The global solar developer, owner and operator changed its name to Emeren, which it says stands for “empowering renewables”. The company’s stock symbol remains unchanged.
ReneSola Ltd, a global solar project developer, owner, and operator, announced that it changed its corporate name to Emeren Group Ltd, and has taken on a new brand identity.
Emeren stands for “empowering renewables,” which the company says was chosen because it symbolizes its progress and continued dedication to growing solar and renewable energy development globally. A new logo features a sun against a blue background, representing the sun’s energy and serving as a reminder of the importance of renewable energy.
“This rebranding not only provides us with a clear direction and foundation as we aim to become the world’s premier solar project developer and operator, but also showcases our dedication to our partners, customers, and investors,” said Mr. Yumin Liu, chief executive officer of Emeren. “It captures the essence of our future aspirations and achievements as we continue to drive innovation and growth in the solar industry.”
The legal name “ReneSola Ltd.” is now “Emeren Group Ltd,” and the company’s NYSE stock trading name will be changed to “Emeren Group Ltd.” on or about February 9, 2023. Its trading symbol of “SOL” will remain the same. The Company’s ADR stock will continue to be listed on NYSE and the CUSIP number will remain the same.
The company went public as ReneSola in 2008, and had shifted from being a local maker of solar wafers to an international solar IPP and development company. In December 2022 the company announced an increased revenue of 86% in Q3, yet it lowered its Q4 22 guidance to $44 million to $49 million, compared to the market consensus of $73 million, reflecting recent acquisitions of European assets taken on its balance sheet.
The company completed a 10.2 MW Hungarian project in Q4 22 but withheld 110 MW of Poland and Hungarian solar project sales in that quarter based on the company’s European shift to an IPP business model. The company said it expects to energize the remainder of the 100 MW European portfolio in Q3 23.
Emeren reports that it currently has a pipeline of approximately 3 GW of projects and IPP assets across in more than 10 countries across Europe, North America, and Asia. In North America Emeren develops utility- and community-scale solar, solar-plus-storage, and stand-alone storage projects.
The rebranding takes place immediately and encompasses a new logo, tagline and website address at www.emeren.com.
