# EDGAR Filing Document

**Accession Number:** 0001417892
**File Stem:** 0001104659-25-096123
**Filing Date:** 2025-10
**Character Count:** 81489
**Document Hash:** 3952acc22138af1c1fb8ddc361cd2018
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-096123.hdr.sgml**: 20251002

**ACCESSION NUMBER**: 0001104659-25-096123

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20251002

**DATE AS OF CHANGE**: 20251002

**SUBJECT COMPANY**: 

**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:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84565
- **FILM NUMBER:** 251370192

**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
**FILED BY**: 

**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:** SC 13E3/A

**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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE 13E-3** 

**(Amendment No. 1)**

**RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Emeren Group Ltd**

**(Name of the Issuer)**

**Emeren Group Ltd**

**Shurya Vitra Ltd.**

**Emeren Holdings Ltd.**

**Shah Capital Management, Inc.<br> Shah Capital Opportunity Fund LP**

**Himanshu H. Shah**

**Ke Chen**

**Enrico Bocchi**

**(Names of Persons Filing Statement)**

**American Depositary Shares, each representing 10 shares, no par value per share** 

**(Title of Class of Securities)**

---

| | |
|:---|:---|
| **Emeren Group Ltd<br> 149 Water Street, Suite 302<br> Norwalk, Connecticut, USA<br> +1 925-425-7335<br> Attn: Linda Qi** | **Shurya Vitra Ltd.<br> Emeren Holdings Ltd.<br> Himanshu H. Shah<br> 2301 Sugar Bush Road, Suite 510<br> Raleigh, NC 27612, USA<br> (919) 719-6360<br> Attn: Himanshu H. Shah** |

---

**(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)**

***With copies to***

---

| | |
|:---|:---|
| **Morrison & Foerster<br> 33/F Edinburgh Tower, The Landmark, 15<br> Queen's Road Central<br> Hong Kong, China<br> +852 2585 0888<br> Attn: Xiaoxi Lin** | **DLA Piper LLP (US)<br> 701 Fifth Avenue, Suite 6900<br> Seattle, WA 98104, USA** <br> (**206) 839-4845<br> Attn: Andrew Ledbetter; Kevin Criddle** |

---

This statement is filed in connection with (check the appropriate box):

a. ⌧ The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

b. ◻ The filing of a registration statement under the Securities Act of 1933.

c. ◻ A tender offer.

d. ◻ None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ⌧

Check the following box if the filing is a final amendment reporting the results of the transaction: ◻

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction or passed upon the adequacy or accuracy of the disclosure in this transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense.**

**Introduction** 

This Rule 13e-3 transaction statement on Schedule 13E-3, together with the exhibits hereto (this "**Transaction Statement**"), is being filed with the U.S. Securities and Exchange Commission (the "**SEC**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "**Exchan**g**e Act**"), jointly by the following persons (each, a "**Filing Person**," and collectively, the "**Filing Persons**"):

&nbsp;&nbsp;&nbsp;&nbsp;(a) Emeren Group Ltd, a BVI business company (the "**Company** ");

&nbsp;&nbsp;&nbsp;&nbsp;(b) Shurya Vitra Ltd., a BVI business company ()"**Parent** ");

&nbsp;&nbsp;&nbsp;&nbsp;(c) Emeren Holdings Ltd., a BVI business company ()"**Merger Sub** ");

&nbsp;&nbsp;&nbsp;&nbsp;(d) Shah Capital Management, Inc. ()"**Shah Capital Management** ");

&nbsp;&nbsp;&nbsp;&nbsp;(e) Shah Capital Opportunity Fund LP ()"**Shah Capital** ");

&nbsp;&nbsp;&nbsp;&nbsp;(f) Himanshu H. Shah, a U.S. citizen ()"**Mr. Shah** ");

&nbsp;&nbsp;&nbsp;&nbsp;(g) Ke Chen, a U.S. citizen ()"**Mr. Chen** "); and

&nbsp;&nbsp;&nbsp;&nbsp;(h) Enrico Bocchi, an Italian citizen ()"**Mr. Bocchi** ").

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of June 18, 2025 (as amended, and including all exhibits and schedules thereto, the "**Merger Agreement**"), by and among the Company, Parent and Merger Sub, pursuant to which, subject to the terms and conditions set forth therein and among other things, Merger Sub will be merged with and into the Company with the Company surviving such merger as a wholly owned subsidiary of Parent (the "**Merger**"). Parent and Merger Sub are affiliates of Mr. Shah, Shah Capital Management and Shah Capital.

Concurrently with the execution of the Merger Agreement, Mr. Chen, the Company's Chief Financial Officer, and Mr. Bocchi, the Company's Executive Vice President, Europe (together with Shah Capital, the "**Rollover Holders**," and collectively with Parent, Merger Sub, Shah Capital Management and Mr. Shah, the "**Buyer Group Parties**") entered into a rollover and support agreement with Parent, which was amended to clarify that Shah Capital is a Rollover Holder on September 2, 2025 (as amended, the "**Rollover Agreement**"). Pursuant to the Rollover Agreement, the Rollover Holders have agreed, among other things, to vote their shares in favor of the adoption of the Merger Agreement and the approval of the Merger and to the cancellation of their shares in exchange for newly issued shares of Parent.

If the Merger is completed, subject to the terms set forth in the Merger Agreement, at the effective time of the Merger (the "**Effective Time**"), each ordinary share of the Company (collectively, the "**Company Ordinary Shares**") that is issued and outstanding as of immediately prior to the Effective Time (other than Company Ordinary Shares held by the Company as treasury shares or owned by Parent, Merger Sub or any other affiliate thereof (the "**Cancelled Shares**"), any Company Ordinary Shares 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 any Company Ordinary Shares held by any Rollover Holder (the "**Rollover Shares**," and together with the Cancelled Shares and the Dissenting Shares, the "**Excluded Shares**")) will be automatically cancelled and converted into the right to receive cash in an amount equal to US$0.20, without interest thereon and subject to all applicable withholding (the "**Per Share Merger Consideration**"). Each American Depositary Share ("**ADS**"), representing ten Company Ordinary Shares, that is issued and outstanding as of immediately prior to the Effective Time (other than any ADSs representing Excluded Shares), will then represent the right to receive cash in an amount equal to US$2.00 per ADS, without interest (the "**Per ADS Merger Consideration**," and together with the Per Share Merger Consideration, the "**Merger Consideration**") less a US$0.05 per ADS cancellation fee pursuant to the terms of the deposit agreement and subject to all applicable withholding. The Cancelled Shares and the Rollover Shares will be cancelled for no consideration. The Dissenting Shares will be cancelled for their agreed or appraised fair value. Following the completion of the Merger, the Company Ordinary Shares and ADSs of the Company will no longer be publicly traded, and holders of such shares and ADSs that have been converted into the right to receive the Per Share Merger Consideration or Per ADS Merger Consideration, as the case may be, will cease to have any ownership interest in the Company.

On July 3, 2025, Rahul Garg and Ritu Khurana, Kunal Shah and Shalin Y. Shah (collectively, the "**Supporting Holders**") executed and delivered to Parent a support agreement (the "**Support Agreement**"), pursuant to which the Supporting Holders have agreed to vote their shares in favor of the adoption of the Merger Agreement and the approval of the Merger. The holdings of the Supporting Holders and the Buyer Group Parties collectively represent approximately 39.6% of the outstanding voting power of the Company as of the date of this Transaction Statement.

A special committee (the "**Special Committee**") of the board of directors of the Company (the "**Board**"), composed solely of three independent directors of the Company who are unaffiliated with the Buyer Group Parties, the Company or any of the management members of the Company, Mr. Martin Bloom, Mr. Ramnath Iyer, and Mr. Ramakrishnan (Ramki) Srinivasan, has reviewed and considered the terms and conditions of the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger (the "**Transactions**"). The Special Committee unanimously (a) determined that the Merger, on the terms and subject to the conditions set forth in the Merger Agreement, is fair to, and in the best interests of, the Company and its shareholders and ADS holders excluding the Buyer Group Parties or affiliates (the "**Unaffiliated Company Holders**") and declared it advisable to enter into the Merger Agreement, (b) approved the execution, delivery and performance by the Company of the Merger Agreement, and (c) recommended that the Board direct that the authorization and approval of the Merger Agreement and the Transactions be submitted to a vote at a general meeting of the shareholders of the Company with the recommendation of the Board that the shareholders of the Company authorize and approve by way of a shareholders resolution the Merger Agreement and the Transactions.

The Board, with Mr. Shah recused from the deliberations and approval, unanimously (a) determined that the Merger, on the terms and subject to the conditions set forth in the Merger Agreement, is fair to, and in the best interests of, the Company and its shareholders (including the Unaffiliated Company Holders), (b) approved the execution, delivery and performance by the Company of the Merger Agreement, and (c) directed that the authorization and approval of the Merger Agreement and the Transactions be submitted to a vote at a general meeting of the shareholders of the Company with the recommendation of the Board that the shareholders of the Company authorize and approve by way of a shareholders resolution the Merger Agreement and the Transactions.

The approval of the proposal to adopt the Merger Agreement, which we refer to as the "Merger Agreement Proposal," requires the affirmative vote of a majority of the outstanding Company Ordinary Shares entitled to vote thereon which were present in person or represented by proxy at the general meeting of the shareholders of the Company (the "**Shareholders Meeting**").

Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC a proxy statement (as amended, the "**Proxy Statement**") under Regulation 14A of the Exchange Act, pursuant to which the Board is soliciting proxies from shareholders of the Company in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A and the amendment to the Merger Agreement is attached to the Proxy Statement as Annex B and each are incorporated herein by reference. As of the date hereof, the Proxy Statement is in preliminary form, and is subject to completion or amendment. Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

While each of the Filing Persons acknowledges that the Merger is a going private transaction for purposes of Rule 13E-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is "controlled" by any of the Filing Persons and/or their respective affiliates.

The information concerning the Company contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by such Filing Person.

**Item 1.** **Summary Term Sheet** 

**Regulation M-A Item 1001**

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

**Item 2.** **Subject Company Information** 

**Regulation M-A Item 1002**

(a) ***Name and address***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Parties to the Merger—The Company"

(b) ***Securities***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Questions and Answers About the Shareholders Meeting and the Merger"

"The Shareholders Meeting—Record Date and Quorum"

"Other Important Information Regarding the Company"

(c) ***Trading market and price***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"Other Important Information Regarding the Company—Market Price of the Company's Shares and ADSs, Dividends and Other Matters"

(d) ***Dividends***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"Other Important Information Regarding the Company—Market Price of the Company's Shares and ADSs, Dividends and Other Matters"

(e) ***Prior public offerings***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"Other Important Information Regarding the Company—Prior Public Offerings"

(f) ***Prior stock purchases***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Other Important Information Regarding the Company—Certain Transactions in the Company Ordinary Shares and ADSs"

**Item 3.** **Identity and Background of Filing Person** 

**Regulation M-A Item 1003(a) through (c)**

(a) – (b) ***Name and Address of Each Filing Person; Business and Background of Entities****.* The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—Parties to the Merger"

"Parties to the Merger"

"Other Important Information Regarding the Company—Directors and Executive Officers of the Company"

"Other Important Information Regarding the Buyer Group Parties"

"Where You Can Find More Information"

(c) ***Business and Background of Natural Persons***.

"Other Important Information Regarding the Company—Directors and Executive Officers of the Company"

"Other Important Information Regarding the Buyer Group Parties"

**Item 4.** **Terms of the Transaction** 

**Regulation M-A Item 1004(a) and (c) through (f)**

(a) ***Material terms***.

(1)  ***Tender offer*** . Not applicable.

(2) (i) – (vii)  ***Merger or Similar Transactions*** *.* 

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Opinions of the Financial Advisor to the Special Committee"

"Special Factors—Certain Unaudited Prospective Financial Information"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Special Factors—Material U.S. Federal Income Tax Consequences of the Merger"

"Special Factors—Effective Time of the Merger"

"Special Factors—Payment of Per Share Merger Consideration and Per ADS Merger Consideration"

"Special Factors—Accounting Treatment"

"The Rollover Agreement"

"The Support Agreement"

"The Shareholders Meeting—Vote Required"

Annex A: Agreement and Plan of Merger

(c) ***Different terms***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"The Rollover Agreement"

"The Support Agreement"

Annex A: Agreement and Plan of Merger

Annex F: Rollover Agreement

Annex H: Support Agreement

(d) ***Appraisal rights***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Questions and Answers About the Shareholders Meeting and the Merger—Am I entitled to dissenters' rights?"

"Special Factors—Appraisal Rights"

(e) ***Provisions for unaffiliated security holders***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Provisions for Unaffiliated Shareholders and Unaffiliated ADS Holders"

(f) ***Eligibility for listing or trading***. Not applicable.

**Item 5.** **Past Contacts, Transactions, Negotiations and Agreements** 

**Regulation M-A Item 1005(a) through (c) and (e)**

(a) ***Transactions***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Special Factors—Financing of the Merger"

"The Merger Agreement and Plan of Merger"

"The Rollover Agreement"

"The Support Agreement"

"Other Important Information Regarding the Company—Certain Transactions in the Company Ordinary Shares and ADSs"

Annex A: Agreement and Plan of Merger

Annex E: Rollover Agreement

Annex H: Support Agreement

(b) – (c) ***Significant corporate events; Negotiations or contacts***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Special Factors—Financing of the Merger"

"The Merger Agreement and Plan of Merger"

"The Rollover Agreement"

"The Support Agreement"

Annex A: Agreement and Plan of Merger

Annex E: Rollover Agreement

Annex H: Support Agreement

(e) ***Agreements involving the subject company's securities***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Financing of the Merger"

"The Merger Agreement and Plan of Merger"

"The Rollover Agreement"

"The Support Agreement"

"The Shareholders Meeting—Vote Required"

"Other Important Information Regarding the Company—Certain Transactions in the Company Ordinary Shares and ADSs"

Annex A: Agreement and Plan of Merger

Annex E: Rollover Agreement

Annex H: Support Agreement

**Item 6.** **Purposes of the Transaction and Plans or Proposals** 

**Regulation M-A Item 1006(b) and (c)(1) through (8)**

(b) ***Use of securities acquired***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects of the Merger for Parent"

"Special Factors—Certain Effects on the Company if the Merger is Not Completed"

"Special Factors—Financing of the Merger"

"Special Factors—Payment of Per Share Merger Consideration and Per ADS Merger Consideration"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Other Important Information Regarding the Company—Market Price of the Company's Shares and ADSs, Dividends and Other Matters"

"Delisting and Deregistration of Ordinary Shares and ADSs"

Annex A: Agreement and Plan of Merger

(c) (1) – (8) ***Plans***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects of the Merger for Parent"

"Special Factors—Certain Effects on the Company if the Merger is Not Completed"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Special Factors—Financing of the Merger"

"The Rollover Agreement"

"The Support Agreement"

"Other Important Information Regarding the Company—Market Price of the Company's Shares and ADSs, Dividends and Other Matters"

"Other Important Information Regarding the Company—Directors and Executive Officers of the Company"

"Delisting and Deregistration of Ordinary Shares and ADSs"

Annex A: Agreement and Plan of Merger

Annex E: Rollover Agreement

Annex H: Support Agreement

**Item 7.** **Purposes, Alternatives, Reasons and Effects** 

**Regulation M-A Item 1013**

(a) ***Purposes***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors— Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

(b) ***Alternatives***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Opinions of the Financial Advisor to the Special Committee"

(c) ***Reasons***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Opinions of the Financial Advisor to the Special Committee"

"Special Factors—Certain Unaudited Prospective Financial Information"

"Special Factors—Certain Effects of the Merger"

Annex C: Kroll Opinion

(d) ***Effects***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Opinions of the Financial Advisor to the Special Committee"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects of the Merger for Parent"

"Special Factors—Certain Effects on the Company if the Merger is Not Completed"

"Special Factors—Interests of Directors and Executive Officers of the Company in the Merger"

"Special Factors—Appraisal Rights"

"Special Factors—Material U.S. Federal Income Tax Consequences of the Merger"

"Special Factors—Accounting Treatment"

"Special Factors—Financing of the Merger"

"Special Factors—Fees and Expenses"

"Special Factors—Payment of Per Share Merger Consideration and Per ADS Merger Consideration"

"Other Important Information Regarding the Company—Market Price of the Company's Shares and ADSs, Dividends and Other Matters"

"Delisting and Deregistration of Common Stock"

Annex A: Agreement and Plan of Merger

Annex C: Kroll Opinion

**Item 8.** **Fairness of the Transaction** 

**Regulation M-A Item 1014**

(a) – (b) ***Fairness; Factors considered in determining fairness***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Opinions of the Financial Advisor to the Special Committee"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Interests of Executive Officers and Non-Employee Directors of the Company in the Merger"

Annex C: Kroll Opinion

(c) ***Approval of security holders***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"The Shareholders Meeting"

"The Merger Agreement Proposal"

Annex A: Agreement and Plan of Merger

(d) ***Unaffiliated representative***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Provisions for Unaffiliated Shareholders and Unaffiliated ADS Holders"

(e) ***Approval of directors***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Opinions of the Financial Advisor to the Special Committee"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"The Merger Agreement Proposal"

(f) ***Other offers***. Not applicable.

**Item 9.** **Reports, Opinions, Appraisals and Negotiations** 

**Regulation M-A Item 1015**

(a) – (b) ***Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Opinions of the Financial Advisor to the Special Committee"

"Where You Can Find More Information"

Annex C: Kroll Opinion

The discussion Materials and Presentation prepared by Kroll, LLC, operating through its Duff & Phelps opinion practice, for discussion with the Special Committee, dated June 18, 2025 is attached hereto as Exhibit (c)(2), and is incorporated by reference herein.

(c) ***Availability of documents***. The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested shareholder of the Company or representative who has been so designated in writing.

**Item 10.** **Source and Amounts of Funds or Other Consideration** 

**Regulation M-A Item 1007**

(a) – (b), (d) ***Source of funds; Conditions****; **Borrowed Funds***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Financing of the Merger"

(c) ***Expenses***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Certain Effects on the Company if the Merger is Not Completed"

"Special Factors—Fees and Expenses"

"The Merger Agreement and Plan of Merger—Termination"

"The Merger Agreement and Plan of Merger—Termination Fees; Reimbursement of Expenses"

**Item 11.** **Interest in Securities of the Subject Company** 

**Regulation M-A Item 1008**

(a) ***Securities ownership***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"The Rollover Agreement"

"The Support Agreement"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Other Important Information Regarding the Company—Security Ownership of Certain Beneficial Owners and Management"

"Other Important Information Regarding the Buyer Group Parties"

Annex E: Rollover Agreement

Annex H: Support Agreement

(b) ***Securities transactions***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Other Important Information Regarding the Company—Prior Public Offerings"

"Other Important Information Regarding the Company—Certain Transactions in the Company Ordinary Shares and ADSs"

**Item 12.** **The Solicitation or Recommendation** 

**Regulation M-A Item 1012(d) and (e)**

(d) ***Intent to tender or vote in a going-private transaction***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Special Factors—Intent to Vote in Favor of the Merger"

"The Rollover Agreement"

"The Support Agreement"

"The Shareholders Meeting—Vote Required"

"The Shareholders Meeting—The Rollover Shareholders' Obligation to Vote in Favor of the Merger"

Annex A: Agreement and Plan of Merger

Annex E: Rollover Agreement

Annex G: Support Agreement

(e) ***Recommendation of others***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Position of the Buyer Group Parties as to the Fairness of the Merger; Purposes and Reasons of the Buyer Group Parties for the Merger"

"Special Factors—Intent to Vote in Favor of the Merger"

"The Merger Agreement Proposal"

**Item 13.** **Financial Information** 

**Regulation M-A Item 1010(a) through (c)**

(a) ***Financial statements***. The audited consolidated financial statements of the Company for the fiscal years ended December 31, 2024 and 2023 are incorporated herein by reference to the Company's [Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as originally filed on March 25, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1417892/000141057825000439/tmb-20241231x10k.htm) and [amended on March 26, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1417892/000110465925028225/tm2510429d1_10ka.htm) (see "Item 8—Financial Statements and Supplementary Data" therein) and the unaudited condensed consolidated financial statements of the Company for the quarterly periods ended March 31, 2025 and June 30, 2025, are incorporated herein by reference to the Company's Quarterly Reports on Form 10-Q for the such periods filed on [May 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1417892/000141057825001236/tmb-20250331x10q.htm) and [August 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1417892/000141057825001854/tmb-20250630x10q.htm), respectively (see "Item 1—Financial Statements" therein).

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Certain Unaudited Prospective Financial Information"

"Special Factors—Certain Effects of the Merger"

"Other Important Information Regarding the Company—Book Value per Share"

"Where You Can Find More Information"

(b) ***Pro forma information***. Not applicable.

(c) ***Summary information***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"Other Important Information Regarding the Company—Summary Financial Information"

**Item 14.** **Persons/Assets, Retained, Employed, Compensated or Used** 

**Regulation M-A Item 1009**

(a) – (b) ***Solicitations or recommendations; Employees and corporate assets***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Shareholders Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Purposes and Reasons of the Company for the Merger; Recommendation of the Board"

"Special Factors—Interests of the Executive Officers and Non-Employee Directors of the Company in the Merger"

"Special Factors—Fees and Expenses"

**Item 15.** **Additional Information** 

**Regulation M-A Item 1011(c)**

(c) ***Other material information***. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

**Item 16.** **Exhibits** 

**Regulation M-A Item 1016(a) through (d), (f) and (g)**

[(a)(1) Preliminary Proxy Statement of Emeren Group Ltd (the "Proxy Statement") (incorporated herein by reference to the Schedule 14A filed concurrently with the SEC).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm)

[(a)(2) Form of Proxy Card (incorporated herein by reference to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#km_007)

[(a)(3) Letter to Shareholders (incorporated herein by reference to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/0001417892/000110465925096099/tm2524948d5_prer14a.htm)

[(a)(4) Notice of General Meeting of Shareholders (incorporated herein by reference to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#sp1_a_001)

[(a)(5) Press Release, dated June 19, 2025 (incorporated herein by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K, filed June 20, 2025).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925060851/tm2517472d2_ex99-1.htm)

[(c)(1) Opinion of Kroll, LLC, operating through its Duff & Phelps opinion practice, dated June 18, 2025 (incorporated herein by reference to Annex C to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#km_002)

[(c)(2) Discussion Materials and Presentation prepared by Kroll, LLC, operating through its Duff & Phelps opinion practice, for discussion with the Special Committee, dated June 18, 2025.](tm2524948d6_ex99-c2.htm)

[(d)(1) Agreement and Plan of Merger, dated as of June 18, 2025, by and among the Company, Parent, and Merger Sub (incorporated herein by reference to Annex A of the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#km_001)

[(d)(2) Amendment to Agreement and Plan of Merger, dated as of September 2, 2025, by and among the Company, Parent, and Merger Sub (incorporated herein by reference to Annex B of the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#abc_007)

[(d)(3) Rollover and Support Agreement, dated as of June 18, 2025, by and among Parent, Mr. Chen, and Mr. Bocchi (incorporated herein by reference to Annex E to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#km_004)

[(d)(4) Amendment to Rollover and Support Agreement, dated as of September 2, 2025, by and among Parent, Mr. Chen, and Shah Capital Opportunity Fund LP (incorporated herein by reference to Annex F to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#abc_008)

[(d)(5) Support Agreement, dated as of July 3, 2025, by and each of Rahul Garg and Ritu Khurana, Kunal Shah and Shalin Y. Shah and Parent (incorporated herein by reference to Annex H to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#km_006)

[(f)(1) BVI Business Companies Act, Revised Edition 2020 – Section 179 (incorporated herein by reference to Annex D to the Proxy Statement).](https://www.sec.gov/Archives/edgar/data/1417892/000110465925096099/tm2524948d5_prer14a.htm#km_003)

[107 Filing Fee Table](https://www.sec.gov/ix?doc=/Archives/edgar/data/1417892/000110465925086463/tm2524948d2_ex107.htm)

**SIGNATURES**

After due inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: October 2, 2025

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| | | |
|:---|:---|:---|
| **Emeren Group Ltd** | **Emeren Group Ltd** | **Emeren Group Ltd** |
| By: | /s/ Ke Chen | /s/ Ke Chen |
|  | Name: | Ke Chen |
|  | Title: | Chief Financial Officer |
| **Shurya Vitra Ltd.** | **Shurya Vitra Ltd.** | **Shurya Vitra Ltd.** |
| By: | /s/ Himanshu H. Shah | /s/ Himanshu H. Shah |
|  | Name: | Himanshu H. Shah |
|  | Title: | Director/CEO |
| **Emeren Holdings Ltd.** | **Emeren Holdings Ltd.** | **Emeren Holdings Ltd.** |
| By: | /s/ Himanshu H. Shah | /s/ Himanshu H. Shah |
|  | Name: | Himanshu H. Shah |
|  | Title: | Director/CEO |
| **Shah Capital Management,Inc.** | **Shah Capital Management,Inc.** | **Shah Capital Management,Inc.** |
| By: | /s/ Himanshu H. Shah | /s/ Himanshu H. Shah |
|  | Name: | Himanshu H. Shah |
|  | Title: | Director/CEO |
| **Shah Capital Opportunity Fund LP** | **Shah Capital Opportunity Fund LP** | **Shah Capital Opportunity Fund LP** |
| By: | /s/ Himanshu H. Shah | /s/ Himanshu H. Shah |
|  | Name: | Himanshu H. Shah |
|  | Title: | Director/CEO |
| **Himanshu H. Shah** | **Himanshu H. Shah** | **Himanshu H. Shah** |
| /s/ Himanshu H. Shah | /s/ Himanshu H. Shah | /s/ Himanshu H. Shah |
| **Ke Chen** | **Ke Chen** | **Ke Chen** |
| /s/ Ke Chen | /s/ Ke Chen | /s/ Ke Chen |
| **Enrico Bocchi** | **Enrico Bocchi** | **Enrico Bocchi** |
| /s/ Enrico Bocchi | /s/ Enrico Bocchi | /s/ Enrico Bocchi |

---

## Ex-99.(C)(2)

**Exhibit (C)(2)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discussion Materials Private and Confidential The information contained herein is of a confidential nature and is intended for the exclusive use of the persons or firm to whom it is furnished by us. Reproduction, publication, or dissemination of portions hereof may not be made without prior approval of Kroll, LLC. Prepared for the Special Committee of the Board of Directors of Emeren Group Ltd Prepared by: Duff & Phelps Opinions Practice June 18, 2025 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Disclaimer • The following is being provided by the Duff & Phelps Opinions Practice of Kroll, LLC ("Duff & Phelps"), to the special committee (the "Special Committee") of the board of directors (the "Board of Directors") of Emeren Group Ltd (the "Company" or "Emeren") (solely in their capacity as a member of the Special Committee) in connection with the Proposed Transaction (as defined herein), as more fully described herein. • The accompanying material was compiled on a confidential basis for the sole use and benefit of the Special Committee in connection with its evaluation of the Proposed Transaction and may not be distributed to any other party, publicly disclosed, or relied upon for any other purpose without the prior written consent of Duff & Phelps or as otherwise provided for in the engagement letter dated April 23, 2025 by and between the Company and Duff & Phelps. • Without limiting the previous bullet, because this material was prepared for use in the context of the Special Committee's consideration of the Proposed Transaction, neither the Company nor Duff & Phelps, nor any of their respective legal or financial advisors or accountants, take any responsibility for the accuracy or completeness of any of the material if used by persons other than the Special Committee. These materials are not intended to represent an opinion but rather to serve as discussion materials for the Special Committee to review. • The accompanying material does not, and any opinion provided by Duff & Phelps would not: (i) address the merits of the underlying business decision to enter into the Proposed Transaction versus an alternative strategy or transaction; (ii) constitute a recommendation as to how the Special Committee, the Board of Directors or any other person (including security holders of the Company) should vote or act with respect to any matters relating to the Proposed Transaction, or whether to proceed with the Proposed Transaction or any related transaction; or (iii) create any fiduciary duty on behalf of Duff & Phelps to any party. • These materials should not be construed, used or relied upon as a valuation opinion, credit rating or a solvency opinion, as an analysis of the Company's credit worthiness, as tax advice, or as accounting advice. Duff & Phelps has not made, and assumes no responsibility to make, any representations, or render any opinion, as to any legal or regulatory matters. • The information utilized in preparing this presentation was obtained from the Company and public sources under the assumption that they are complete and accurate as of the date of provision. Duff & Phelps has relied on the information provided to it and has not independently verified the accuracy or completeness of any such information. • Any estimates and forecasts contained herein have been prepared by the management of the Company. All estimates and forecasts contained herein involve numerous and significant subjective determinations, which may or may not prove to be correct. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past or the future. • No selected public company or M&A transaction used in Duff & Phelps' analysis is directly comparable to the Company or the Proposed Transaction. PRIVATE AND CONFIDENTIAL 2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** 3 1. Executive Summary 2. Valuation Analysis Appendix I. Selected Public Companies and M&A Transactions Reviewed II. Additional Supporting Detail PRIVATE AND CONFIDENTIAL |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01. Executive Summary |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engagement and Transaction Overview 5 The Engagement • Kroll, LLC ("Duff & Phelps" or "We"), operating through its Duff & Phelps Opinions Practice, has been engaged by Emeren Group Ltd (the "Company" or "Emeren") to serve as an independent financial advisor to the special committee (the "Special Committee") of the board of directors (the "Board of Directors") of the Company (solely in their capacity as members of the Special Committee) and to provide the Special Committee an opinion (the "Opinion", as defined below), in connection with a contemplated transaction (the "Proposed Transaction", as defined below). The Proposed Transaction • It is Duff & Phelps' understanding that the Company proposes to enter into an agreement and plan of merger among Emeren Group Ltd, Shurya Vitra Ltd., and Emeren Holdings Ltd. (the "Agreement"), pursuant to which the Company intends to effect a merger of Emeren Holdings Ltd. ("Merger Sub") with and into the Company (the "Merger"). In connection with the Merger, each outstanding ordinary share of the Company (other than the Excluded Shares, the Dissenting Shares, the Ordinary Shares represented by ADSs (as defined below), and any Company Restricted Share Unit Award) shall be cancelled in exchange for the right to receive US$0.20 per Ordinary Share in cash without interest (the "Per Share Merger Consideration"). Each American Depositary Share, representing ten (10) Ordinary Shares (each, an "ADS" or collectively, the "ADSs"), issued and outstanding immediately prior to the Effective Time (other than the ADSs representing the Excluded Shares), together with each Ordinary Share represented by such ADSs, shall be cancelled and cease to exist in exchange for the right to receive US$2.00 per ADS without interest (the "Per ADS Merger Consideration" and, together with the Per Share Merger Consideration, the "Consideration"). Upon consummation of the Merger, Merger Sub shall cease to exist and the Company shall continue as the surviving company of the Merger and becoming a wholly owned subsidiary of Shurya Vitra Ltd. ("Parent") (collectively, the "Proposed Transaction"). • The parties to the Agreement other than the Company are affiliated with Himanshu H. Shah and Shah Capital Opportunity Fund LP (the "Buyer Group"). • The terms and conditions of the Proposed Transaction are more fully set forth in the Merger Agreement; and "Excluded Shares", "Dissenting Shares", "Ordinary Shares", "Company Restricted Share Unit Award" "American Depositary Share" and "Effective Time" shall have the meanings set forth in the Agreement. Opinion • Duff & Phelps has been requested by the Special Committee to provide the Special Committee an opinion (the "Opinion") as to the fairness, from a financial point of view, to the public stockholders of the Company, other than the Buyer Group or affiliates of the Buyer Group, of the Consideration to be received by such stockholders of the Company in the Proposed Transaction (without giving effect to any impact of the Proposed Transaction on any particular stockholder other than in its capacity as a stockholder). PRIVATE AND CONFIDENTIAL |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scope of Analysis Duff & Phelps has made such reviews, analyses and inquiries as it has deemed necessary and appropriate under the circumstances. Duff & Phelps also took into account its assessment of general economic, market and financial conditions, as well as its experience in securities and business valuation, in general, and with respect to similar transactions, in particular. Duff & Phelps' procedures, investigations, and financial analysis with respect to the preparation of its analyses included, but were not limited to, the items summarized below. • Reviewed the following documents: – The Company's annual reports and audited financial statements on Form 20-F filed with the Securities and Exchange Commission ("SEC") for the years ended December 31, 2021 through December 31, 2022, The Company's annual reports and audited financial statements on Form 10-K filed with the SEC for the years ended December 31, 2023 through December 31, 2024, and the Company's unaudited interim financial statements for the three months ended March 31, 2025 included in the Company's Form 10-Q filed with the SEC for the quarterly period ended March 31, 2025; – Unaudited financial information for the Company for the years ended December 31, 2023 and December 31, 2024 and the three months ended March 31, 2025, which the Company's management identified as being the most current financial statements available; – Other internal documents relating to the history, current operations, and probable future outlook of the Company, including financial projections for the periods ending December 31, 2025 to December 31, 2027 prepared by and provided to us by management of the Company (the "Management Projections"); – A letter dated June 17, 2025 from the management of the Company which made certain representations as to historical financial statements, financial projections and the underlying assumptions, and a pro forma schedule of assets and liabilities (including identified contingent liabilities) for the Company on a post-transaction basis; and – Documents related to the Proposed Transaction, including a draft dated June 13, 2025 of the Agreement; • Discussed the information referred to above and the background and other elements of the Proposed Transaction with the management of the Company and the Special Committee; • Reviewed the historical trading price and trading volume of the Company's publicly traded securities and the publicly traded securities of certain other companies that Duff & Phelps deemed relevant; • Performed certain valuation and comparative analyses using generally accepted valuation and analytical techniques including discounted cash flow analyses, an analysis of selected public companies that Duff & Phelps deemed relevant, and an analysis of selected transactions that Duff & Phelps deemed relevant; and • Conducted such other analyses and considered such other factors as Duff & Phelps deemed appropriate. Scope of Analysis PRIVATE AND CONFIDENTIAL 6 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Valuation Indications – Stock Price (ADSs) Discounted Cash Flow Analysis Commentary Indicated Stock Price • Based on Management Projections • 6.0x – 7.0x Terminal EBITDA multiple applied to a normalized terminal Adjusted EBITDA • 13% - 15% discount rate range Implied Stock Price Range $2.00 Proposed Transaction $1.77 $2.14 PRIVATE AND CONFIDENTIAL |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 Valuation Conclusion Valuation Indications PRIVATE AND CONFIDENTIAL (1) Balance as of March 31, 2025 (2) Excludes cash and debt associated with Zhejiang Emeren Smart Energy Co., Ltd to be assumed by buyer in connection with the contemplated sale of such entity (3) Includes 10% withholding tax on proceeds from sale of China domiciled assets (4) Excludes NCI associated with Zhejiang Emeren Smart Energy Co., Ltd due to the contemplated sale of such entity (5) Reflects 51,321,622 ADSs per Company management and includes the dilutive impact of management options using the Treasury Stock Method (6) Latest twelve months ending March 31, 2025 (7) Includes addback of loss on the sale of China domiciled IPP assets which is included in non-operating expenses ($ in thousands) Proposed Low Mid High Transaction Enterprise Value Discounted Cash Flow Analysis $55,200 $64,500 $74,200 Enterprise Value Conclusion $55,200 $64,500 $74,200 Plus: Cash (1)(2) 49,576 49,576 49,576 Plus: Present Value of Net Proceeds from Sale of IPP Assets in China (3) 39,532 39,793 40,059 Less: Debt (1)(2) (50904) (50904) (50904) Less: Non-Controlling Interest (1)(4) (2542) (2542) (2542) Aggregate Equity Value $90,863 $100,424 $110,390 Fully Diluted American Depositary Shares Outstanding (000s) (5) 51,397 51,437 51,472 Resulting Per ADS Value $1.77 $1.95 $2.14 $2.00 Implied Enterprise Value Multiples LTM Adj. EBITDA (6) $3,964 13.9x 16.3x 18.7x 2025 Adj. EBITDA $13,009 4.2x 5.0x 5.7x 2026 Adj. EBITDA $2,800 19.7x 23.0x 26.5x 2025 Kroll Adj. EBITDA (7) $20,284 2.7x 3.2x 3.7x 2026 Kroll Adj. EBITDA (7) $8,644 6.4x 7.5x 8.6x LTM Total Revenue (6) $85,621 0.64x 0.75x 0.87x |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02. Valuation Analysis |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Valuation Analysis Financial Performance Summary - Management Projections PRIVATE AND CONFIDENTIAL (1) Latest twelve months ending March 31, 2025 (2) Includes addback of loss on the sale of China domiciled IPP assets which is included in non-operating expenses (3) Proceeds from the expected sale of China IPP assets (4) Buy-in of minority interest related to China IPP assets Source: Company management ($ in thousands) Management Projections 2021A 2022A 2023A 2024A LTM (1) 2025P 2026P 2027P NTP $61,036 $13,753 $25,152 $25,874 $26,021 $16,413 $19,035 $10,777 COD/EPC 0 24,760 43,902 17,332 13,365 10,087 4,000 13,742 IPP 17,970 21,654 29,405 28,903 30,220 33,876 20,956 15,599 DSA 0 1,124 6,323 18,959 15,001 33,057 43,181 33,940 Other 656 0 860 999 1,014 32 0 0 Total Revenue $79,662 $61,291 $105,642 $92,067 $85,621 $93,465 $87,173 $74,057 Growth (23.1%) 72.4% (12.9%) (20.3%) 1.5% (6.7%) (15.0%) Gross Profit 38,220 22,153 32,451 31,041 30,284 44,687 48,261 43,581 Margin 48.0% 36.1% 30.7% 33.7% 35.4% 47.8% 55.4% 58.8% Adj. EBITDA 21,666 4,002 1,948 6,485 3,964 13,009 2,800 17,891 Margin 27.2% 6.5% 1.8% 7.0% 4.6% 13.9% 3.2% 24.2% Growth (81.5%) (51.3%) 232.9% 17.3% 100.6% (78.5%) 539.0% Kroll Adj. EBITDA (2) 20,284 8,644 17,891 Margin 21.7% 9.9% 24.2% Growth (57.4%) 107.0% Capital Expenditures 11,617 37,617 10,747 15,747 15,551 16,758 26,000 24,000 as % of Total Revenue 14.6% 61.4% 10.2% 17.1% 18.2% 17.9% 29.8% 32.4% Cash Flow Memo Proceeds from Sale (3) 44,000 36,200 - Repurchase of SOE shares (4) (29000) - - Net Proceeds 15,000 36,200 - |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Valuation Analysis • Duff & Phelps utilized and relied upon the Management Projections for the years ending December 31, 2025 through December 31, 2027, as well as discussions with the management of the Company, and a review of the Company's historical performance and other factors to develop the discounted cash flow analysis. • Beyond the projection period, Duff & Phelps estimated the terminal value by applying a terminal EBITDA multiple range of 5.0x – 6.0x to a normalized terminal Adjusted EBITDA. Normalized Adjusted EBITDA was calculated based on an estimated return on the Company's 2026 and 2027 capital expenditures that is expected to be realized beyond the projection period, assuming a rate of return of 14.0%, consistent with the midpoint of the discount rate range, and assuming such run-rate Adjusted EBITDA would be achieved by 2030. • Duff & Phelps discounted the resulting free cash flows and terminal value using a discount rate range of 13.0% to 15.0%. • The following is a summary of the Management Projections utilized in the DCF analysis. – Total Revenue is projected to increase by 1.5% in 2025, decrease by 6.7% in 2026, and decrease by 15.0% in 2027. – Adjusted EBITDA is projected to increase by 100.6% in 2025, decrease by 78.5% in 2026, and increase by 539.0% in 2027. – Adjusted EBITDA margin averages 13.8% over the period from 2025 through 2027. – Capital expenditures are projected to average 26.7% of Total Revenue over the period from 2025 through 2027. – A tax rate of 21.7%, reflecting a blended global tax rate based on the regions in which the Company operates, was applied to the projections. Discounted Cash Flow Analysis PRIVATE AND CONFIDENTIAL |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Valuation Analysis Discounted Cash Flow Analysis Summary (1) Latest twelve months ended March 31, 2025 (2) Includes addback of loss on the sale of China domiciled IPP assets which is included in non-operating expenses PRIVATE AND CONFIDENTIAL ($ in thousands) LTM (1) 2025P 2026P 2027P Total Revenue $85,621 $93,465 $87,173 $74,057 $74,057 Growth (20.3%) 1.5% (6.7%) (15.0%) Kroll Adj. EBITDA 3,964 20,284 8,644 17,891 22,214 Margin 4.6% 21.7% 9.9% 24.2% 4/25-12/25 Earnings Before Interest and Taxes $13,172 ($7129) (1212) Pro Forma Taxes at 21.7% (1760) 0 0 Net Operating Profit After Tax 11,412 (7129) (1212) Tax Depreciation 9,122 15,772 19,103 Capital Expenditures (14105) (26000) (24000) (Increase) Decrease in Working Capital 13,474 1,787 6,056 (Increase) Decrease in Current Project Assets (6552) (14099) (12000) (Increase) Decrease in Non Current Project Assets 4,599 (5876) (1007) Free Cash Flow $17,950 ($35545) (13060) Enterprise Value Low Mid High Terminal EBITDA Multiple 5.00x 5.50x 6.00x Weighted Average Cost of Capital 15.00% 14.00% 13.00% $55,200 $64,500 $74,200 Implied Enterprise Value Multiples LTM Adj. EBITDA (1) $3,964 13.9x 16.3x 18.7x 2025 Adj. EBITDA $13,009 4.2x 5.0x 5.7x 2026 Adj. EBITDA $2,800 19.7x 23.0x 26.5x 2025 Kroll Adj. EBITDA (2) $20,284 2.7x 3.2x 3.7x 2026 Kroll Adj. EBITDA (2) $8,644 6.4x 7.5x 8.6x LTM Total Revenue (1) $85,621 0.64x 0.75x 0.87x Terminal Year Enterprise Value Range |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Valuation Analysis Selected Public Companies and M&A Transactions Reviewed • Duff & Phelps selected 13 publicly traded companies that were deemed relevant to its analysis. • Duff & Phelps analyzed the financial performance of each of the selected public companies. Duff & Phelps then reviewed the selected public companies' trading multiples of enterprise value to revenue and EBITDA. • Duff & Phelps also researched selected M&A transactions involving target companies with businesses that were deemed relevant to its analysis. • The Selected Public Companies analysis and the Selected M&A Transactions analysis were not chosen as a primary methodology to value Emeren due to lack of comparability resulting primarily from differences in historical and projected growth trends, as well as business / asset mix and size; and with respect to the Selected M&A transactions, the regulatory and macroeconomic environments. PRIVATE AND CONFIDENTIAL |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Selected Public Companies / M&A Transactions Summary Valuation Analysis PRIVATE AND CONFIDENTIAL ($ in thousands) Metric Public Company Median Transaction Median Selected Multiple Range Company Performance Enterprise Value Range DCF Enterprise Value Range $55,200 - $74,200 LTM Adj. EBITDA (1) 5.8x - 28.1x 11.8x 13.9x $3,964 13.9x - 18.7x 2025 Adj. EBITDA 5.9x - 26.5x 9.9x NA $13,009 4.2x - 5.7x 2026 Adj. EBITDA 6.3x - 24.7x 9.0x NA $2,800 19.7x - 26.5x 2025 Kroll Adj. EBITDA (2) 5.9x - 26.5x 9.9x NA $20,284 2.7x - 3.7x 2026 Kroll Adj. EBITDA (2) 6.3x - 24.7x 9.0x NA $8,644 6.4x - 8.6x LTM Total Revenue (1) 0.47x - 13.35x 8.54x 7.60x $85,621 0.64x - 0.87x (1) Latest twelve months ended March 31, 2025 (2) Includes addback of loss on the sale of China domiciled IPP assets which is included in non-operating expenses Public Company Range Enterprise Value Multiples Implied Enterprise Value Multiples |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Appendix |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 I. Selected Public Companies and M&A Transactions Reviewed |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Selected Public Companies – Operating Metrics PRIVATE AND CONFIDENTIAL LTM = Latest Twelve Months CAGR = Compounded Annual Growth Rate EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization Source: S&P Capital IQ, SEC Filings, Annual and Interim Reports. As of June 13, 2025 For Rank Charts (% of Revenue) COMPANY INFORMATION REVENUE GROWTH EBITDA GROWTH EBITDA MARGIN Company Name 3-YR CAGR LTM 2025 2026 3-YR CAGR LTM 2025 2026 3-YR AVG LTM 2025 2026 International Diversified Renewables Acciona, S.A. 34.1% 16.2% -5.4% 3.9% 25.0% 24.5% 14.7% -9.1% 12.2% 10.8% 13.1% 11.5% Audax Renovables, S.A. 5.7 -13.5 16.5 0.6 30.0 20.3 6.0 11.2 3.9 5.7 5.2 5.8 Boralex Inc. 7.3 -16.6 8.0 18.3 5.9 -7.9 21.6 10.2 58.8 65.3 73.4 68.4 EDP Renováveis, S.A. 9.7 3.6 14.5 3.4 -4.8 -16.7 25.2 9.7 77.6 64.1 70.0 74.3 Enlight Renewable Energy Ltd 54.5 47.8 29.4 28.3 63.7 48.6 41.2 29.8 69.0 72.2 78.7 79.6 Ørsted A/S -2.9 -0.2 6.5 4.7 9.4 76.0 -16.5 14.2 31.1 44.6 34.2 37.3 Solaria Energía y Medio Ambiente, S.A. 36.0 4.1 4.7 18.3 29.2 0.0 5.6 17.6 90.4 82.2 82.9 82.4 IDR Mean 20.6% 5.9% 10.6% 11.1% 22.6% 20.7% 14.0% 11.9% 49.0% 49.3% 51.1% 51.3% IDR Median 9.7% 3.6% 8.0% 4.7% 25.0% 20.3% 14.7% 11.2% 58.8% 64.1% 70.0% 68.4% Integrated Energy Operators NextEra Energy, Inc. 13.2% -6.9% 13.3% 10.2% 14.9% -12.1% 29.2% 11.9% 51.4% 54.1% 61.0% 61.9% Northland Power Inc. NM -5.3 2.4 0.9 NM -12.9 4.6 17.8 54.8 51.5 54.3 63.4 The AES Corporation 3.3 -3.2 1.4 3.4 -10.0 -23.0 6.2 10.3 22.3 19.5 22.5 24.0 IEO Mean 8.2% -5.1% 5.7% 4.8% 2.4% -16.0% 13.3% 13.3% 42.8% 41.7% 45.9% 49.8% IEO Median 8.2% -5.3% 2.4% 3.4% 2.4% -12.9% 6.2% 11.9% 51.4% 51.5% 54.3% 61.9% Yield Co Brookfield Renewable Partners L.P. 12.8% 14.7% 13.9% 6.6% 8.7% 11.8% 8.0% 7.5% 42.3% 41.2% 38.9% 39.2% Clearway Energy, Inc. 2.2 9.1 8.4 12.2 -0.1 12.9 6.9 8.6 87.2 84.4 82.4 79.8 XPLR Infrastructure, LP 19.4 15.1 7.1 3.2 12.9 4.1 -0.7 -5.0 167.8 156.8 147.7 135.9 YC Mean 11.5% 13.0% 9.8% 7.4% 7.2% 9.6% 4.7% 3.7% 99.1% 94.2% 89.7% 84.9% YC Median 12.8% 14.7% 8.4% 6.6% 8.7% 11.8% 6.9% 7.5% 87.2% 84.4% 82.4% 79.8% Aggregate Mean 16.3% 5.0% 9.3% 8.8% 15.4% 9.7% 11.7% 10.4% 59.2% 57.9% 58.8% 58.7% Aggregate Median 11.2% 3.6% 8.0% 4.7% 11.2% 4.1% 6.9% 10.3% 54.8% 54.1% 61.0% 63.4% Emeren Group - Analyst Estimates 4.9% -20.3% -8.7% 45.4% -33.1% 17.3% 144.5% 86.3% 5.1% 4.6% 18.9% 24.2% Emeren Group - Management Projections 4.9% -20.3% 1.5% -6.7% -33.1% 17.3% 100.6% -78.5% 5.1% 4.6% 13.9% 3.2% |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Selected Public Companies – Valuation Multiples Enterprise Value = [Market Capitalization + Management Equity + Debt + Finance Leases + Operating Leases (for IFRS/non-US GAAP companies only) + Preferred Stock + Non-Controlling Interest] - [Cash & Equivalents + Long-Term Investments + Net Non-Operating Assets] EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization Note: Stock price shown in trading currency. Source: S&P Capital IQ, SEC Filings, Annual and Interim Reports. PRIVATE AND CONFIDENTIAL As of June 13, 2025 (US$ in millions, except per share data) COMPANY INFORMATION MARKET DATA ENTERPRISE VALUE AS MULTIPLE OF Company Name Common Stock Price (Primary) on 6/13/2025 % of 52- Week High Market Capitalization Enterprise Value LTM EBITDA 2025 EBITDA 2026 EBITDA LTM Revenue International Diversified Renewables Acciona, S.A. 145.20 94.3% $9,135 $18,812 6.6x 5.9x 6.4x 0.78x Audax Renovables, S.A. 1.55 79.2 808 1,077 8.1 7.6 6.8 0.47 Boralex Inc. 32.18 87.9 2,435 5,169 12.5 10.0 9.0 8.54 EDP Renováveis, S.A. 9.50 58.3 11,542 21,899 12.3 9.9 9.0 8.17 Enlight Renewable Energy Ltd 67.10 95.3 2,227 5,047 18.0 12.8 9.8 13.35 Ørsted A/S 273.50 59.7 17,820 29,873 5.8 7.2 6.3 2.65 Solaria Energía y Medio Ambiente, S.A. 8.86 69.8 1,280 2,436 10.5 9.9 8.4 8.80 IDR Mean 77.8% $6,464 $12,045 10.5x 9.0x 8.0x 6.11x IDR Median 79.2% $2,435 $5,169 10.5x 9.9x 8.4x 8.17x Integrated Energy Operators NextEra Energy, Inc. 74.78 86.9% $153,944 $235,013 17.2x 13.7x 12.3x 9.30x Northland Power Inc. 21.83 88.3 4,203 8,599 10.0 8.8 7.5 5.21 The AES Corporation 11.44 56.4 8,144 41,283 17.5 14.7 13.4 3.41 IEO Mean 77.2% $55,431 $94,965 14.9x 12.4x 11.1x 5.97x IEO Median 86.9% $8,144 $41,283 17.2x 13.7x 12.3x 5.21x Yield Co Brookfield Renewable Partners L.P. 35.58 87.1% $17,349 $68,965 28.1x 26.5x 24.7x 11.56x Clearway Energy, Inc. 29.75 99.6 3,662 14,042 11.8 11.5 10.6 9.99 XPLR Infrastructure, LP 8.81 30.3 828 13,170 6.7 6.8 7.1 10.49 YC Mean 72.4% $7,279 $32,059 15.5x 14.9x 14.1x 10.68x YC Median 87.1% $3,662 $14,042 11.8x 11.5x 10.6x 10.49x Aggregate Mean 76.4% $17,952 $35,799 12.7x 11.2x 10.1x 7.13x Aggregate Median 86.9% $4,203 $14,042 11.8x 9.9x 9.0x 8.54x Emeren Group - Analyst Estimates 1.72 57.3% $88 $135 34.1x 8.5x 4.6x 1.58x |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 Selected M&A Transactions (1) Transaction announced, but not yet closed Source: S&P Capital IQ, SEC Filings, Annual and Interim Reports. PRIVATE AND CONFIDENTIAL ($ in millions) Announced Target Name Target Business Description Acquirer Name Enterprise Value LTM Revenue LTM EBITDA EBITDA Margin EV / Revenue EV / EBITDA 2/24/2025 Innergex Renewable Energy Inc. (1) Operates as an independent renewable power producer in Canada, the United States, France, and Chile. Caisse de dépôt et placement du Québec $6,951 $717 $474 66.2% 9.70x 14.7x 2/5/2025 Altus Power, Inc. Develops, constructs, owns, and operates roof, ground, and carport-based photovoltaic solar energy generation and storage systems in the United States. TPG Global, LLC; TPG Rise Climate Transition Infrastructure, L.P. $2,203 $196 $102 52.2% 11.23x 21.5x 6/20/2024 TERNA ENERGY Industrial Commercial Technical Societe Anonyme Operates in the renewable energy sources sector in Greece, the Balkans, and Eastern Europe. Abu Dhabi Future Energy Company PJSC - Masdar $3,408 $449 $236 52.6% 7.60x 14.4x 5/29/2024 Neoen S.A. Operates as an independent renewable energy production company that engages in the development and operation of renewable energy power plants. Temasek Holdings (Private) Limited; Brookfield Corporation; Brookfield Renewable Corporation; Brookfield Global Transition Fund 2 $10,398 $554 $508 91.6% 18.76x 20.5x 5/27/2024 Atlantica Sustainable Infrastructure plc Owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets. Energy Capital Partners, LLC; ECP V, LP $6,847 $1,115 $676 60.6% 6.14x 10.1x 5/15/2024 Auren Participações S.A. Engages in the renewable energy generation business in Brazil. Auren Energia S.A. $3,488 $691 $320 46.2% 5.05x 10.9x 5/13/2024 OX2 AB (publ) Develops and sells wind farms and solar parks. EQT AB (publ); EQT Infrastructure VI $1,225 $683 $92 13.4% 1.79x 13.3x |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 Selected M&A Transactions (cont.) Source: S&P Capital IQ, SEC Filings, Annual and Interim Reports. PRIVATE AND CONFIDENTIAL ($ in millions) Announced Target Name Target Business Description Acquirer Name Enterprise Value LTM Revenue LTM EBITDA EBITDA Margin EV / Revenue EV / EBITDA 3/14/2024 Encavis AG Acquires and operates solar and onshore wind parks in Germany, Italy, Spain, France, Denmark, the Netherlands, the United Kingdom, Finland, Sweden, Ireland, and Lithuania. Viessmann Generations Group GmbH & Co. KG; Kohlberg Kravis Roberts & Co. L.P. $5,072 $511 $299 58.5% 9.93x 17.0x 6/12/2023 Opdenergy Holding, S.A. Operates as an independent renewable energy producer in Spain. Antin Infrastructure Partners SAS; Antins Flagship Fund V $1,660 $156 $108 69.3% 10.65x 15.4x 3/24/2023 Tion Renewables GmbH Operates as a renewable energy producer in Germany, Poland, the Netherlands, Italy, and the United Kingdom. EQT AB (publ); EQT Active Core Infrastructure $266 $36 $21 57.0% 7.30x 12.8x 10/1/2022 Con Edison Clean Energy Businesses, Inc. Develops, owns, and operates renewable and energy infrastructure assets and provides energy-related products and services to wholesale and retail customers. RWE Clean Energy, LLC $6,800 NA $553 NA NA 12.3x 8/1/2022 Slitevind AB Owns and operates wind power plants in Norway, Finland and Sweden. Orrön Energy Holding AB $131 $13 $7 50.2% 9.83x 19.6x 5/17/2022 ContourGlobal plc Develops, acquires, owns, and operates thermal and renewable power generation assets. KKR & Co. Inc.; KKR Global Infrastructure Investors IV $5,653 $2,360 $794 33.6% 2.40x 7.1x 4/27/2022 Albioma Constructs and operates biomass, photovoltaics, and geothermal projects as an independent renewable energy producer in France, Mauritius, and Brazil. KKR & Co. Inc. $2,808 $671 $223 33.2% 4.19x 12.6x Mean $4,065 $627 $315 52.7% 8.04x 14.4x Median $3,448 $554 $267 52.6% 7.60x 13.9x |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 II. Additional Supporting Detail |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 Trading Analysis Emeren Group Ltd – Trading History June 13, 2024 to June 13, 2025 PRIVATE AND CONFIDENTIAL 0.00 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 Volume (thousands) Share Price March 28, 2025 Emeren announces CEO transition, formation of Special Committee, and preliminary Q1 2025 results March 13, 2025 Emeren reports earnings results for Q4 and the full year ended December 31, 2024 March 17, 2025 Shah Capital Opportunity Fund, managed by Shah Capital Management and Himanshu H. Shah, submitted a non-binding proposal to acquire a 64% stake in the company for approximately $100 million. November 5, 2024 Emeren announces a co-development agreement with Arpinge to develop 300 MW battery storage portfolio in Italy September 23, 2024 Emeren dropped from S&P Global BMI Index July 1, 2024 Emeren announces partnership with PLT energia Srl on 394 MW battery storage portfolio in Italy November 14, 2024 Emeren reports earnings results for Q3 and nine months ended September 30, 2024 August 1, 2024 Emeren files form 10-K for the fiscal year ended December 31, 2023 January 15, 2025 Emeren announces sale of 65 MWp solar project portfolio in Germany to Trina Solar Emeren Group Ltd - Historical Daily Trading Volume (In thousands) Two-Week Average 180 One-Month Average 145 Six-Month Average 276 % of Shares Outstanding 0.4% % of Shares Outstanding 0.3% % of Shares Outstanding 0.5% % of Float 0.6% % of Float 0.5% % of Float 0.9% Shares Outstanding 51,322 Float 31,868 Source: Capital IQ and SEC Filings |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 Ownership PRIVATE AND CONFIDENTIAL Emeren Group Ltd - Ownership % of Shareholder Shares Outstanding Shah Capital Management, Inc 18,818,236 36.67% Monaco Asset Management S.A.M. 2,005,152 3.91% Invesco Capital Management LLC 695,245 1.35% Chen, Ke 514,027 1.00% GSA Capital Partners LLP 354,502 0.69% Mercer Global Advisors Inc. 78,489 0.15% Shah, Himanshu Harshad 56,370 0.11% Liu, Yumin 50,000 0.10% UBS Asset Management AG 34,151 0.07% Virtu Financial LLC, Asset Management Arm 30,037 0.06% Cetera Investment Advisers LLC 20,310 0.04% Apollon Wealth Management, LLC 19,600 0.04% Qube Research & Technologies Ltd 18,858 0.04% Goldman Sachs Group, Investment Banking and Securities Investments 18,026 0.04% Susquehanna International Group, LLP, Asset Management Arm 11,561 0.02% Two Sigma Securities, LLC, Asset Management Arm 11,010 0.02% Samalin Investment Counsel, LLC 11,000 0.02% Simplex Trading, LLC, Asset Management Arm 10,984 0.02% Long Run Wealth Advisors, LLC 10,300 0.02% Squarepoint OPS LLC 10,055 0.02% Other Shareholders 28,543,709 55.62% Total Shares 51,321,622 100.00% Source: Capital IQ and SEC filings |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Common Stock Overview PRIVATE AND CONFIDENTIAL Emeren Group Ltd - Common Stock Overview Stock Price as of June 13, 2025 $1.72 Volume Weighted Average Price (VWAP) as of June 13, 2025 5-Day VWAP $1.79 52-Week Average Closing Price $1.83 10-Day VWAP $1.75 52-Week High Closing Price (10/4/2024) $2.87 30-Day VWAP $1.67 52-Week Low Closing Price (4/16/2025) $1.18 60-Day VWAP $1.51 90-Day VWAP $1.52 104-Week Average Closing Price $2.22 180-Day VWAP $1.66 104-Week High Closing Price (7/13/2023) $4.18 1-Year VWAP $1.83 104-Week Low Closing Price (4/16/2025) $1.18 52-Week Average Trading Volume 252,106 52-Week Average Trading Volume / Public Float 0.8% 104-Week Average Trading Volume 371,593 104-Week Average Trading Volume / Public Float 1.2% Stock Price Metrics Prior to March 17, 2025 Offer from the Buyer Group Premiums Implied by Proposed Transaction of $2.00 per ADS Stock Price as of March 14, 2025 $1.19 68.1% Volume Weighted Average Price (VWAP) as of March 14, 2025 5-Day VWAP $1.37 46.2% 10-Day VWAP $1.43 39.8% 30-Day VWAP $1.56 27.9% 60-Day VWAP $1.73 15.8% 90-Day VWAP $1.80 10.9% Source: Bloomberg, SEC Filings, and Capital IQ |

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| &nbsp;&nbsp;![GRAPHIC](tm2524948d6_ex99-c2img025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;About Kroll As the leading independent provider of financial and risk advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll's team of more than 6,500 professionals worldwide continues the firm's nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at Kroll.com. M&A advisory, capital raising and secondary market advisory services in the United States are provided by Kroll Securities, LLC (member FINRA/SIPC). M&A advisory, capital raising and secondary market advisory services in the United Kingdom are provided by Kroll Securities Ltd., which is authorized and regulated by the Financial Conduct Authority (FCA). Valuation Advisory Services in India are provided by Kroll Advisory Private Limited (formerly, Duff & Phelps India Private Limited), under a category 1 merchant banker license issued by the Securities and Exchange Board of India.© 2025 Kroll, LLC. All rights reserved. |

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