Emeren Group Ltd. (China)

The Company is a solar project developer and operator, a solar downstream player. The Company develops and sells solar power projects or sells project SPVs (project development business); provides engineering, procurement and construction business (EPC business); and owns and operates solar power projects and sells the electricity generated by the operated solar power plants (IPP business).
BUSINESS
After the completion of the Company s business restructuring in September 2017, the Company has become a solar project developer and operator, a pure downstream player with robust pipeline projects around the world. The Company develop and sell solar power projects or sell project SPVs (project development business), and own and operate solar power projects and sell the electricity generated by its operated solar power plants (IPP business).
In 2019, the Company continued its multi-year transformation from money-losing equipment maker to money-making and asset-light solar project developer. The Company switched its long-term growth strategy from focusing on its traditional market in China to a global expansion roadmap. The Company now primarily focus on the promising markets in the United States and Europe. The Company already obtained a leading market share in Poland and Hungary, as well as some states in the United States such as Minnesota and New York. The Company moved its headquarters to Connecticut, the United States where its senior management team will be based going forward.
The Company currently separate its business into three reportable segments, including solar power project development, electricity generation and EPC services. Ancillary revenues and expenses and other unallocated costs and expenses are recorded in other.
HISTORY
2003 The Company s predecessor, Zhejiang Fengding Construction Material Machinery Manufacturing Co., Ltd., or Fengding Construction, was established as a limited liability company in the PRC in 2003. Following a series of share transfers, Fengding Construction was renamed ReneSola Zhejiang in June 2005 and commenced the solar power business in July 2005.
2006 The Company was incorporated in the British Virgin Island on March 17, 2006. On January 29, 2008, the Company and its subsidiaries became listed on the New York Stock Exchange (“NYSE”) in the United States and traded under the symbol “SOL.”.
2013 In 2013, the Company acquired Lucas Est Korea Co., Ltd. and Ecosfer Energy Korea Co., Ltd., which became our wholly owned subsidiaries. As of the date of this annual report, Lucas Est Korea Co., Ltd. and Ecosfer Energy Korea Co., Ltd. have not commenced business.
2020 On November 17, 2020, The Company acquired a 100 equity interests of PA Holdings and CA Holdings, a utility project with battery storage business under solar power project development stream from Nova Development Management.