the resolution by signed counterparts.

**11.** **COMMITTEES** 

11.1 The directors may, by Resolution of Directors, designate one or more committees, each consisting of one
or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.

11.2 The directors have no power to delegate to a committee of directors any of the Proscribed Powers.

11.3 A committee of directors, where authorised by the Resolution of Directors appointing such committee or
by a subsequent Resolution of Directors, may appoint a sub-committee and delegate powers exercisable by the committee to the sub-committee.

11.4 The meetings and proceedings of each committee of directors consisting of 2 or more directors shall be
governed *mutatis mutandis* by the provisions of the Articles regulating the proceedings of directors so far as the same are not
superseded by any provisions in the Resolution of Directors establishing the committee.

11.5 Where the directors delegate their powers to a committee of directors they remain responsible for the
exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that
the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act.

**12.** **OFFICERS AND AGENTS** 

12.1 The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered
necessary or expedient. The officers shall perform such duties as are prescribed at the time of their appointment subject to any modification
in such duties as may be prescribed thereafter by Resolution of Directors.

12.2 The emoluments of all officers shall be fixed by Resolution of Directors.

12.3 The officers of the Company shall hold office until their successors are duly appointed, but any officer
elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring
in any office of the Company may be filled by Resolution of Directors.

12.4 The directors may, by Resolution of Directors, appoint any person, including a person who is a director,
to be an agent of the Company.

12.5 An agent of the Company shall have such powers and authority of the directors, including the power and
authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent
has any power or authority with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Proscribed Powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the registered office or agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to fix emoluments of directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands.

12.6 The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes
or delegates to exercise some or all of the powers conferred on the agent by the Company.

12.7 The directors may remove an agent appointed by the Company and may revoke or vary a power conferred on
him.

**13.** **CONFLICT OF INTERESTS** 

13.1 A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a
transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company.

13.2 For the purposes of Sub-Regulation 13.1, a disclosure to all other directors to the effect that a director
is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure of the
interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

13.3 A director of the Company who is interested in a transaction entered into or to be entered into by the
Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at
the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction,

and, subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

**14.** **INDEMNIFICATION** 

14.1 Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including
legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative
or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a director of, or in any other capacity is or was
acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

14.2 The indemnity in Sub-Regulation 14.1 only applies if the person acted honestly and in good faith with
a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that
their conduct was unlawful.

14.3 For the purposes of Sub-Regulation 14.2 and without limitation, a director acts in the best interests
of the Company if he acts in the best interests of the Company's parent in the circumstances specified in Sub- Regulation 9.3.

14.4 The decision of the directors as to whether the person acted honestly and in good faith and with a view
to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is,
in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

14.5 The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a *nolle prosequi* does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view
to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful.

14.6 Expenses, including legal fees, incurred by a director in defending any legal, administrative or investigative
proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on
behalf of the director to repay the amount if it shall ultimately be determined that the director is not entitled to be indemnified by
the Company in accordance with Sub-Regulation 14.1.

14.7 Expenses, including legal fees, incurred by a former director in defending any legal, administrative or
investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking
by or on behalf of the former director to repay the amount if it shall ultimately be determined that the former director is not entitled
to be indemnified by the Company in accordance with Sub-Regulation 14.1 and upon such terms and conditions, if any, as the Company deems
appropriate.

14.8 The indemnification and advancement of expenses provided by, or granted pursuant to, this section is not
exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement,
Resolution of Shareholders, resolution of disinterested directors or otherwise, both as to acting in the person's official capacity
and as to acting in another capacity while serving as a director of the Company.

14.9 If a person referred to in Sub-Regulation 14.1 has been successful in defence of any proceedings referred
to in Sub-Regulation 14.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments,
fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.

14.10 The Company may purchase and maintain insurance in relation to any person who is or was a director, officer
or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any
other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise, against any liability
asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to
indemnify the person against the liability as provided in the Articles.

**15.** **RECORDS** 

15.1 The Company shall keep the following documents at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the register of members, or a copy of the register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar in the previous 10 years.

15.2 Until the directors determine otherwise by Resolution of Directors the Company shall keep the original
register of members and original register of directors at the office of its registered agent.

15.3 If the Company maintains only a copy of the register of members or a copy of the register of directors
at the office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 15 days of any change in either register, notify the registered agent in writing of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the place or places at which the original register of
members or the original register of directors is kept.

15.4 The Company shall keep the following records at the office of its registered agent or at such other place
or places, within or outside the British Virgin Islands, as the directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings and Resolutions of Shareholders and classes of Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolutions of Directors and committees of directors.

15.5 The Company shall keep the following records at the office of its registered agent or at such other place
or places, within or outside the British Virgin Islands, as the directors may determine: (a) records and underlying documentation
with respect to transactions entered by the Company; and (b) records and underlying documentation of business relationships entered
by the Company. Such records shall be sufficient to explain and show the company's transactions and enable the financial position
of the company to be determined with reasonable accuracy. Such documents shall be retained by the Company for a period of at least 5 years
from the date of completion of the relevant transaction or termination of the relevant business relationship to which they relate.

15.6 Where any original records referred to in this Regulation are maintained other than at the office of the
registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent
with the physical address of the new location of the records of the Company within 14 days of the change of location.

15.7 The records kept by the Company under this Regulation shall be in written form or either wholly or partly
as electronic records complying with the requirements of the Electronic Transactions Act, 2001 as from time to time amended or re-enacted.

**16.** **SEAL** 

The Company shall have a Seal an impression of which shall be kept at the office of the registered agent of the Company. The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

**17.** **DISTRIBUTIONS BY WAY OF DIVIDEND** 

17.1 The directors of the Company may, by Resolution of Directors, authorise a distribution by way of dividend
at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the
value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

17.2 Dividends may be paid in money, shares, or other property.

17.3 Notice of any dividend that may have been declared shall be given to each Shareholder as specified in
Regulation 19 and all dividends unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors for the benefit
of the Company.

17.4 No dividend shall bear interest as against the Company and no dividend shall be paid on treasury shares.

**18.** **ACCOUNTS AND AUDIT** 

18.1 The Company shall keep records that are sufficient to show and explain the Company's transactions
and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

18.2 The Company may by Resolution of Shareholders call for the directors to prepare periodically and make
available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give
respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets
and liabilities of the Company as at the end of a financial period.

18.3 The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.

18.4 The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed
by Resolution of Shareholders or by Resolution of Directors.

18.5 The auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor
of the Company during their continuance in office.

18.6 The remuneration of the auditors of the Company may be fixed by Resolution of Directors.

18.7 The auditors shall examine each profit and loss account and balance sheet required to be laid before a
meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in their opinion the profit and loss account and balance sheet give a true and fair view respectively
of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that period;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the information and explanations required by the auditors have been obtained.

18.8 The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders
at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.

18.9 Every auditor of the Company shall have a right of access at all times to the books of account and vouchers
of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he
thinks necessary for the performance of the duties of the auditors.

18.10 The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders
at which the Company's profit and loss account and balance sheet are to be presented.

**19.** **NOTICES** 

19.1 Any notice, information or written statement to be given by the Company to Shareholders shall be in writing
and may be given by personal service, mail, courier, email, or fax to such Shareholder's address as shown in the register of members
or to such Shareholder's email address or fax number as notified by the Shareholder to the Company in writing from time to time.

19.2 Any summons, notice, order, document, process, information or written statement to be served on the Company
may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it
with, or by sending it by registered mail addressed to the Company at the offices of the registered agent of the Company.

19.3 Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing,
prepaying and posting a letter containing notice, and shall be deemed to be received on the fifth business day following the day on which
the notice was posted. Where a notice is sent by fax or email, notice shall be deemed to be effected by transmitting the email or fax
to the address or number provided by the intended recipient and service of the notice shall be deemed to have been received on the same
day that it was transmitted.

**20.** **VOLUNTARY LIQUIDATION** 

Subject to the Act, the Company may by Resolution of Shareholders or by Resolution of Directors appoint an eligible individual as voluntary liquidator alone or jointly with one or more other voluntary liquidators.

**21.** **CONTINUATION** 

The Company may by Resolution of Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

Signed for HARNEYS CORPORATE SERVICES LIMITED of Craigmuir Chambers, Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on 17 March 2006:

Incorporator

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| |
|:---|
| Sgd: Andrew Swapp |
| Andrew Swapp |
| Authorised Signatory |
| HARNEYS CORPORATE SERVICES LIMITED |

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## Exhibit 99.1

**Exhibit 99.1**

![](tm2533348d2_ex99-1img001.jpg)

**Emeren Group Announces Completion of Merger**

**Norwalk, CT, Dec 15, 2025** – Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced the completion of the merger contemplated by the previously announced agreement and plan of merger dated June 18, 2025, as amended by an amendment agreement dated September 2, 2025 (the "Merger Agreement"), among the Company, Shurya Vitra Ltd., a business company incorporated under the Laws of the British Virgin Islands ("Parent"), and Emeren Holdings Ltd, a business company incorporated under the Laws of the British Virgin Islands and a wholly owned subsidiary of Parent ("Merger Sub"). As a result of the merger, the Company became a wholly owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by the Company's shareholders at an extraordinary general meeting held on December 9, 2025, each outstanding ordinary share of the Company ("Share") has been cancelled in exchange for the right to receive US$0.20 per Share and each American depositary share ("ADS"), each representing ten Shares, has been cancelled in exchange for the right to receive US$2.00 per ADS (less a US$0.05 per ADS cancellation fee pursuant to the terms of the deposit agreement), in each case, in cash, without interest and net of any applicable withholding taxes, except for the Shares (including Shares represented by ADSs): (a) held by the Company as treasury shares or owned by Parent, Merger Sub or any other affiliate thereof (the "Cancelled Shares"), (b) as to which appraisal rights have been properly exercised in accordance with Section 179 of the BVI Business Companies Act, as amended (the "BVI Companies Act") (the "Dissenting Shares") and (c) held by any Rollover Securityholder (as defined in the Merger Agreement) (the "Rollover Shares," and together with the Cancelled Shares and the Dissenting Shares, the "Excluded Shares").

Payment of the merger consideration will be made to surrendering ADS holders and holders of ADSs in uncertificated form as soon as practicable after The Bank of New York Mellon, a New York banking corporation (the "Depositary") receives the merger consideration.

The Company also announced today that it requested that trading of its ADSs on the New York Stock Exchange (the "NYSE") be suspended beginning on December 15, 2025. The Company requested that the NYSE file a Form 25 with the Securities and Exchange Commission (the "SEC") notifying the SEC of the delisting of the Company's ADSs on the NYSE and the deregistration of the Company's registered securities. The Company intends to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), by filing a Form 15 with the SEC in ten days. The Company's obligation to furnish to or file with the SEC certain reports and forms, including Form 10-K and Form 8-K, will be suspended immediately as of the filing date of the Form 15 and will cease once the deregistration becomes effective.

**SAFE HARBOR STATEMENT** 

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "targets, "confident" and similar statements. Among other things, statements that are not historical facts, including statements about the payment of the merger consideration, Emeren's delisting of ADSs on the NYSE and deregistration under the Exchange Act, and other statements of beliefs and expectations and strategic and operational plans, are or contain forward-looking statements. Emeren may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its periodic reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. All forward-looking statements are based upon management's expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: actions by third parties such as the NYSE and the SEC; execution of Emeren's strategies and business plans; growth and trends of the industries in which Emeren operates; market acceptance of Emeren's products and services; competition in the industries in which Emeren operates; Emeren's ability to control costs and expenses; Emeren's ability to retain key personnel and attract new talent; relevant government policies and regulations relating to Emeren's industry, corporate structure and business operations; seasonality in the business; fluctuations in currencies exchange rates; risks related to acquisitions or investments Emeren has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; and fluctuations in general economic, political, geopolitical and business conditions. Further information regarding these and other risks are included in Emeren's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that Emeren believes to be reasonable as of this date, and Emeren undertakes no obligation to update any forward-looking statement, except as required under applicable law.

**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.

Contacts:

<u>Emeren Group Ltd - Investor Relations</u><br> +1 (925) 425-7335<br> <u>ir@emeren.com</u>