ReneSola (SOL) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act File Number	001-33911
Entity Registrant Name	EMEREN GROUP LTD
Entity Incorporation, State or Country Code	D8
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	149 Water Street, Suite 302
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Country	US
Entity Address, Postal Zip Code	06854
City Area Code	925
Local Phone Number	425-7335
Title of 12(b) Security	American Depositary Shares
Trading Symbol	SOL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		512,549,555
Entity Central Index Key	0001417892
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 35,755	$ 70,174
Restricted cash	1	0
Accounts receivable trade, net	24,412	27,123
Accounts receivable unbilled, net	44,750	59,598
Advances to suppliers	1,269	4,283
Value added tax receivable	8,569	7,103
Project assets, current	77,220	39,914
Prepaid expenses and other current assets, net	19,836	18,255
Total current assets	211,812	226,450
Property, plant and equipment, net	168,397	163,114
Project assets, non-current	43,786	36,610
Operating lease, right-of-use assets	22,506	21,057
Finance lease, right-of-use assets	4,821	14,192
Other non-current assets	18,789	16,928
Total assets	470,111	478,351
Current liabilities:
Accounts payable	12,982	16,203
Advances from customers	6,127	5,375
Long-term borrowings, current	927	1,385
Income tax payable	3,536	2,102
Salaries payable	1,044	718
Operating lease liabilities, current	592	363
Failed sales-leaseback and finance lease liabilities, current	4,934	4,559
Total current liabilities	48,843	56,992
Long-term borrowings, non-current	25,287	22,685
Operating lease liabilities, non-current	21,608	20,575
Failed sales-leaseback and finance lease liabilities, non-current	11,273	11,258
Deferred tax liabilities	3,690	3,532
Total liabilities	110,701	115,042
Commitments and contingencies
Shareholders' equity
Common shares (1,000,000,000 shares and 1,000,000,000 shares; no par value, authorized at September 30, 2024 and December 31, 2023; 652,155,075 shares issued and 512,549,555 shares outstanding at September 30, 2024; 651,821,742 shares issued and 546,204,372 shares outstanding at December 31, 2023)	806,714	806,714
Additional paid-in capital	14,966	14,728
Treasury stock, at cost (124,703,920 and 90,715,770 shares as of September 30, 2024 and December 31, 2023, respectively)	(49,146)	(41,938)
Accumulated deficit	(441,253)	(440,563)
Accumulated other comprehensive loss	(11,710)	(13,629)
Emeren Group Ltd shareholders' equity	319,571	325,312
Noncontrolling interest	39,839	37,997
Total shareholders' equity	359,410	363,309
Total liabilities and shareholders' equity	470,111	478,351
Related party
Current liabilities:
Other current liabilities	2,625	4,967
Nonrelated party
Current liabilities:
Other current liabilities	$ 16,076	$ 21,320

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, shares authorized	1,000,000,000	1,000,000,000
Common shares, shares issued	652,155,075	651,821,742
Common shares, shares outstanding	512,549,555	546,204,372
Treasury stock (in shares)	124,703,920	90,715,770

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net revenues:
Total net revenues		$ 12,860	$ 13,948	$ 57,517	$ 60,670
Cost of revenues		(7,229)	(8,263)	(38,182)	(40,730)
Gross profit		5,631	5,685	19,335	19,940
Operating income (expenses):
Sales and marketing		(8)	(74)	(124)	(293)
General and administrative		(3,959)	(6,964)	(13,935)	(16,689)
Other operating income (expenses), net		477	(1,281)	(1,392)	(3,549)
Impairment loss of assets			(1,325)		(1,325)
Total operating expenses		(3,490)	(9,644)	(15,451)	(21,856)
Income (loss) from operations		2,141	(3,959)	3,884	(1,916)
Other income (expenses):
Interest income		243	448	1,248	1,604
Interest expense		(674)	(527)	(1,576)	(1,441)
Investment (loss) gain		(4)	57	(4)	239
Foreign exchange gains (losses)		4,615	(4,785)	525	42
Total other income (expenses), net		4,180	(4,807)	193	444
Income (loss) before income tax		6,321	(8,766)	4,077	(1,472)
Income tax expense		(647)	(251)	(3,145)	(478)
Net income (loss)		5,674	(9,017)	932	(1,950)
Less: Net income (loss) attributed to non-controlling interests		831	373	1,622	(714)
Net income (loss) attributed to Emeren Group Ltd		$ 4,843	$ (9,390)	$ (690)	$ (1,236)
Income (loss) attributed to Emeren Group Ltd per ADS*
Basic	[1]	$ 0.09	$ (0.17)	$ (0.01)	$ (0.02)
Diluted	[1]	$ 0.09	$ (0.17)	$ (0.01)	$ (0.02)
Weighted average number of ADS* used in computing income (loss) per ADS*
Basic	[1]	51,254,956	56,287,193	52,023,918	56,958,511
Diluted	[1]	51,352,136	56,287,193	52,023,918	56,958,511
Solar power project development
Net revenues:
Total net revenues		$ 1,533	$ 2,300	$ 7,417	$ 16,516
Electricity generation
Net revenues:
Total net revenues		9,415	9,366	23,489	24,067
EPC services
Net revenues:
Total net revenues		337	2,109	16,839	18,589
DSA
Net revenues:
Total net revenues		1,291		9,452	656
Others
Net revenues:
Total net revenues		$ 284	$ 173	$ 320	$ 842
[1]Each American depositary shares (“ADS”) represents 10 common shares

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 5,674	$ (9,017)	$ 932	$ (1,950)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	6,109	(5,499)	2,133	(8,761)
Other comprehensive income (loss)	6,109	(5,499)	2,133	(8,761)
Comprehensive income (loss)	11,783	(14,516)	3,065	(10,711)
Less: Comprehensive income (loss) attributed to non-controlling interests	2,038	86	1,836	(3,046)
Comprehensive income (loss) attributed to Emeren Group Ltd	$ 9,745	$ (14,602)	$ 1,229	$ (7,665)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common shares	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income/(loss)	Equity attributable to Emeren Group Ltd	Noncontrolling interest	Total
Balance at Dec. 31, 2022	$ 806,283	$ (20,000)	$ 13,500	$ (437,377)	$ (15,113)	$ 347,293	$ 41,351	$ 388,644
Balance (in shares) at Dec. 31, 2022	651,121,762	(33,471,750)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	(194)	0	(194)	(421)	(615)
Stock repurchase	0	$ (13,200)	0	0	0	(13,200)	0	(13,200)
Stock repurchase (in shares)		(30,000,000)
Share-based compensation	0		441	0	0	441	0	441
Initial non-controlling interest of the minority shareholders	0		0	0	0	0	27	27
Other comprehensive income (loss), net of tax	0		0	0	1,350	1,350	(10)	1,340
Balance at Mar. 31, 2023	$ 806,283	$ (33,200)	13,941	(437,571)	(13,763)	335,690	40,947	376,637
Balance (in shares) at Mar. 31, 2023	651,121,762	(63,471,750)
Balance at Dec. 31, 2022	$ 806,283	$ (20,000)	13,500	(437,377)	(15,113)	347,293	41,351	388,644
Balance (in shares) at Dec. 31, 2022	651,121,762	(33,471,750)
Increase (Decrease) in Stockholders' Equity
Net income (loss)								(1,950)
Other comprehensive income (loss), net of tax								(8,761)
Balance at Sep. 30, 2023	$ 806,576	$ (38,585)	14,508	(438,613)	(21,542)	322,344	38,333	360,677
Balance (in shares) at Sep. 30, 2023	651,488,412	(78,218,430)
Balance at Dec. 31, 2022	$ 806,283	$ (20,000)	13,500	(437,377)	(15,113)	347,293	41,351	388,644
Balance (in shares) at Dec. 31, 2022	651,121,762	(33,471,750)
Increase (Decrease) in Stockholders' Equity
Stock repurchase								$ (21,900)
Stock repurchase (in shares)								(57,244,020)
Balance at Dec. 31, 2023	$ 806,714	$ (41,938)	14,728	(440,563)	(13,629)	325,312	37,997	$ 363,309
Balance (in shares) at Dec. 31, 2023	651,821,742	(90,715,770)
Balance at Mar. 31, 2023	$ 806,283	$ (33,200)	13,941	(437,571)	(13,763)	335,690	40,947	376,637
Balance (in shares) at Mar. 31, 2023	651,121,762	(63,471,750)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	8,348	0	8,348	(666)	7,682
Stock repurchase	0	$ (1,423)	0	0	0	(1,423)	0	(1,423)
Stock repurchase (in shares)		(3,746,580)
Share exercised by employee	$ 293		(232)	0	0	61	0	61
Share exercised by employee (in shares)	366,650
Share-based compensation	$ 0		407	0	0	407	0	407
Initial non-controlling interest of the minority shareholders	0		0	0	0	0	1	1
Other comprehensive income (loss), net of tax	0		0	0	(2,567)	(2,567)	(2,035)	(4,602)
Balance at Jun. 30, 2023	$ 806,576	$ (34,623)	14,116	(429,223)	(16,330)	340,516	38,247	378,763
Balance (in shares) at Jun. 30, 2023	651,488,412	(67,218,330)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	(9,390)	0	(9,390)	373	(9,017)
Stock repurchase	0	$ (3,962)	0	0	0	(3,962)	0	(3,962)
Stock repurchase (in shares)		(11,000,100)
Share-based compensation	0		392	0	0	392	0	392
Other comprehensive income (loss), net of tax	0		0	0	(5,212)	(5,212)	(287)	(5,499)
Balance at Sep. 30, 2023	$ 806,576	$ (38,585)	14,508	(438,613)	(21,542)	322,344	38,333	360,677
Balance (in shares) at Sep. 30, 2023	651,488,412	(78,218,430)
Balance at Dec. 31, 2023	$ 806,714	$ (41,938)	14,728	(440,563)	(13,629)	325,312	37,997	363,309
Balance (in shares) at Dec. 31, 2023	651,821,742	(90,715,770)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	(5,925)	0	(5,925)	437	(5,488)
Stock repurchase	0	$ (6,178)	0	0	0	(6,178)	0	$ (6,178)
Stock repurchase (in shares)		(29,258,280)
Share exercised by employee (in shares)								0
Share-based compensation	0		29	0	0	29	0	$ 29
Issuance of common stock from release of restricted share units	$ 0		0	0	0	0	0	0
Issuance of common stock from release of restricted share units (in shares)	333,333
Other comprehensive income (loss), net of tax	$ 0		0	0	(2,274)	(2,274)	(681)	(2,955)
Balance at Mar. 31, 2024	$ 806,714	$ (48,116)	14,757	(446,488)	(15,903)	310,964	37,753	348,717
Balance (in shares) at Mar. 31, 2024	652,155,075	(119,974,050)
Balance at Dec. 31, 2023	$ 806,714	$ (41,938)	14,728	(440,563)	(13,629)	325,312	37,997	363,309
Balance (in shares) at Dec. 31, 2023	651,821,742	(90,715,770)
Increase (Decrease) in Stockholders' Equity
Net income (loss)								932
Stock repurchase								$ (7,200)
Stock repurchase (in shares)								(33,988,150)
Other comprehensive income (loss), net of tax								$ 2,133
Balance at Sep. 30, 2024	$ 806,714	$ (49,146)	14,966	(441,253)	(11,710)	319,571	39,839	359,410
Balance (in shares) at Sep. 30, 2024	652,155,075	(124,703,920)
Balance at Mar. 31, 2024	$ 806,714	$ (48,116)	14,757	(446,488)	(15,903)	310,964	37,753	348,717
Balance (in shares) at Mar. 31, 2024	652,155,075	(119,974,050)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	392	0	392	354	746
Stock repurchase	0	$ (1,030)	0	0	0	(1,030)	0	$ (1,030)
Stock repurchase (in shares)		(4,729,870)
Share exercised by employee (in shares)								0
Share-based compensation	0		103	0	0	103	6	$ 109
Other comprehensive income (loss), net of tax	0		0	0	(709)	(709)	(312)	(1,021)
Balance at Jun. 30, 2024	$ 806,714	$ (49,146)	14,860	(446,096)	(16,612)	309,720	37,801	347,521
Balance (in shares) at Jun. 30, 2024	652,155,075	(124,703,920)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 0		0	4,843	0	4,843	831	$ 5,674
Share exercised by employee (in shares)								0
Share-based compensation	0		106	0	0	106	0	$ 106
Other comprehensive income (loss), net of tax	0		0	0	4,902	4,902	1,207	6,109
Balance at Sep. 30, 2024	$ 806,714	$ (49,146)	$ 14,966	$ (441,253)	$ (11,710)	$ 319,571	$ 39,839	$ 359,410
Balance (in shares) at Sep. 30, 2024	652,155,075	(124,703,920)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income (loss)	$ 932	$ (1,950)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	5,002	5,452
Allowances for credit losses	915	1,114
Loss on cancellation of project assets	2,271	1,415
Share-based compensation	238	1,240
Deferred tax provision	74	(97)
Impairment loss of assets		1,325
Loss on disposal of property, plant and equipment		2,156
Investment gains	4	(239)
Changes in operating assets and liabilities:
Accounts receivable, trade and unbilled	15,601	(11,368)
Advances to suppliers	2,907	(1,099)
Value added tax recoverable	(1,368)	(1,042)
Prepaid expenses and other current assets	(1,789)	(9,253)
Project assets	(34,056)	(23,786)
Other non-current assets	(3,079)	(299)
Accounts payable	(2,475)	(3,785)
Advances from customers	712	1,141
Amounts due to related parties	(2,636)	64
Other current liabilities	504	8,652
Income tax payable	1,345	(449)
Salaries payable	316	84
Net cash used in operating activities	(14,582)	(30,724)
Investing activities:
Purchase of property, plant and equipment	(10,922)	(5,658)
Proceeds from disposal of property, plant and equipment	276
Proceeds from disposal of non-financial assets in subsidiary		13,913
Interest from U.S. treasury note		113
Net cash (used in) provided by investing activities	(10,646)	8,368
Financing activities:
Proceeds from banks and other third-party borrowings	2,161
Repayment of banks and other third-party borrowings	(2,074)	(1,935)
Proceeds from option exercise		61
Repurchase of shares	(7,208)	(18,585)
Borrowings from related parties	242	666
Proceeds from failed sale-lease back	3,658	7,526
Repayment of finance lease obligations	(1,324)	(4,668)
Repayment of failed sale-lease back financing	(4,155)	(4,765)
Net cash used in financing activities	(8,700)	(21,700)
Effect of exchange rate changes	(490)	(4,051)
Net decrease in cash and cash equivalents and restricted cash	(34,418)	(48,107)
Cash and cash equivalents and restricted cash, beginning of period	70,174	107,288
Cash and cash equivalents and restricted cash, end of period	$ 35,756	$ 59,181

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental schedule of non-cash operating activities:
Non-cash settlement of accounts receivable unbilled, net and accounts payable with the same counterparty	$ 1,692
Transfer from property, plant and equipment, net to project assets, current	(9,863)
Supplemental schedule of non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	(12,941)	$ (12,602)
Finance leases in accounts payable	$ (2,571)	$ (3,563)

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2024
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS Emeren Group Ltd, rebranded from ReneSola Ltd. in January 2023, was incorporated in the British Virgin Islands on March 17, 2006. On January 29, 2008, Emeren Group Ltd and its subsidiaries (collectively, the “Company”) became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company is a solar project developer and operator, a solar downstream player. The Company develops and sells solar power projects or sells project Special Purpose Vehicles (“SPVs”) (project development business); provides engineering, procurement and construction business (“EPC business”); owns and operates solar power projects and sells the electricity generated by the operated solar power plants (“IPP business”); and provides Development Services Agreement (“DSA”). The Company conducts the IPP business, EPC business, DSA business and project development business in a number of countries, including United States, Poland, Hungary, Spain, France, United Kingdom (“UK”), Germany, Italy and China.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements have been prepared and presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Quarterly results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to generate cash flows from operations, and the Company’s ability to arrange adequate financing arrangements, to support its working capital requirements. Basis of consolidation The unaudited condensed consolidated financial statements include the financial statements of Emeren Group Ltd and its subsidiaries. All inter-company transactions, balances and realized and unrealized profits and losses have been eliminated on consolidation. A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Net income (loss) on the condensed consolidated statements of operations and comprehensive income (loss) includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s condensed consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the condensed consolidated statements of cash flows, when applicable. Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Actual results could materially differ from these estimates. Significant accounting estimates are susceptible to changes with the acquisition of the information, which include revenue recognition for sales of project asset rights, percentage of completion of EPC services, EPC warranties, allowances for credit losses, valuation of deferred tax assets, and recoverability of the carrying value of long-lived assets and project assets. Management bases its estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Fair value measurement The Company estimates fair value of financial assets and liabilities as the price that would be received from the sales of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants. The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value maximize the use of observable inputs. When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets (Level 1 inputs), valuation techniques that use observable market-based inputs (Level 2 inputs) or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the unaudited condensed consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods (Level 3 inputs). In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and as the Company’s evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company’s consolidated assets, liabilities, equity and net income or loss. Financial assets and liabilities held by the Company measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 include cash and cash equivalents, accounts receivable, accounts payable and salaries payable. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and salaries payable approximate their fair value because of their short-term nature (classified as Level 1). Significant accounting policies There have been no material changes to the Company’s significant accounting policies disclosed in our audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023. Cash and cash equivalents The Company maintains its cash and cash equivalents in bank accounts which, at times, exceed the federally insured limits. As of September 30, 2024 and December 31, 2023, the Company had cash in excess of FDIC insured amount. The Company has not experienced any losses in such accounts. Advances to suppliers As of September 30, 2024 and December 31, 2023, advances to suppliers in current assets were $1.3 million and $4.3 million, respectively. The Company does not require collateral or other security against its advances to suppliers. As a result, the Company’s claims for such prepayments are unsecured, which exposes the Company to the suppliers’ credit risk. The Company performs ongoing credit evaluations of the financial condition of its material suppliers. Goodwill The Company performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. During the three and nine months ended September 30, 2023, the Company recorded $1.0 million as impairment loss of goodwill. No additional impairment of goodwill was recorded for the three and nine months ended September 30, 2024. Leases Operating lease costs are recognized on a straight-line basis over the lease term. From time to time, the Company’s subsidiaries are asked to prepay the lease costs for over one year. As of September 30, 2024 and December 31, 2023, the prepaid rental fees of $1.6 million and $1.0 million, respectively, were recorded in operating lease right-of-use assets. Revenue recognition The Company primarily derives its revenues from the following revenue streams: ● Solar power project development – This is comprised of sale of project assets constructed by a third-party EPC contractor, sale of project assets constructed by the Company’s own EPC team, and sale of project asset rights. ● EPC Services – Certain of the EPC contracts for photovoltaic (PV) solar power systems contain retainage provisions. Retainage represents contract costs for the portion of the contract price earned for work performed but held for payment by the customer as a form of security until a certain defined timeframe has been reached. The Company considers whether collectability of such retainage is reasonably assured in connection with our overall assessment of the collectability of amounts due or that will become due under the EPC contracts. After the Company has satisfied the EPC contract requirements and has an unconditional right to consideration, the retainage is billed and reclassified to “Accounts receivable from EPC services (billed)”. As of September 30, 2024 and December 31, 2023, the unbilled balance of accounts receivable from EPC services included in accounts receivable unbilled, net were $42.4 million and $51.9 million, respectively. ● Electricity generation – See Note 3. ACCOUNTS RECEIVABLE TRADE, NET for further details. ● DSA and others – DSA revenue is recognized over time based on the percentage of completion by using the cost-based input method upon the performance of relevant project development activities. Ancillary revenues are recorded in others. Contract liability Advances from customers, which represent contract liabilities, are unrecognized revenue received from customers. Advances from customers are recognized as the Company performs under the contract. During the nine months ended September 30, 2024 and 2023, the Company recognized nil and $0.04 million as revenue that was included in the balances of advances from customers as of January 1, 2024 and 2023, respectively. Disaggregation of revenue The following tables summarizes the Company’s revenues by recognition points: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ in thousands Solar power project development ​ $ 1,533 ​ $ 2,300 ​ $ 7,417 ​ $ 16,516 Others ​ ​ 284 ​ ​ — ​ ​ 284 ​ ​ — Revenue recognized at a point in time ​ ​ 1,817 ​ 2,300 ​ 7,701 ​ ​ 16,516 EPC services ​ ​ 337 ​ 2,109 ​ 16,839 ​ ​ 18,589 Electricity generation ​ ​ 9,415 ​ 9,366 ​ 23,489 ​ ​ 24,067 DSA ​ ​ 1,291 ​ ​ — ​ ​ 9,452 ​ ​ 656 Others ​ ​ — ​ 173 ​ 36 ​ ​ 842 Revenue recognized over time ​ ​ 11,043 ​ 11,648 ​ 49,816 ​ ​ 44,154 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670 ​ The following table summarizes the Company’s revenues generated by the geographic location of customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ ​ in thousands China ​ $ 5,306 ​ $ 4,155 ​ $ 14,430 ​ $ 11,465 United States ​ ​ 1,223 ​ ​ 331 ​ ​ 2,024 ​ ​ 788 UK ​ ​ 3,694 ​ ​ 4,506 ​ ​ 9,828 ​ ​ 11,066 Spain ​ ​ — ​ ​ — ​ ​ 815 ​ ​ — France ​ ​ 994 ​ ​ — ​ ​ 996 ​ ​ 6 Poland ​ ​ 351 ​ ​ 2,123 ​ ​ 3,291 ​ ​ 28,057 Italy ​ ​ 1,292 ​ ​ 109 ​ ​ 9,453 ​ ​ 1,232 Hungary ​ ​ — ​ ​ 291 ​ ​ 16,680 ​ ​ 5,623 Germany ​ ​ — ​ ​ 2,433 ​ ​ — ​ ​ 2,433 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670 ​ See Note 17. SEGMENT REPORTING for further details. Feed-in tariff (s) (FIT) payments The Company collected FIT payments of $2.6 million and $2.0 million for the electricity sold to the state grid companies in the PRC for the three months ended September 30, 2024 and 2023, respectively. The Company collected FIT payments of $2.9 million and $3.6 million for the electricity sold to the state grid companies in the PRC for the nine months ended September 30, 2024 and 2023, respectively. The Company recognized non-FIT payments of attracting foreign investment of $0.1 million and $0.1 million in other operating income and expense, net for the nine months ended September 30, 2024 and 2023, respectively. Foreign currency The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Company’s cash and cash equivalents and restricted cash denominated in RMB amounted to RMB 66.7 million ($9.5 million) and RMB 138.1 million ($19.5 million) on September 30, 2024 and December 31, 2023, respectively. Comprehensive income (loss) Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-shareholder sources and included net income (loss) and foreign currency translation adjustments. As of September 30, 2024 and December 31, 2023, accumulated other comprehensive income (loss) is mainly composed of foreign currency translation adjustments. Recently issued accounting pronouncements In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements, which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standard is effective for fiscal years beginning after December 15, 2023. The Company’s management does not believe the adoption of ASU No. 2023-01 will have a material impact on its unaudited condensed consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company’s management does not believe the adoption of ASU No. 2023-07 will have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU No. 2023-09 will have a material impact on its consolidated financial statements and disclosures. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

ACCOUNTS RECEIVABLE TRADE, NET

ACCOUNTS RECEIVABLE TRADE, NET	9 Months Ended
	Sep. 30, 2024
ACCOUNTS RECEIVABLE TRADE, NET
ACCOUNTS RECEIVABLE TRADE, NET	3. ACCOUNTS RECEIVABLE TRADE, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Accounts receivable trade ​ ​ ​ ​ ​ ​ – from EPC services ​ $ 5,528 ​ $ 7,304 – from solar power project assets and DSA ​ ​ 10,542 ​ ​ 15,055 – from electricity generation (1) ​ ​ 12,437 ​ ​ 9,596 Total accounts receivable trade ​ ​ 28,507 ​ ​ 31,955 Less: allowance for credit losses ​ ​ (4,095) ​ ​ (4,832) Accounts receivable trade, net ​ $ 24,412 ​ $ 27,123 (1) Accounts receivable from electricity generation were mainly due from China’s state grid companies. The amounts included the portion of feed-in tariff(s) (FIT) for the electricity sold to the state grid companies in the PRC in which the relevant on-grid solar power stations are still pending for registration to the Renewable Energy Subsidy Catalog, which the Company has submitted the application for its solar power stations that started operation before July 2017 to be registered on the Catalog. The Company expects that a certain part of the FIT receivables will be recovered after twelve months from the reporting date, which are discounted at an effective interest rate. As of September 30, 2024 and December 31, 2023, there are $3.9 million and $3.5 million of FIT receivables classified as current, and $ 18.2 million and $ 16.4 million classified as non-current, which is included in the other non-current assets on the condensed consolidated balance sheets, respectively. Accounts receivable trade, net and its allowance for credit losses as of December 31, 2022 amounted to $21.7 million and $2.0 million, respectively. ACCOUNTS RECEIVABLE UNBILLED, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Accounts receivable unbilled ​ ​ –from solar power project assets ​ $ 2,419 ​ $ 8,088 –from EPC services ​ ​ 42,402 ​ ​ 51,881 Total accounts receivable unbilled ​ ​ 44,821 ​ ​ 59,969 Less: allowance for credit losses ​ ​ (71) ​ ​ (371) Accounts receivable unbilled, net ​ $ 44,750 ​ $ 59,598 ​ The Company’s contract assets classified as “Accounts receivable unbilled” are primary due to billing of certain project sales and EPC services where the Company has the right to consideration in exchange of the project sales transferred and EPC services performed. Accounts receivable unbilled, net and its allowance for credit losses as of December 31, 2022 amounted to $43.9 million and $0.7 million, respectively. ALLOWANCE FOR CREDIT LOSSES The Company establishes an allowance for expected credit losses based on historically observed default rates over the expected life of the receivable balance and are adjusted for forward-looking information available without undue cost of effort. The Company’s management regularly reviews the allowance for credit losses to ensure relevant information about specific debtors is updated. The following table shows the movement in lifetime expected credit losses that has been recognized for trade receivables under the simplified approach. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands At beginning of the period ​ $ 5,203 ​ $ 2,749 Allowance for credit losses for the period ​ 915 ​ ​ 2,925 Written off ​ ​ (1,952) ​ ​ (471) At end of the period ​ $ 4,166 ​ $ 5,203 ​ During the three months ended September 30, 2024 and 2023, the Company recorded credit losses of nil and $0.9 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded credit losses of $0.9 million and $1.1 million, respectively. ​ CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS As of September 30, 2024, receivables from a solar power customer amounted to $46.5 million, including billed receivable of $4.1 million and unbilled receivable of $42.4 million, which accounts for 63.5% of the Company’s total receivables, excluding FIT receivables in the other non-current assets, which are due from China government subsidies. As of December 31, 2023, receivables from a solar power customer amounted to $44.9 million, including billed receivable of $6.3 million and unbilled receivable of $38.6 million which accounts for 49% of the Company’s total receivables, excluding FIT receivables in the other non-current assets, which are due from China government subsidies. For the three months ended September 30, 2024 and 2023, revenue from this solar power customer accounted for 2.6% ($0.3 million) and 15.2% ($2.1 million) of the Company’s total net revenues, respectively. For the nine months ended September 30, 2024 and 2023, revenue from this solar power customer accounted for 5.5% ($3.2 million) and 24.4% ($14.8 million) of the Company’s total net revenues, respectively.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	4. PREPAID EXPENSES AND OTHER CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Receivables from disposal of property, plant and equipment (1) ​ $ 1,449 ​ $ 1,885 Deposits (2) ​ ​ 15,315 ​ ​ 13,727 Others (3) ​ ​ 3,877 ​ ​ 4,577 Total prepaid expenses and other current assets ​ ​ 20,641 ​ ​ 20,189 Allowance for credit losses (4) ​ ​ (805) ​ ​ (1,934) Total prepaid expenses and other current assets ​ $ 19,836 ​ $ 18,255 (1) Receivables from disposal of property, plant and equipment mainly represented disposal of Company’s solar power stations assets which were primarily for electricity generation revenue segment. (2) As of September 30, 2024 and December 31, 2023, deposits mainly represented deposits made for interconnection, and the bidding of project asset construction rights and rooftop leases. (3) As of September 30, 2024, others mainly included $1.3 million prepaid deposits for US sold project assets, $0.8 million prepayment on Korea project development (the Company has recorded 100% allowance for credit losses associated with such prepayment), and $0.6 million prepaid for a UK project. As of December 31, 2023, others mainly included $ 1.8 million deferred cost for Hungary projects, $ 0.8 million prepayment on Korea project development (the Company has recorded 100% allowance for credit losses associated with such prepayment), and $ 0.7 million prepaid for a UK project. (4) As of September 30, 2024, allowance for credit losses mainly represented the allowance for the Korea project’s prepayment which the Company deemed not recoverable. As of December 31, 2023, allowance for credit losses mainly represented the portion of compensation receivable from Canadian authorities on closure of a certain project in Canada that the Company believes is not recoverable, unrecoverable collection from sold entities in China, and allowance for the Korea project’s prepayment which the Company deemed not recoverable.

PROJECT ASSETS

PROJECT ASSETS	9 Months Ended
	Sep. 30, 2024
PROJECT ASSETS
PROJECT ASSETS	5. PROJECT ASSETS Project assets consisted of the following at September 30, 2024 and December 31, 2023, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Project assets - development and construction cost ​ $ 119,601 ​ $ 75,277 Project assets - others ​ ​ 1,405 ​ ​ 1,247 Total project assets ​ $ 121,006 ​ $ 76,524 ​ ​ ​ ​ ​ ​ ​ Current portion ​ $ 77,220 ​ $ 39,914 Non-current portion ​ $ 43,786 ​ $ 36,610 ​

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2024
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	6. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Land ​ $ 275 ​ $ 275 Plant and machinery ​ 770 ​ ​ 768 Motor vehicles ​ 93 ​ ​ 91 Office equipment ​ 322 ​ ​ 307 Power stations (1) ​ 199,014 ​ ​ 187,518 Less: Accumulated depreciation ​ (34,508) ​ ​ (27,125) ​ ​ ​ 165,966 ​ ​ 161,834 Construction in progress ​ 2,431 ​ ​ 1,280 Property, plant and equipment, net ​ $ 168,397 ​ $ 163,114 (1) During the nine months ended September 30, 2023, the Company sold power stations in Henan, China and recorded a loss of $2.1 million. Construction in progress mainly represents solar power projects which are under development for self-electricity generation in China. Depreciation expense for the three months ended September 30, 2024 and 2023 was $1.8 million and $1.9 million, respectively. Depreciation expense for the nine months ended September 30, 2024 and 2023 was $5.0 million and $5.5 million, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
INCOME TAXES
INCOME TAXES	7. INCOME TAXES The Company and its subsidiaries file separate income tax returns. The Company recorded income tax expense of $0.6 million and $0.3 million for the three months ended September 30, 2024 and 2023, respectively. The Company recorded income tax expense of $3.1 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective tax rate for the three months ended September 30, 2024 and 2023 was 10.2% and (2.9%), respectively. The Company’s effective tax rate for the nine months ended September 30, 2024 and 2023 was 77.1% and (32.5%), respectively. We determine our income tax provision for interim periods using an estimate of our annual effective tax rate adjusted for discrete items occurring during the periods presented. The Company’s income tax provision in the nine months ended September 30, 2024 and 2023, was primarily related to the foreign tax provision. The Company’s income tax provision in the three months ended September 30, 2024 and 2023, was mainly due to income taxes on earnings from its foreign tax jurisdictions. The Company conducts its business globally and its operating income is subject to varying rates of tax. Consequently, the Company’s effective tax rate is dependent upon the geographic distribution of its earnings or losses and the tax laws and regulations in each geographical region. ​ Due to historical losses in the U.S., the Company has a full valuation allowance on its U.S. federal and state deferred tax assets. Management continues to evaluate the realizability of deferred tax assets and the related valuation allowance. If management’s assessment of the deferred tax assets or the corresponding valuation allowance were to change, the Company would record the related adjustment to income during the period in which management makes the determination. ​ As of September 30, 2024, there are no material changes on uncertain tax positions.

BORROWINGS AND OTHER FINANCING

BORROWINGS AND OTHER FINANCING ARRANGEMENTS	9 Months Ended
	Sep. 30, 2024
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
BORROWINGS AND OTHER FINANCING ARRANGEMENTS	8. BORROWINGS AND OTHER FINANCING ARRANGEMENTS Borrowings from banks and other third parties The Company’s borrowings from banks and other third parties consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Long-term borrowings, current ​ $ 927 ​ $ 1,385 Long-term borrowings, non-current ​ ​ 25,287 ​ ​ 22,685 Total borrowings from bank and other third parties ​ $ 26,214 ​ $ 24,070 ​ As of September 30, 2024 and December 31, 2023, the long-term borrowings of $26.2 million and $24.1 million were jointly guaranteed by the Company and its subsidiaries. Long-term borrowings In January 2021, the Company’s UK subsidiary obtained a long-term loan by a lender in the UK totaling £0.05 million ($0.06 million). The long-term loan has a maturity date of July 2026 with an annual interest rate of 2.5%. The proceeds from this loan were used for general working capital purposes. The long-term borrowing was interest free for twelve months. As of September 30, 2024 and December 31, 2023, the balance of this long-term borrowings was $0.03 million and $0.04 million, respectively. In January 2022, the Company’s Project Branston subsidiary entered into a lease loan contract with Aviva Investor Infrastructure Income No.4 Ltd. The loan bears interest at 4.0% above the base rate time to time from Lloyds Bank Plc on the bank and will mature in April 2060. As a result of the acquisition of Branston, the Company took over the loan. As of September 30, 2024, the long-term borrowings were $23.7 million, including current of $0.7 million and non-current of $23.0 million. As of December 31, 2023, the long-term borrowings were $23.7 million, including current of $1.1 million and non-current of $22.7 million. As of September 30, 2024, future minimum payments required under the lease loan contract with Aviva Investor Infrastructure Income No.4 Ltd are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) $ 351 2025 ​ ​ 1,303 2026 ​ 1,303 2027 ​ 1,303 2028 ​ 1,303 2029 and later ​ 40,829 Total minimum lease loan payments ​ 46,392 Less: Amount representing interest ​ (22,700) Present value of net minimum lease loan payments ​ $ 23,692 ​ In September 2022, the Company’s RPZE 1 subsidiary entered into a shareholder loan contract with a minority shareholder of a subsidiary of the Company, RPZE 1, of $0.6 million. The loan bears interest at 2% per annum and will mature in December 2025. As of September 30, 2024 and December 31, 2023, the balance of the shareholder loan was $0.1 million and $ 0.1 million, respectively. In February 2023, the Company’s Tensol 3 subsidiary entered into a shareholder loan contract with a minority shareholder of a subsidiary of the Company, Tensol 3, of $0.7 million. The loan bears interest at 2% per annum and will mature in December 2025. As of September 30, 2024 and December 31, 2023, the balance of the shareholder loan was $0.03 million and $0.03 million, respectively. In November 2023, the Company’s China subsidiary obtained a long-term loan by a bank totaling RMB 1.3 million ($0.2 million). The long-term loan bears interest at 5.2% above the base rate time to time from Loan Prime Rate on the bank and will mature in November 2033. As of September 30, 2024, the long-term borrowings were $0.2 million, including current of $0.02 million and non-current of $0.2 million. As of December 31, 2023, the long-term borrowings were $0.2 million, including current of $0.02 million and non-current of $0.2 million. In March 2024, the Company’s China subsidiary obtained a long-term loan by a bank totaling RMB 5.6 million ($0.8 million). The long-term loan bears interest at 5.2% above the base rate time to time from Loan Prime Rate on the bank and will mature in March 2034. As of September 30, 2024, the long-term borrowings were $0.8 million, including current of $0.08 million and non-current of $0.7 million. In July 2024, the Company’s China subsidiary obtained a long-term loan by a bank totaling RMB 10.0 million ($1.4 million). The long-term loan bears interest at 5.2% above the base rate time to time from Loan Prime Rate on the bank and will mature in June 2034. As of September 30, 2024, the long-term borrowings were $1.4 million, including current of $0.1 million and non-current of $1.3 million. Financing associated with failed sale-lease back transactions In 2019, certain subsidiaries of the Company (the “seller-lessee”) sold self-built solar projects (“leased assets”) with a carrying amount of $4.0 million to different domestic financial leasing companies (the “buyer-lessors”) for cash consideration of $2.8 million, and simultaneously entered into the contracts to lease back the leased assets from the buyer-lessors for 5 to 10 years. These arrangements are guaranteed by other subsidiaries of the Company and are also pledged by the shares and rights to the future power generation income of the seller-lessee. Pursuant to the terms of the agreements, the seller-lessee is required to make lease payments to the buyer-lessors over the lease period and is entitled to obtain ownership of the equipment at a nominal price upon the expiration of the lease. As the leased assets are considered integral with real estate under ASC 360, the sale-leaseback rules related to real estate are applied. The lease transactions do not qualify as a sale-leaseback transaction as these solar projects are initially invested and built up by the seller-lessee with expected useful life of 25 years and are continuingly maintained by the seller-lessee. The seller-lessee has an obligation to repurchase the leased assets upon the expiry of the lease. In addition, after the lease period, the seller-lessee will keep using the assets and has no plans to sell or for early-disposal. Accordingly, these transactions are accounted for as financing transactions in accordance with ASC 840. Internal rate of return is used in the computation of interest cost. The assets remain in the property, plant and equipment (“PPE”) and continue to be depreciated. During the three months ended September 30, 2024 and 2023, the Company paid for amount of financing lease associated with failed sales-lease back transactions of $2.0 million and $1.4 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company paid for amount of financing lease associated with failed sales-lease back transactions of $4.2 million and $4.8 million, respectively. As of September 30, 2024 and December 31, 2023, the Company recorded $9.8 million and $9.1 million under failed sales leaseback liabilities as the non-current portion and $3.9 million and $3.6 million as the current portion, which represents principal to be paid in the next year, respectively. The weighted average effective interest rate of the financing was 5.44% and 6.69% and interest costs incurred during the nine months ended September 30, 2024 and 2023 were $0.7 million and $0.6 million, respectively. These failed sales-leaseback financings were collateralized by the underlying assets of the solar projects. Finance lease The Company leased module, inverter and other materials from different financial leasing companies in China. Pursuant to the terms of the contracts, the Company is required to make lease payments to the finance lease companies and is entitled to obtain the ownership of this machinery and equipment at a nominal price upon the expiration of the lease. These arrangements are guaranteed by other subsidiaries of the Company and are also pledged by the shares and rights for the future power generation income of the leased assets. The lease is classified as finance lease. As of September 30, 2024 and December 31, 2023, the carrying amount is included in finance lease right-of-use assets that is being depreciated over lives of 25 years. The payable related to these contracts as of September 30, 2024 and December 31, 2023 was $2.6 million and $3.2 million, respectively. As of September 30, 2024, future minimum payments required under the finance lease are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) $ 183 2025 ​ 1,011 2026 ​ 787 2027 ​ 772 Total minimum lease payments ​ ​ 2,753 Less: Amount representing interest ​ (182) Present value of net minimum lease payments ​ $ 2,571 Current portion ​ $ 1,059 Non-current portion ​ $ 1,512 ​ As of September 30, 2024, future minimum payments required under the failed sale-lease back are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) $ 1,369 2025 ​ 4,498 2026 ​ 3,291 2027 ​ 2,726 2028 ​ 2,098 2029 and later ​ 1,402 Total minimum lease payments ​ 15,384 Less: Amount representing interest ​ (1,748) Present value of net minimum lease payments ​ $ 13,636 Current portion ​ $ 3,875 Non-current portion ​ $ 9,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Current portion of finance lease ​ $ 1,059 ​ $ 970 Current portion of failed sale-lease back ​ ​ 3,875 ​ ​ 3,589 Total current portion of failed sale-lease back and finance lease ​ $ 4,934 ​ $ 4,559 ​ ​ ​ ​ ​ ​ ​ Non-current portion for finance lease ​ $ 1,512 ​ $ 2,203 Non-current portion for failed sale-lease back ​ ​ 9,761 ​ ​ 9,055 Total non-current portion of failed sale-lease back and finance lease ​ $ 11,273 ​ $ 11,258 ​ Total finance lease liabilities are net of total deposits of $0.8 million as of December 31, 2023. Total failed sale-lease back are net of total deposits of $0.7 million as of December 31, 2023. Interest expense Interest expenses incurred for the three months ended September 30, 2024 and 2023 were $0.7 million and $0.5 million, respectively. Interest expenses incurred for the nine months ended September 30, 2024 and 2023 were $1.6 million and $1.4 million, respectively.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2024
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES	9. OTHER CURRENT LIABILITIES The Company’s other current liabilities are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Payables for purchase of property, plant and equipment (1) ​ $ 12,941 ​ $ 13,426 Other tax payables ​ — ​ ​ 271 Deferred revenue (3) ​ — ​ ​ 3,177 Other (2) ​ 3,135 ​ ​ 4,446 Total other current liabilities ​ $ 16,076 ​ $ 21,320 (1) Payable for purchase of property, plant and equipment as of September 30, 2024 and December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries. (2) Other as of September 30, 2024 and December 31, 2023 mainly includes the payables for claims, audit fees and other professional service fees. (3) Deferred revenue as of December 31, 2023 is mainly related to Hungary project.

COMMON SHARES

COMMON SHARES	9 Months Ended
	Sep. 30, 2024
COMMON SHARES
COMMON SHARES	10. COMMON SHARES During 2023, the Company repurchased 57,244,020 of its ordinary shares, no par value at the cost of $21.9 million. On February 12, 2024, the Company announced that it approved an accelerated stock repurchase program (“ASR”) of up to $10 million. During the nine months ended September 30, 2024, the Company repurchased 33,988,150 of its ordinary shares, no par value at the cost of $7.2 million. All repurchased shares under the repurchase program are classified as treasury shares of the Company until they are retired or reissued. As of September 30, 2024 and December 31, 2023, the number of total issued shares of the Company was 652,155,075 shares and 651,821,742 shares, respectively.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION	11. SHARE BASED COMPENSATION 2007 Share Incentive Plan On September 27, 2007, the Company adopted the Emeren Group Ltd 2007 Share Incentive Plan (the “Plan”) that provides for grant of share options, restricted shares and restricted share units to employees in the Plan. A maximum of 7,500,000 authorized but unissued shares of the Company have been reserved and allocated to the Plan, whose shares were subsequently registered and are issuable upon exercise of outstanding options granted under the Plan. The Plan shall be administered by the Compensation Committee of the Board of Directors (the “Committee”). On July 27, 2010, the Company amended the Plan so as to increase the maximum number of authorized but unissued shares of the Company to 12,500,000 in accordance with the rules of the 2007 Share Incentive Plan. On December 21, 2020, the Company amended the Plan to increase the number of authorized but unissued shares of the Company to 22,500,000 in accordance with the rules of the 2007 Share Incentive Plan. On December 29, 2021, the Company has amended the Plan to increase the maximum number of authorized but unissued shares of the Company to 42,500,000 in accordance with the rules of the 2007 Share Incentive Plan. Except as otherwise noted in the award agreements with the employee or consultant, the options can be exercised within six years Options to Employees During the nine months ended September 30, 2024 and year ended December 31, 2023, no options were granted to employees. Expected volatilities are based on the average of the standard deviation of the daily stock prices of the Company and other selected comparable companies in the same industry. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free rate of return is based on the US Treasury bond yield curve in effect at the time of grant for periods corresponding with the expected term of the option. A summary of the option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ Aggregate ​ ​ Number of ​ Average ​ Contractual ​ Intrinsic ​ Options Exercise Prices Term (in years) Value Outstanding on December 31, 2023 13,360,000 $ 0.39 2.61 $ 624,234 Granted — — ​ ​ — Exercised — — ​ ​ — Forfeited (600,010) — ​ ​ — Outstanding on March 31, 2024 12,759,990 0.39 ​ 2.28 ​ $ 215,000 Granted ​ — ​ ​ — ​ ​ ​ ​ — Exercised ​ — ​ ​ — ​ ​ ​ ​ — Forfeited ​ — ​ ​ — ​ ​ ​ ​ — Outstanding on June 30, 2024 ​ 12,759,990 ​ ​ 0.39 ​ 2.03 ​ ​ — Granted ​ — ​ ​ — ​ ​ ​ ​ — Exercised ​ — ​ ​ — ​ ​ ​ ​ — Forfeited ​ — ​ ​ — ​ ​ ​ ​ — Outstanding on September 30, 2024 ​ 12,759,990 ​ $ 0.39 ​ 1.78 ​ $ 601,400 Expected to vest at September 30, 2024 833,390 0.42 3.63 ​ ​ — Exercisable at September 30, 2024 11,926,600 $ 0.39 1.65 ​ $ 601,400 ​ As of September 30, 2024, there were 12,759,990 outstanding options with a weighted average contractual period of 2 years under the Plan. Share-based compensation costs of $0.1 million and $0.4 million have been charged against income during the three months ended September 30, 2024 and 2023, respectively. Share-based compensation costs of $0.2 million and $1.2 million have been charged against income during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $0.2 million in total unrecognized share-based compensation expense related to unvested options granted under the Plan, which is expected to be recognized over a weighted-average period of 1 year. During the nine months ended September 30, 2024, the 333,333 ordinary shares of restricted share units were exercised. As of September 30, 2024, 666,667 ordinary shares of restricted share units were outstanding.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	9 Months Ended
	Sep. 30, 2024
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS	12. EMPLOYEE BENEFITS North America Emeren extends a 401(k) plan to eligible employees based in the United States. Through our 401(k) plan, eligible employees have the flexibility to defer up to 100% of their Plan Compensation on a pre-tax basis or opt for Voluntary Contributions, such as Roth contributions, on an after-tax basis. We ensure compliance with Internal Revenue Service (IRS) regulations, which stipulate limits on the amount an employee may defer under this plan or any other retirement plan allowing Elective Deferral Contributions during a calendar year. Emeren provides an Employer Match percentage formula, with vesting determined by the length of service with the Company. Emeren has implemented a voluntary Registered Retirement Savings Plan (RRSP) tailored for eligible employees based in Canada. This initiative aims to empower our Canadian workforce in achieving their long-term financial objectives in a tax-efficient manner. Under the RRSP program, eligible employees immediately vest in the plan, ensuring immediate access to the benefits it offers. Moreover, the Company provides a structured Employer Match percentage formula, which depends on the percentage of earnings contributed by the employee. In the fiscal year 2023, eligible employees based in the United States and Canada could enroll in the Company’s comprehensive supplemental benefits plans, comprised of health insurance, dental and vision coverage, life insurance, and a flexible spending account. Furthermore, the Company ensured full compliance with state, provincial, and federal laws and regulations, guaranteeing that all social benefits pertinent to North American employees were provided in accordance with applicable legal frameworks. Europe Emeren Group is committed to providing a comprehensive range of benefits to its employees in Europe, maintaining careful adherence to the framework of local laws and regulations governing social welfare. Across the majority of European countries, the cornerstone elements of the social benefit system encompass pension, healthcare, accident, and unemployment insurances. Eligibility criteria, utilization guidelines, and benefit amounts are dictated by relevant local legislation, ensuring compliance and equitable distribution. In alignment with statutory obligations, our company carefully fulfills the provision of all supplementary social benefits mandated by law in each respective country. Furthermore, beyond the statutory offerings, our company extends additional support through supplementary benefits, including private medical insurance, meal vouchers, and commuting allowances. China In the fiscal year 2023, our operations in China continued to uphold our commitment to the welfare of our employees through participation in the benefit plans administered by the government of the People’s Republic of China (PRC). These plans encompass essential aspects such as pension, medical insurance, housing funds, unemployment, and workplace injury insurance, ensuring comprehensive coverage for our workforce. Both the Company and our employees actively contribute to these plans, with the Company assuming the responsibility of withholding the employees’ portion from their salaries and remitting the contributions to the local government on a monthly basis.

EARNINGS (LOSS) PER ADS

EARNINGS (LOSS) PER ADS	9 Months Ended
	Sep. 30, 2024
EARNINGS (LOSS) PER ADS
EARNINGS (LOSS) PER ADS	13. EARNINGS (LOSS) PER ADS Basic and diluted earnings per ADS have been calculated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, Nine months ended September 30, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ in thousands, except number of shares and per share amounts Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 5,674 ​ $ (9,017) ​ $ 932 ​ $ (1,950) Less: Net income (loss) attributed to noncontrolling interests ​ ​ 831 ​ ​ 373 ​ 1,622 ​ ​ (714) Total net income (loss) attributed to Emeren Group Ltd ​ $ 4,843 ​ $ (9,390) ​ $ (690) ​ $ (1,236) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator for diluted income (loss) per ADS ​ $ 4,843 ​ $ (9,390) ​ $ (690) ​ $ (1,236) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic income (loss) per ADS - weighted average number of ADS outstanding* ​ ​ 51,254,956 ​ ​ 56,287,193 ​ 52,023,918 56,958,511 Dilutive effects of share options* ​ ​ 97,180 ​ ​ — ​ — — Denominator for diluted calculation - weighted average number of ADS outstanding* ​ ​ 51,352,136 ​ ​ 56,287,193 ​ 52,023,918 56,958,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income (loss) per ADS ​ $ 0.09 ​ $ (0.17) ​ $ (0.01) $ (0.02) Diluted income (loss) per ADS ​ $ 0.09 ​ $ (0.17) ​ $ (0.01) $ (0.02) * All shares are converted to ADS, each ADS represents 10 common shares The Company issues ordinary shares to its share depository bank which will be used to settle stock option awards upon their exercise. Any ordinary shares not used in the settlement of stock option awards will be returned to the Company. As of September 30, 2024 and December 31, 2023, there were 10,063,147 ordinary shares and 10,396,480 ordinary shares, respectively, legally issued to the share depository bank but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings (loss) per ADS. The Company uses the treasury method in determining whether those potential common shares are dilutive or antidilutive. That is, the number of potential common shares, after considering the shares repurchased used in computing the diluted per-share amount for income (loss). For the nine months ended September 30, 2024 and 2023, the Company excluded ordinary share equivalents of 1,072,752 and 3,670,147, respectively, from the computation of diluted net earnings (loss) per share because including them would have been anti-dilutive. For the three months ended September 30, 2024 and 2023, the Company excluded ordinary share equivalents of nil and 3,219,829, respectively, from the computation of diluted net earnings (loss) per share because including them would have been anti-dilutive.

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST	9 Months Ended
	Sep. 30, 2024
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST	14. NON-CONTROLLING INTEREST During the three months ended September 30, 2024 and 2023, the Company has comprehensive income attributed to non-controlling interest for $2.0 million and $0.09 million, respectively, of which, the majority resulted from consolidated entities, Powerminds Storage S.r.l. and Zhejiang Emeren Smart Energy Co., Ltd for the three months ended September 30, 2024; and RPNC Holdings, LLC and Zhejiang Emeren Smart Energy Co., Ltd for the three months ended September 30, 2023. The Company calculated the non-controlling interest for 45.0% to Powerminds Storage S.r.l., 99% to RPNC Holdings, LLC and 40.13% to Zhejiang Emeren Smart Energy Co., Ltd. During the nine months ended September 30, 2024, the Company has comprehensive income (loss) attributed to non-controlling interest for $1.8 million, of which, the majority resulted from three consolidated entities, Powerminds Storage S.r.l., RPNC Holdings, LLC and Zhejiang Emeren Smart Energy Co., Ltd. During the nine months ended September 30, 2023, the Company has comprehensive income (loss) attributed to non-controlling interest for ($3.0) million, of which, the majority resulted from two consolidated entities, RPNC Holdings, LLC and Zhejiang Emeren Smart Energy Co., Ltd. The Company calculated the non-controlling interest for 45.0% to Powerminds Storage S.r.l., 99% to RPNC Holdings, LLC and 40.13% to Zhejiang Emeren Smart Energy Co., Ltd.

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
RELATED PARTY BALANCES AND TRANSACTIONS
RELATED PARTY BALANCES AND TRANSACTIONS	15. RELATED PARTY BALANCES AND TRANSACTIONS (a) Related party balances ​ As of September 30, 2024 and December 31, 2023, related party balances were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Due from other related party (1) ​ $ — ​ $ 30 Due from related party balances, net ​ $ — ​ $ 30 ​ ​ ​ ​ ​ ​ ​ Due to other related party (1) ​ $ 2,625 ​ $ 4,997 Due to related party balances, net ​ $ 2,625 ​ $ 4,997 ​ (b) Related party transactions Related party transactions were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ 2024 2023 ​ ​ in thousands Payable to related party services (4) ​ $ 1,981 ​ $ — Payment for service (3) ​ ​ 4,602 ​ ​ — Bond issued (2) ​ 216 ​ 663 Interest expense (2) ​ ​ 36 ​ 7 (1) The balances due to other related party were mainly convertible bond issued to Eiffel Investment Group for solar power development purpose and included the outstanding service cost that minority controllers of Gravel A provided to the Company. (2) Represents the convertible bond issued to Eiffel Investment Group up to EUR 7.03 million ($8.0 million) with an annual interest rate of 2%. The bond has a maturity date of September 2031. During the convertible period and when there is an Event of Default and Acceleration Event (failure to redeem, a material misrepresentation by the Company, or misuse of the proceeds), the bond holder shall have the right to convert the issued convertible bonds at the conversion price into shares of European Solar Energy Development JV (“the Issuer”). The conversion price is determined as per evaluation equal to 70% of the purchase price of the shares. The Company accounts for convertible bond as a single debt instrument at amortized cost. In March 2023, a subsidiary of the Company withdrew $0.7 million (EUR 0.6 million) from Eiffel Investment Group. As of September 30, 2024 and December 31, 2023, the outstanding convertible bond was $2.6 million (EUR 2.3 million) and $2.3 million (EUR 2.1 million), respectively. Bonds issued to related party for the nine months ended September 30, 2024 were $0.2 million. Interest expense for the three months ended September 30, 2024 was $0.01 million. (3) Represents the amount that the Company paid in cash to minority shareholders of Gravel A for settling historical payable balance. (4) Transactions during the nine months ended September 30, 2024, which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Operating lease accounting The Company leases rooftop, land, other property, and equipment under non-cancellable operating leases whose initial terms are typically 3 As this time, a certain portion of active leases within the Company portfolio are classified as operating leases under the new standard. Operating leases are included in Rights-of-Use (“ROU”) assets, operating lease liabilities, current, and operating lease liabilities, non-current in the condensed consolidated balance sheets. The ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent our obligation to make minimum lease payment arising from the lease for the duration of the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 year to 5 years or greater. The exercise of the lease renewal option To determine the present value of future minimum lease payments, the Company uses the implicit rate when readily determinable. At this time, many of the Company’s leases do not provide an implicit rate, therefore, to determine the present value of minimum lease payments, the Company uses its incremental borrowing rate based on the information available at lease commencement date. The ROU assets also include any lease payments made and exclude lease incentives. The components of lease expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, Lease cost Classification 2024 2023 ​ ​ ​ ​ in thousands Operating lease cost ​ Operating expenses: General and administrative ​ $ 1,661 $ 1,457 Short-term lease cost ​ Operating expenses: General and administrative ​ ​ — ​ ​ 32 Sublease income ​ Other operating income, net ​ ​ (37) ​ ​ — Net lease cost ​ $ 1,624 ​ $ 1,489 ​ ​ ​ ​ ​ ​ ​ Lease Term and Discount Rate September 30, 2024 ​ December 31, 2023 Weighted-average remaining lease term (years) ​ ​ ​ Operating leases 23.0 years 23.5 years Weighted-average discount rate (%) ​ ​ ​ Operating leases 6.25 % 6.07 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, Other information ​ 2024 2023 ​ ​ in thousands Cash paid for amount included in the measurement of lease liabilities ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,855 ​ $ 1,514 Cash paid for short-term leases ​ $ — ​ $ 32 ​ As of September 30, 2024, future minimum payments required under the operating lease are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) ​ $ 391 2025 ​ 1,856 2026 ​ 1,953 2027 ​ 2,075 2028 ​ 1,466 2029 and later ​ 35,419 Total minimum lease payments ​ 43,160 Less: Amount representing interest ​ ​ (20,960) Present value of net minimum lease payments ​ $ 22,200 ​ Capital commitments As of September 30, 2024 and December 31, 2023, the Company had capital commitments of approximately $3.9 million and $7.9 million, respectively. These capital commitments were solely related to contracts signed with vendors for procurement of services or photovoltaic (PV) related products used for the construction of solar PV systems being developed by the Company. The capital commitments as at balance sheet date disclosed above do not include those incomplete purchases or acquisitions as at balance sheet dates as the agreements could either be terminated unconditionally without any penalty or cancelable when the closing conditions as specified in the agreements could not be met. Legal matters In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. The Company is a party to legal matters and claims in the normal course of its operations. While the Company believes that the ultimate outcome of these matters will not have a material adverse effect on its financial position, results of operations or cash flows, the outcome of these matters is not determinable with certainty and negative outcomes may adversely affect the Company.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2024
SEGMENT REPORTING
SEGMENT REPORTING	17. SEGMENT REPORTING The Company separated the solar power project segment into four reportable segments, including solar power project development, EPC services, electricity generation and DSA. Ancillary revenues and expenses and other unallocated costs and expenses are recorded in other. The chief operating decision maker is the chief executive officer of the Company. The Company only reports the segment information of net revenue and gross profit, to conform to the information the chief operating decision maker receives to assess the financial performance and allocate resources. There are no differences between the measurements of the Company’s reportable segments’ gross profit and the Company’s consolidated gross profit, as the Company uses the same profit measurement for all of the reportable segments and the consolidated entity. Furthermore, the Company’s chief operating decision maker is not provided with asset information by segment. As such, no asset information by segment is presented. The following table summarizes the Company’s revenues generated from each segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2024 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services ​ DSA ​ Others ​ Total Net revenue ​ $ 1,533 ​ $ 9,415 ​ $ 337 ​ $ 1,291 ​ $ 284 ​ $ 12,860 Gross profit (loss) ​ $ (228) ​ $ 5,415 ​ $ (690) ​ $ 898 ​ $ 236 ​ $ 5,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services DSA Others ​ Total Net revenue ​ $ 2,300 ​ $ 9,366 ​ $ 2,109 ​ $ — ​ $ 173 ​ $ 13,948 Gross profit (loss) ​ $ 1,342 ​ $ 4,881 ​ $ (666) ​ $ — ​ $ 128 ​ $ 5,685 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services ​ DSA ​ Others ​ Total Net revenue ​ $ 7,417 ​ $ 23,489 ​ $ 16,839 ​ $ 9,452 ​ $ 320 ​ $ 57,517 Gross profit ​ $ 1,655 ​ $ 13,078 ​ $ 1,026 ​ $ 3,312 ​ $ 264 ​ $ 19,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services ​ DSA ​ Others ​ Total Net revenue ​ $ 16,516 ​ $ 24,067 ​ $ 18,589 ​ $ 656 ​ $ 842 ​ $ 60,670 Gross profit (loss) ​ $ 5,755 ​ $ 13,790 ​ $ (553) ​ $ 334 ​ $ 614 ​ $ 19,940 ​ The following table summarizes the Company’s revenues generated by the geographic location of customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 ​ 2023 2024 2023 ​ ​ in thousands China ​ $ 5,306 ​ $ 4,155 ​ $ 14,430 ​ $ 11,465 United States ​ ​ 1,223 ​ 331 ​ 2,024 ​ ​ 788 UK ​ ​ 3,694 ​ 4,506 ​ 9,828 ​ ​ 11,066 Spain ​ ​ — ​ — ​ 815 ​ ​ — France ​ ​ 994 ​ — ​ 996 ​ ​ 6 Poland ​ ​ 351 ​ 2,123 ​ 3,291 ​ ​ 28,057 Italy ​ ​ 1,292 ​ ​ 109 ​ ​ 9,453 ​ ​ 1,232 Hungary ​ ​ — ​ 291 ​ 16,680 ​ ​ 5,623 Germany ​ ​ — ​ ​ 2,433 ​ ​ — ​ ​ 2,433 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of issuance of the unaudited condensed consolidated financial statements. There were no subsequent events occurred that would require recognition or disclosure in the unaudited condensed consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,843	$ (9,390)	$ (690)	$ (1,236)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Modified	false
Rule 10b5-1 Arrangement Modified	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements have been prepared and presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Quarterly results are not necessarily indicative of results for the full year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to generate cash flows from operations, and the Company’s ability to arrange adequate financing arrangements, to support its working capital requirements.
Basis of consolidation	Basis of consolidation The unaudited condensed consolidated financial statements include the financial statements of Emeren Group Ltd and its subsidiaries. All inter-company transactions, balances and realized and unrealized profits and losses have been eliminated on consolidation. A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Net income (loss) on the condensed consolidated statements of operations and comprehensive income (loss) includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s condensed consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the condensed consolidated statements of cash flows, when applicable.
Use of estimates	Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Actual results could materially differ from these estimates. Significant accounting estimates are susceptible to changes with the acquisition of the information, which include revenue recognition for sales of project asset rights, percentage of completion of EPC services, EPC warranties, allowances for credit losses, valuation of deferred tax assets, and recoverability of the carrying value of long-lived assets and project assets. Management bases its estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Fair value measurement	Fair value measurement The Company estimates fair value of financial assets and liabilities as the price that would be received from the sales of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants. The Company utilizes a hierarchy for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value maximize the use of observable inputs. When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets (Level 1 inputs), valuation techniques that use observable market-based inputs (Level 2 inputs) or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the unaudited condensed consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods (Level 3 inputs). In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and as the Company’s evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company’s consolidated assets, liabilities, equity and net income or loss. Financial assets and liabilities held by the Company measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 include cash and cash equivalents, accounts receivable, accounts payable and salaries payable. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and salaries payable approximate their fair value because of their short-term nature (classified as Level 1).
Significant accounting policies	Significant accounting policies There have been no material changes to the Company’s significant accounting policies disclosed in our audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.
Cash and cash equivalents	Cash and cash equivalents The Company maintains its cash and cash equivalents in bank accounts which, at times, exceed the federally insured limits. As of September 30, 2024 and December 31, 2023, the Company had cash in excess of FDIC insured amount. The Company has not experienced any losses in such accounts.
Advances to suppliers	Advances to suppliers As of September 30, 2024 and December 31, 2023, advances to suppliers in current assets were $1.3 million and $4.3 million, respectively. The Company does not require collateral or other security against its advances to suppliers. As a result, the Company’s claims for such prepayments are unsecured, which exposes the Company to the suppliers’ credit risk. The Company performs ongoing credit evaluations of the financial condition of its material suppliers.
Goodwill	Goodwill The Company performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. During the three and nine months ended September 30, 2023, the Company recorded $1.0 million as impairment loss of goodwill. No additional impairment of goodwill was recorded for the three and nine months ended September 30, 2024.
Leases	Leases Operating lease costs are recognized on a straight-line basis over the lease term. From time to time, the Company’s subsidiaries are asked to prepay the lease costs for over one year. As of September 30, 2024 and December 31, 2023, the prepaid rental fees of $1.6 million and $1.0 million, respectively, were recorded in operating lease right-of-use assets.
Revenue recognition	Revenue recognition The Company primarily derives its revenues from the following revenue streams: ● Solar power project development – This is comprised of sale of project assets constructed by a third-party EPC contractor, sale of project assets constructed by the Company’s own EPC team, and sale of project asset rights. ● EPC Services – Certain of the EPC contracts for photovoltaic (PV) solar power systems contain retainage provisions. Retainage represents contract costs for the portion of the contract price earned for work performed but held for payment by the customer as a form of security until a certain defined timeframe has been reached. The Company considers whether collectability of such retainage is reasonably assured in connection with our overall assessment of the collectability of amounts due or that will become due under the EPC contracts. After the Company has satisfied the EPC contract requirements and has an unconditional right to consideration, the retainage is billed and reclassified to “Accounts receivable from EPC services (billed)”. As of September 30, 2024 and December 31, 2023, the unbilled balance of accounts receivable from EPC services included in accounts receivable unbilled, net were $42.4 million and $51.9 million, respectively. ● Electricity generation – See Note 3. ACCOUNTS RECEIVABLE TRADE, NET for further details. ● DSA and others – DSA revenue is recognized over time based on the percentage of completion by using the cost-based input method upon the performance of relevant project development activities. Ancillary revenues are recorded in others. Contract liability Advances from customers, which represent contract liabilities, are unrecognized revenue received from customers. Advances from customers are recognized as the Company performs under the contract. During the nine months ended September 30, 2024 and 2023, the Company recognized nil and $0.04 million as revenue that was included in the balances of advances from customers as of January 1, 2024 and 2023, respectively. Disaggregation of revenue The following tables summarizes the Company’s revenues by recognition points: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ in thousands Solar power project development ​ $ 1,533 ​ $ 2,300 ​ $ 7,417 ​ $ 16,516 Others ​ ​ 284 ​ ​ — ​ ​ 284 ​ ​ — Revenue recognized at a point in time ​ ​ 1,817 ​ 2,300 ​ 7,701 ​ ​ 16,516 EPC services ​ ​ 337 ​ 2,109 ​ 16,839 ​ ​ 18,589 Electricity generation ​ ​ 9,415 ​ 9,366 ​ 23,489 ​ ​ 24,067 DSA ​ ​ 1,291 ​ ​ — ​ ​ 9,452 ​ ​ 656 Others ​ ​ — ​ 173 ​ 36 ​ ​ 842 Revenue recognized over time ​ ​ 11,043 ​ 11,648 ​ 49,816 ​ ​ 44,154 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670 ​ The following table summarizes the Company’s revenues generated by the geographic location of customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ ​ in thousands China ​ $ 5,306 ​ $ 4,155 ​ $ 14,430 ​ $ 11,465 United States ​ ​ 1,223 ​ ​ 331 ​ ​ 2,024 ​ ​ 788 UK ​ ​ 3,694 ​ ​ 4,506 ​ ​ 9,828 ​ ​ 11,066 Spain ​ ​ — ​ ​ — ​ ​ 815 ​ ​ — France ​ ​ 994 ​ ​ — ​ ​ 996 ​ ​ 6 Poland ​ ​ 351 ​ ​ 2,123 ​ ​ 3,291 ​ ​ 28,057 Italy ​ ​ 1,292 ​ ​ 109 ​ ​ 9,453 ​ ​ 1,232 Hungary ​ ​ — ​ ​ 291 ​ ​ 16,680 ​ ​ 5,623 Germany ​ ​ — ​ ​ 2,433 ​ ​ — ​ ​ 2,433 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670 ​ See Note 17. SEGMENT REPORTING for further details.
Feed-in tariff (s) (FIT) payments	Feed-in tariff (s) (FIT) payments The Company collected FIT payments of $2.6 million and $2.0 million for the electricity sold to the state grid companies in the PRC for the three months ended September 30, 2024 and 2023, respectively. The Company collected FIT payments of $2.9 million and $3.6 million for the electricity sold to the state grid companies in the PRC for the nine months ended September 30, 2024 and 2023, respectively. The Company recognized non-FIT payments of attracting foreign investment of $0.1 million and $0.1 million in other operating income and expense, net for the nine months ended September 30, 2024 and 2023, respectively.
Foreign currency	Foreign currency The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China foreign exchange trading system market. The Company’s cash and cash equivalents and restricted cash denominated in RMB amounted to RMB 66.7 million ($9.5 million) and RMB 138.1 million ($19.5 million) on September 30, 2024 and December 31, 2023, respectively.
Comprehensive income (loss)	Comprehensive income (loss) Comprehensive income (loss) is the change in equity during a period from transactions and other events and circumstances from non-shareholder sources and included net income (loss) and foreign currency translation adjustments. As of September 30, 2024 and December 31, 2023, accumulated other comprehensive income (loss) is mainly composed of foreign currency translation adjustments.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements, which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standard is effective for fiscal years beginning after December 15, 2023. The Company’s management does not believe the adoption of ASU No. 2023-01 will have a material impact on its unaudited condensed consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company’s management does not believe the adoption of ASU No. 2023-07 will have a material impact on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU No. 2023-09 will have a material impact on its consolidated financial statements and disclosures. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our financial statements.

SUMMARY OF PRINCIPAL ACCOUNTING

SUMMARY OF PRINCIPAL ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of disaggregation of revenue	The following tables summarizes the Company’s revenues by recognition points: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ in thousands Solar power project development ​ $ 1,533 ​ $ 2,300 ​ $ 7,417 ​ $ 16,516 Others ​ ​ 284 ​ ​ — ​ ​ 284 ​ ​ — Revenue recognized at a point in time ​ ​ 1,817 ​ 2,300 ​ 7,701 ​ ​ 16,516 EPC services ​ ​ 337 ​ 2,109 ​ 16,839 ​ ​ 18,589 Electricity generation ​ ​ 9,415 ​ 9,366 ​ 23,489 ​ ​ 24,067 DSA ​ ​ 1,291 ​ ​ — ​ ​ 9,452 ​ ​ 656 Others ​ ​ — ​ 173 ​ 36 ​ ​ 842 Revenue recognized over time ​ ​ 11,043 ​ 11,648 ​ 49,816 ​ ​ 44,154 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670 ​ The following table summarizes the Company’s revenues generated by the geographic location of customers: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ ​ in thousands China ​ $ 5,306 ​ $ 4,155 ​ $ 14,430 ​ $ 11,465 United States ​ ​ 1,223 ​ ​ 331 ​ ​ 2,024 ​ ​ 788 UK ​ ​ 3,694 ​ ​ 4,506 ​ ​ 9,828 ​ ​ 11,066 Spain ​ ​ — ​ ​ — ​ ​ 815 ​ ​ — France ​ ​ 994 ​ ​ — ​ ​ 996 ​ ​ 6 Poland ​ ​ 351 ​ ​ 2,123 ​ ​ 3,291 ​ ​ 28,057 Italy ​ ​ 1,292 ​ ​ 109 ​ ​ 9,453 ​ ​ 1,232 Hungary ​ ​ — ​ ​ 291 ​ ​ 16,680 ​ ​ 5,623 Germany ​ ​ — ​ ​ 2,433 ​ ​ — ​ ​ 2,433 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670

ACCOUNTS RECEIVABLE TRADE, NET

ACCOUNTS RECEIVABLE TRADE, NET (Tables)	9 Months Ended
	Sep. 30, 2024
ACCOUNTS RECEIVABLE TRADE, NET
Schedule of components of accounts receivable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Accounts receivable trade ​ ​ ​ ​ ​ ​ – from EPC services ​ $ 5,528 ​ $ 7,304 – from solar power project assets and DSA ​ ​ 10,542 ​ ​ 15,055 – from electricity generation (1) ​ ​ 12,437 ​ ​ 9,596 Total accounts receivable trade ​ ​ 28,507 ​ ​ 31,955 Less: allowance for credit losses ​ ​ (4,095) ​ ​ (4,832) Accounts receivable trade, net ​ $ 24,412 ​ $ 27,123 (1) Accounts receivable from electricity generation were mainly due from China’s state grid companies. The amounts included the portion of feed-in tariff(s) (FIT) for the electricity sold to the state grid companies in the PRC in which the relevant on-grid solar power stations are still pending for registration to the Renewable Energy Subsidy Catalog, which the Company has submitted the application for its solar power stations that started operation before July 2017 to be registered on the Catalog. The Company expects that a certain part of the FIT receivables will be recovered after twelve months from the reporting date, which are discounted at an effective interest rate. As of September 30, 2024 and December 31, 2023, there are $3.9 million and $3.5 million of FIT receivables classified as current, and $ 18.2 million and $ 16.4 million classified as non-current, which is included in the other non-current assets on the condensed consolidated balance sheets, respectively.
Schedule of accounts receivable unbilled	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Accounts receivable unbilled ​ ​ –from solar power project assets ​ $ 2,419 ​ $ 8,088 –from EPC services ​ ​ 42,402 ​ ​ 51,881 Total accounts receivable unbilled ​ ​ 44,821 ​ ​ 59,969 Less: allowance for credit losses ​ ​ (71) ​ ​ (371) Accounts receivable unbilled, net ​ $ 44,750 ​ $ 59,598
Schedule of movement in lifetime expected credit losses that has been recognized for trade receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands At beginning of the period ​ $ 5,203 ​ $ 2,749 Allowance for credit losses for the period ​ 915 ​ ​ 2,925 Written off ​ ​ (1,952) ​ ​ (471) At end of the period ​ $ 4,166 ​ $ 5,203

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of deferred costs, capitalized, prepaid, and other assets disclosure	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Receivables from disposal of property, plant and equipment (1) ​ $ 1,449 ​ $ 1,885 Deposits (2) ​ ​ 15,315 ​ ​ 13,727 Others (3) ​ ​ 3,877 ​ ​ 4,577 Total prepaid expenses and other current assets ​ ​ 20,641 ​ ​ 20,189 Allowance for credit losses (4) ​ ​ (805) ​ ​ (1,934) Total prepaid expenses and other current assets ​ $ 19,836 ​ $ 18,255 (1) Receivables from disposal of property, plant and equipment mainly represented disposal of Company’s solar power stations assets which were primarily for electricity generation revenue segment. (2) As of September 30, 2024 and December 31, 2023, deposits mainly represented deposits made for interconnection, and the bidding of project asset construction rights and rooftop leases. (3) As of September 30, 2024, others mainly included $1.3 million prepaid deposits for US sold project assets, $0.8 million prepayment on Korea project development (the Company has recorded 100% allowance for credit losses associated with such prepayment), and $0.6 million prepaid for a UK project. As of December 31, 2023, others mainly included $ 1.8 million deferred cost for Hungary projects, $ 0.8 million prepayment on Korea project development (the Company has recorded 100% allowance for credit losses associated with such prepayment), and $ 0.7 million prepaid for a UK project. (4) As of September 30, 2024, allowance for credit losses mainly represented the allowance for the Korea project’s prepayment which the Company deemed not recoverable. As of December 31, 2023, allowance for credit losses mainly represented the portion of compensation receivable from Canadian authorities on closure of a certain project in Canada that the Company believes is not recoverable, unrecoverable collection from sold entities in China, and allowance for the Korea project’s prepayment which the Company deemed not recoverable.

PROJECT ASSETS (Tables)

PROJECT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
PROJECT ASSETS
Schedule of project assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Project assets - development and construction cost ​ $ 119,601 ​ $ 75,277 Project assets - others ​ ​ 1,405 ​ ​ 1,247 Total project assets ​ $ 121,006 ​ $ 76,524 ​ ​ ​ ​ ​ ​ ​ Current portion ​ $ 77,220 ​ $ 39,914 Non-current portion ​ $ 43,786 ​ $ 36,610 ​

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2024
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of property, plant and equipment. net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Land ​ $ 275 ​ $ 275 Plant and machinery ​ 770 ​ ​ 768 Motor vehicles ​ 93 ​ ​ 91 Office equipment ​ 322 ​ ​ 307 Power stations (1) ​ 199,014 ​ ​ 187,518 Less: Accumulated depreciation ​ (34,508) ​ ​ (27,125) ​ ​ ​ 165,966 ​ ​ 161,834 Construction in progress ​ 2,431 ​ ​ 1,280 Property, plant and equipment, net ​ $ 168,397 ​ $ 163,114 (1) During the nine months ended September 30, 2023, the Company sold power stations in Henan, China and recorded a loss of $2.1 million.

BORROWINGS AND OTHER FINANCIN_2

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
Schedule of bank borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Long-term borrowings, current ​ $ 927 ​ $ 1,385 Long-term borrowings, non-current ​ ​ 25,287 ​ ​ 22,685 Total borrowings from bank and other third parties ​ $ 26,214 ​ $ 24,070 ​
Schedule of future minimum payments required under the lease loan contract	As of September 30, 2024, future minimum payments required under the lease loan contract with Aviva Investor Infrastructure Income No.4 Ltd are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) $ 351 2025 ​ ​ 1,303 2026 ​ 1,303 2027 ​ 1,303 2028 ​ 1,303 2029 and later ​ 40,829 Total minimum lease loan payments ​ 46,392 Less: Amount representing interest ​ (22,700) Present value of net minimum lease loan payments ​ $ 23,692
Schedule of future minimum payments required under the finance lease	As of September 30, 2024, future minimum payments required under the finance lease are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) $ 183 2025 ​ 1,011 2026 ​ 787 2027 ​ 772 Total minimum lease payments ​ ​ 2,753 Less: Amount representing interest ​ (182) Present value of net minimum lease payments ​ $ 2,571 Current portion ​ $ 1,059 Non-current portion ​ $ 1,512
Schedule of components of failed sale-lease back and finance lease liabilities	As of September 30, 2024, future minimum payments required under the failed sale-lease back are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) $ 1,369 2025 ​ 4,498 2026 ​ 3,291 2027 ​ 2,726 2028 ​ 2,098 2029 and later ​ 1,402 Total minimum lease payments ​ 15,384 Less: Amount representing interest ​ (1,748) Present value of net minimum lease payments ​ $ 13,636 Current portion ​ $ 3,875 Non-current portion ​ $ 9,761
Schedule of future minimum payments required under the failed sale-lease back	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Current portion of finance lease ​ $ 1,059 ​ $ 970 Current portion of failed sale-lease back ​ ​ 3,875 ​ ​ 3,589 Total current portion of failed sale-lease back and finance lease ​ $ 4,934 ​ $ 4,559 ​ ​ ​ ​ ​ ​ ​ Non-current portion for finance lease ​ $ 1,512 ​ $ 2,203 Non-current portion for failed sale-lease back ​ ​ 9,761 ​ ​ 9,055 Total non-current portion of failed sale-lease back and finance lease ​ $ 11,273 ​ $ 11,258

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
OTHER CURRENT LIABILITIES
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Payables for purchase of property, plant and equipment (1) ​ $ 12,941 ​ $ 13,426 Other tax payables ​ — ​ ​ 271 Deferred revenue (3) ​ — ​ ​ 3,177 Other (2) ​ 3,135 ​ ​ 4,446 Total other current liabilities ​ $ 16,076 ​ $ 21,320 (1) Payable for purchase of property, plant and equipment as of September 30, 2024 and December 31, 2023 included as payable to ReneSola Singapore Pte Ltd.’s subsidiaries. (2) Other as of September 30, 2024 and December 31, 2023 mainly includes the payables for claims, audit fees and other professional service fees. (3) Deferred revenue as of December 31, 2023 is mainly related to Hungary project.

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
SHARE BASED COMPENSATION
Schedule of the option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ Aggregate ​ ​ Number of ​ Average ​ Contractual ​ Intrinsic ​ Options Exercise Prices Term (in years) Value Outstanding on December 31, 2023 13,360,000 $ 0.39 2.61 $ 624,234 Granted — — ​ ​ — Exercised — — ​ ​ — Forfeited (600,010) — ​ ​ — Outstanding on March 31, 2024 12,759,990 0.39 ​ 2.28 ​ $ 215,000 Granted ​ — ​ ​ — ​ ​ ​ ​ — Exercised ​ — ​ ​ — ​ ​ ​ ​ — Forfeited ​ — ​ ​ — ​ ​ ​ ​ — Outstanding on June 30, 2024 ​ 12,759,990 ​ ​ 0.39 ​ 2.03 ​ ​ — Granted ​ — ​ ​ — ​ ​ ​ ​ — Exercised ​ — ​ ​ — ​ ​ ​ ​ — Forfeited ​ — ​ ​ — ​ ​ ​ ​ — Outstanding on September 30, 2024 ​ 12,759,990 ​ $ 0.39 ​ 1.78 ​ $ 601,400 Expected to vest at September 30, 2024 833,390 0.42 3.63 ​ ​ — Exercisable at September 30, 2024 11,926,600 $ 0.39 1.65 ​ $ 601,400

EARNINGS (LOSS) PER ADS (Tables

EARNINGS (LOSS) PER ADS (Tables)	9 Months Ended
	Sep. 30, 2024
EARNINGS (LOSS) PER ADS
Schedule of basic and diluted earnings per ADS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, Nine months ended September 30, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ in thousands, except number of shares and per share amounts Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 5,674 ​ $ (9,017) ​ $ 932 ​ $ (1,950) Less: Net income (loss) attributed to noncontrolling interests ​ ​ 831 ​ ​ 373 ​ 1,622 ​ ​ (714) Total net income (loss) attributed to Emeren Group Ltd ​ $ 4,843 ​ $ (9,390) ​ $ (690) ​ $ (1,236) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator for diluted income (loss) per ADS ​ $ 4,843 ​ $ (9,390) ​ $ (690) ​ $ (1,236) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic income (loss) per ADS - weighted average number of ADS outstanding* ​ ​ 51,254,956 ​ ​ 56,287,193 ​ 52,023,918 56,958,511 Dilutive effects of share options* ​ ​ 97,180 ​ ​ — ​ — — Denominator for diluted calculation - weighted average number of ADS outstanding* ​ ​ 51,352,136 ​ ​ 56,287,193 ​ 52,023,918 56,958,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income (loss) per ADS ​ $ 0.09 ​ $ (0.17) ​ $ (0.01) $ (0.02) Diluted income (loss) per ADS ​ $ 0.09 ​ $ (0.17) ​ $ (0.01) $ (0.02) * All shares are converted to ADS, each ADS represents 10 common shares

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2024
RELATED PARTY BALANCES AND TRANSACTIONS
Schedule of amounts due to related parties comprised of amounts payable to purchase of raw materials and others	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 ​ ​ in thousands Due from other related party (1) ​ $ — ​ $ 30 Due from related party balances, net ​ $ — ​ $ 30 ​ ​ ​ ​ ​ ​ ​ Due to other related party (1) ​ $ 2,625 ​ $ 4,997 Due to related party balances, net ​ $ 2,625 ​ $ 4,997 ​
Schedule of related party transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ 2024 2023 ​ ​ in thousands Payable to related party services (4) ​ $ 1,981 ​ $ — Payment for service (3) ​ ​ 4,602 ​ ​ — Bond issued (2) ​ 216 ​ 663 Interest expense (2) ​ ​ 36 ​ 7 (1) The balances due to other related party were mainly convertible bond issued to Eiffel Investment Group for solar power development purpose and included the outstanding service cost that minority controllers of Gravel A provided to the Company. (2) Represents the convertible bond issued to Eiffel Investment Group up to EUR 7.03 million ($8.0 million) with an annual interest rate of 2%. The bond has a maturity date of September 2031. During the convertible period and when there is an Event of Default and Acceleration Event (failure to redeem, a material misrepresentation by the Company, or misuse of the proceeds), the bond holder shall have the right to convert the issued convertible bonds at the conversion price into shares of European Solar Energy Development JV (“the Issuer”). The conversion price is determined as per evaluation equal to 70% of the purchase price of the shares. The Company accounts for convertible bond as a single debt instrument at amortized cost. In March 2023, a subsidiary of the Company withdrew $0.7 million (EUR 0.6 million) from Eiffel Investment Group. As of September 30, 2024 and December 31, 2023, the outstanding convertible bond was $2.6 million (EUR 2.3 million) and $2.3 million (EUR 2.1 million), respectively. Bonds issued to related party for the nine months ended September 30, 2024 were $0.2 million. Interest expense for the three months ended September 30, 2024 was $0.01 million. (3) Represents the amount that the Company paid in cash to minority shareholders of Gravel A for settling historical payable balance. (4) Transactions during the nine months ended September 30, 2024, which represents the payable amount of Gravel A to Enerpoint and Kaizen for project services regarding Italy projects.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
Schedule of components of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, Lease cost Classification 2024 2023 ​ ​ ​ ​ in thousands Operating lease cost ​ Operating expenses: General and administrative ​ $ 1,661 $ 1,457 Short-term lease cost ​ Operating expenses: General and administrative ​ ​ — ​ ​ 32 Sublease income ​ Other operating income, net ​ ​ (37) ​ ​ — Net lease cost ​ $ 1,624 ​ $ 1,489 ​ ​ ​ ​ ​ ​ ​ Lease Term and Discount Rate September 30, 2024 ​ December 31, 2023 Weighted-average remaining lease term (years) ​ ​ ​ Operating leases 23.0 years 23.5 years Weighted-average discount rate (%) ​ ​ ​ Operating leases 6.25 % 6.07 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, Other information ​ 2024 2023 ​ ​ in thousands Cash paid for amount included in the measurement of lease liabilities ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,855 ​ $ 1,514 Cash paid for short-term leases ​ $ — ​ $ 32 ​
Schedule of future minimum payments required under the operating lease	As of September 30, 2024, future minimum payments required under the operating lease are: ​ ​ ​ ​ ​ USD ​ ​ in thousands 2024 (October 1 through December 31) ​ $ 391 2025 ​ 1,856 2026 ​ 1,953 2027 ​ 2,075 2028 ​ 1,466 2029 and later ​ 35,419 Total minimum lease payments ​ 43,160 Less: Amount representing interest ​ ​ (20,960) Present value of net minimum lease payments ​ $ 22,200

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2024
SEGMENT REPORTING
Schedule of the Company's revenues generated from each segment	The following table summarizes the Company’s revenues generated from each segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2024 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services ​ DSA ​ Others ​ Total Net revenue ​ $ 1,533 ​ $ 9,415 ​ $ 337 ​ $ 1,291 ​ $ 284 ​ $ 12,860 Gross profit (loss) ​ $ (228) ​ $ 5,415 ​ $ (690) ​ $ 898 ​ $ 236 ​ $ 5,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services DSA Others ​ Total Net revenue ​ $ 2,300 ​ $ 9,366 ​ $ 2,109 ​ $ — ​ $ 173 ​ $ 13,948 Gross profit (loss) ​ $ 1,342 ​ $ 4,881 ​ $ (666) ​ $ — ​ $ 128 ​ $ 5,685 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services ​ DSA ​ Others ​ Total Net revenue ​ $ 7,417 ​ $ 23,489 ​ $ 16,839 ​ $ 9,452 ​ $ 320 ​ $ 57,517 Gross profit ​ $ 1,655 ​ $ 13,078 ​ $ 1,026 ​ $ 3,312 ​ $ 264 ​ $ 19,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ ​ Solar power project Electricity EPC ​ ​ ​ ​ ​ ​ ​ ​ development ​ generation ​ services ​ DSA ​ Others ​ Total Net revenue ​ $ 16,516 ​ $ 24,067 ​ $ 18,589 ​ $ 656 ​ $ 842 ​ $ 60,670 Gross profit (loss) ​ $ 5,755 ​ $ 13,790 ​ $ (553) ​ $ 334 ​ $ 614 ​ $ 19,940
Schedule of the Company's revenues generated by geographic location of customers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 ​ 2023 2024 2023 ​ ​ in thousands China ​ $ 5,306 ​ $ 4,155 ​ $ 14,430 ​ $ 11,465 United States ​ ​ 1,223 ​ 331 ​ 2,024 ​ ​ 788 UK ​ ​ 3,694 ​ 4,506 ​ 9,828 ​ ​ 11,066 Spain ​ ​ — ​ — ​ 815 ​ ​ — France ​ ​ 994 ​ — ​ 996 ​ ​ 6 Poland ​ ​ 351 ​ 2,123 ​ 3,291 ​ ​ 28,057 Italy ​ ​ 1,292 ​ ​ 109 ​ ​ 9,453 ​ ​ 1,232 Hungary ​ ​ — ​ 291 ​ 16,680 ​ ​ 5,623 Germany ​ ​ — ​ ​ 2,433 ​ ​ — ​ ​ 2,433 Total ​ $ 12,860 ​ $ 13,948 ​ $ 57,517 ​ $ 60,670 ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advances to Suppliers (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advances to suppliers-current	$ 1,269	$ 4,283

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment loss of goodwill	$ 0	$ 1	$ 0	$ 1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-lived Assets, Leases, Revenue Recognition, and Feed-in tariff (s) (FIT) payments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Prepaid rental fees	$ 1,600		$ 1,600		$ 1,000
Accounts receivable unbilled, net	44,750		44,750		59,598
FIT payments	2,600	$ 2,000	2,900	$ 3,600
Recognized FIT payments			100	100
Impairment losses of long-lived assets				1,325
Green certificates
Advance from customers, revenue recognized			0	$ 40
EPC Services
Accounts receivable unbilled, net	$ 42,400		$ 42,400		$ 51,900

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company's revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	$ 12,860	$ 13,948	$ 57,517	$ 60,670
At a point in time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	1,817	2,300	7,701	16,516
Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	11,043	11,648	49,816	44,154
Solar power project development | At a point in time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	1,533	2,300	7,417	16,516
EPC Services | Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	337	2,109	16,839	18,589
Electricity generation | Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	9,415	9,366	23,489	24,067
DSA | Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	1,291		9,452	656
Others | At a point in time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues	$ 284		284
Others | Over time
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net revenues		$ 173	$ 36	$ 842

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company's revenues geographic location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	$ 12,860	$ 13,948	$ 57,517	$ 60,670
China
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	5,306	4,155	14,430	11,465
United States
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	1,223	331	2,024	788
UK
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	3,694	4,506	9,828	11,066
Spain
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	0	0	815	0
France
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	994	0	996	6
Poland
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	351	2,123	3,291	28,057
Italy
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	1,292	109	9,453	1,232
Hungary
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	0	291	16,680	5,623
Germany
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total net revenues	$ 0	$ 2,433	$ 0	$ 2,433

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency (Details) ¥ in Millions, $ in Millions	Sep. 30, 2024 CNY (¥)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents, functional currency equivalent of foreign currency denominated amount	¥ 66.7	$ 9.5	¥ 138.1	$ 19.5

ACCOUNTS RECEIVABLE TRADE, NE_2

ACCOUNTS RECEIVABLE TRADE, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	$ 24,412		$ 24,412		$ 27,123	$ 21,700
Allowance for doubtful accounts	4,095		4,095		4,832	2,000
Accounts receivable unbilled, net	44,750		44,750		59,598	43,900
Allowance for credit losses unbilled	(71)		(71)		(371)	$ (700)
Accounts receivable unbilled, net	44,750		44,750		59,598
Total net revenues	12,860	$ 13,948	$ 57,517	$ 60,670
Electricity Revenue Generation
ACCOUNTS RECEIVABLE TRADE, NET
Feed-in tariff(s) (FIT) receivables, recovery period			12 months
Feed-in tariff(s) (FIT) receivables, current	3,900		$ 3,900		3,500
Feed-in tariff(s) (FIT) receivables, noncurrent	18,200		18,200		16,400
Solar power customers | Credit concentration | Accounts receivable
ACCOUNTS RECEIVABLE TRADE, NET
Accounts receivable, net	46,500		46,500		44,900
Billed receivable	4,100		4,100		6,300
Accounts receivable unbilled, net	$ 42,400		$ 42,400		$ 38,600
Concentration risk percentage			63.50%		49%
Solar power customers | Customer Concentration Risk | Revenue Benchmark
ACCOUNTS RECEIVABLE TRADE, NET
Concentration risk percentage	2.60%	15.20%	5.50%	24.40%
Total net revenues	$ 300	$ 2,100	$ 3,200	$ 14,800

ACCOUNTS RECEIVABLE TRADE, NE_3

ACCOUNTS RECEIVABLE TRADE, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable trade	$ 28,507	$ 31,955
Less: allowance for credit losses	(4,095)	(4,832)	$ (2,000)
Accounts receivable trade, net	24,412	27,123	$ 21,700
From EPC services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable trade	5,528	7,304
From solar power project assets and DSA
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable trade	10,542	15,055
From electricity generation
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable trade	$ 12,437	$ 9,596

ACCOUNTS RECEIVABLE TRADE, NE_4

ACCOUNTS RECEIVABLE TRADE, NET - Accounts receivable unbilled (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 44,821	$ 59,969
Less: allowance for credit losses	(71)	(371)	$ (700)
Accounts receivable unbilled, net	44,750	59,598	$ 43,900
Solar power project assets
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	2,419	8,088
EPC Services
ACCOUNTS RECEIVABLE TRADE, NET
Total accounts receivable unbilled	$ 42,402	$ 51,881

ACCOUNTS RECEIVABLE TRADE, NE_5

ACCOUNTS RECEIVABLE TRADE, NET - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
ACCOUNTS RECEIVABLE TRADE, NET
At beginning of the period			$ 5,203	$ 2,749	$ 2,749
Allowance for credit losses for the period	$ 0	$ 900	915	$ 1,100	2,925
Written off			(1,952)		(471)
At end of the period	$ 4,166		$ 4,166		$ 5,203

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Receivables from disposal of property, plant and equipment	$ 1,449	$ 1,885
Deposits	15,315	13,727
Others	3,877	4,577
Total prepaid expenses and other current assets	20,641	20,189
Allowance for credit losses	(805)	(1,934)
Total prepaid expenses and other current assets	$ 19,836	$ 18,255

PREPAID EXPENSES AND OTHER CU_4

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Deferred project costs		$ 1.8
Prepaid deposits	$ 1.3
Percentage of prepayment as allowance for credit losses	100%	100%
Prepaid project cost	$ 0.6	$ 0.7
Korea project
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepayment on Korea project development	$ 0.8	$ 0.8

PROJECT ASSETS - Schedule of Pr

PROJECT ASSETS - Schedule of Project Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
PROJECT ASSETS
Project assets - development and construction cost	$ 119,601	$ 75,277
Project assets - others	1,405	1,247
Total project assets	121,006	76,524
Current portion	77,220	39,914
Non-current portion	$ 43,786	$ 36,610

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Depreciation expense	$ 1.8	$ 1.9	$ 5	$ 5.5
Power stations | China
PROPERTY, PLANT AND EQUIPMENT, NET
Loss on sale of power stations				$ 2.1

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Less: Accumulated depreciation	$ (34,508)	$ (27,125)
Property, plant and equipment Before Construction	165,966	161,834
Property, plant and equipment, net	168,397	163,114
Land
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	275	275
Plant and machinery
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	770	768
Motor vehicles
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	93	91
Office equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	322	307
Power stations
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	199,014	187,518
Construction in progress
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, gross	$ 2,431	$ 1,280

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INCOME TAXES
Income tax expense (benefit)	$ 647	$ 251	$ 3,145	$ 478
Effective tax rate	10.20%	(2.90%)	77.10%	(32.50%)

BORROWINGS AND OTHER FINANCIN_3

BORROWINGS AND OTHER FINANCING ARRANGEMENTS (Details) £ in Thousands, $ in Thousands, € in Millions, ¥ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2019 USD ($)	Jul. 31, 2024 USD ($)	Jul. 31, 2024 CNY (¥)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Feb. 28, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jan. 31, 2022	Jan. 31, 2021 USD ($)	Jan. 31, 2021 GBP (£)
Borrowings and other financing arrangements
long-term borrowings	$ 26,214		$ 26,214							$ 24,070
Long-term borrowings, current	927		927							1,385
Long-term Debt	46,392		46,392
Long-term borrowings, non-current	25,287		25,287							22,685
Interest expense
Interest expense incurred	700	$ 500	$ 1,600	$ 1,400
Sale leaseback transaction					$ 4,000
Cash consideration received in sale of self-built solar projects					$ 2,800
Sale Leaseback Transaction, Lease Terms			5 to 10 years
Expected useful life			25 years
Payment for financing lease associated with failed sales-lease back transactions	2,000	$ 1,400	$ 4,200	4,800
Non-current portion for failed sale and lease back	$ 9,761		9,761							9,055
Total failed sale and lease back										700
Interest Rate			$ 700	$ 600
Financings With Failed Sale Lease Back Transactions
Borrowings and other financing arrangements
Weighted average interest rate	5.44%	6.69%	5.44%	6.69%
Interest expense
Current portion for failed sale and lease back	$ 3,900		$ 3,900							3,600
Takeover of existing loans | Aviva Investor infrastructure income | Branston Solar Farm Limited
Borrowings and other financing arrangements
Interest rate (as a percent)															4%
Long-term borrowings, current	700		700							1,100
Long-term Debt	23,700		23,700							23,700
Long-term borrowings, non-current	23,000		23,000							22,700
Shareholder loan | Tensol 3 Subsidiary [Member]
Borrowings and other financing arrangements
Term loan amount													$ 700
Interest rate (as a percent)													2%
Long-term Debt	30		30							30
Shareholder loan | RPZE 1
Borrowings and other financing arrangements
Term loan amount														$ 600
Interest rate (as a percent)														2%
Long-term Debt	100		100							100
Long - Term Debt | China subsidiary
Borrowings and other financing arrangements
Term loan amount						$ 1,400	¥ 10
Interest rate (as a percent)						5.20%	5.20%
Long-term borrowings, current	100		100
Long-term Debt	1,400		1,400
Long-term borrowings, non-current	1,300		1,300
Long-term loan maturing on november 2033 | China subsidiary
Borrowings and other financing arrangements
Term loan amount											$ 200	€ 1.3
Interest rate (as a percent)											5.20%	5.20%
Long-term borrowings, current	20		20							20
Long-term Debt	200		200							200
Long-term borrowings, non-current	200		200							200
Long-term loan maturing on march 2034 | China subsidiary
Borrowings and other financing arrangements
Term loan amount								$ 800	¥ 5.6
Interest rate (as a percent)								5.20%	5.20%
Long-term borrowings, current	80		80
Long-term Debt	800		800
Long-term borrowings, non-current	700		700
Secured debt
Borrowings and other financing arrangements
long-term borrowings	26,200		26,200							24,100
Long-term Debt	$ 30		$ 30							$ 40
Secured debt | UK Lender
Borrowings and other financing arrangements
Interest rate (as a percent)																2.50%	2.50%
Long-term Debt																$ 60	£ 50

BORROWINGS AND OTHER FINANCIN_4

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
Long-term borrowings, current	$ 927	$ 1,385
Long-term borrowings, non-current	25,287	22,685
Total borrowings from bank and other third parties	$ 26,214	$ 24,070

BORROWINGS AND OTHER FINANCIN_5

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the lease loan contract (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024 (October 1 through December 31)	$ 351
2025	1,303
2026	1,303
2027	1,303
2028	1,303
2029 and later	40,829
Total minimum lease loan payments	46,392
Less: Amount representing interest	(22,700)
Present value of net minimum lease loan payments	$ 23,692

BORROWINGS AND OTHER FINANCIN_6

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Finance lease (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Finance lease liabilities	$ 2,571		$ 3,563
Modules, inverters, and other
Estimated useful lives	25 years	25 years
Finance lease liabilities	$ 2,600	$ 3,200

BORROWINGS AND OTHER FINANCIN_7

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - Schedule Of Finance Lease Future Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
BORROWINGS AND OTHER FINANCING ARRANGEMENTS
2024 (October 1 through December 31)	$ 183
2025	1,011
2026	787
2027	772
Total minimum lease payments	2,753
Less: Amount representing interest	(182)
Present value of net minimum lease payments	2,571		$ 3,563
Current portion	1,059	$ 970
Non-current portion	$ 1,512	$ 2,203

BORROWINGS AND OTHER FINANCIN_8

BORROWINGS AND OTHER FINANCING ARRANGEMENTS - future minimum payments required under the failed sale-lease back (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future minimum payments required under the failed sale-lease back
2024 (October 1 through December 31)	$ 1,369
2025	4,498
2026	3,291
2027	2,726
2028	2,098
2029 and later	1,402
Total minimum lease payments	15,384
Less: Amount representing interest	(1,748)
Present value of net minimum lease payments	13,636
Current portion	3,875	$ 3,589
Non-Current portion	9,761	9,055
Current portion of finance lease	1,059	970
Current portion of failed sale and lease back	3,875	3,589
Total current portion of failed sale-lease back and finance lease	4,934	4,559
Non-current portion for finance lease	1,512	2,203
Non-current portion for failed sale and lease back	9,761	9,055
Total non-current portion of failed sale-lease back and finance lease	$ 11,273	11,258
Financings With Failed Sale Lease Back Transactions [Member]
Future minimum payments required under the failed sale-lease back
Current portion of finance lease		$ 800

OTHER CURRENT LIABILITIES - Sch

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables for purchase of property, plant and equipment	$ 12,941	$ 13,426
Other tax payables		271
Deferred revenue		3,177
Other	3,135	4,446
Nonrelated party
Total other current liabilities	$ 16,076	$ 21,320

COMMON SHARES (Details)

COMMON SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Feb. 14, 2024
COMMON SHARES
Deferred tax liabilities, current						33,988,150	57,244,020
Common shares, par value						$ 0	$ 0
Value of shares repurchased	$ 1,030	$ 6,178	$ 3,962	$ 1,423	$ 13,200	$ 7,200	$ 21,900
Amount authorized for share repurchase								$ 10,000
Common shares, shares issued						652,155,075	651,821,742
ReneSola Singapore
COMMON SHARES
Common shares, shares issued						652,155,075	651,821,742

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details) - USD ($) $ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Dec. 29, 2021

Dec. 21, 2020

Jul. 27, 2010

Sep. 27, 2007

Additional disclosures

Granted (in shares)

0

0

0

0

0

Proceeds received on exercise

$ 61

Additional disclosures

Stock units issued to employee (in shares)

0

0

0

Share-based compensation arrangement by share-based payment award options outstanding number

12,759,990

12,759,990

12,759,990

12,759,990

12,759,990

13,360,000

Weighted Average Remaining Contractual Term (in years)

2 years 10 days

2 years 3 months 10 days

1 year 9 months 10 days

2 years

2 years 7 months 9 days

Unrecognized compensation expense related to unvested share-based compensation arrangements

$ 200

$ 200

$ 200

Employees

Additional disclosures

Stock units issued to employee (in shares)

333,333

Maximum

Additional disclosures

Weighted average expected option life

6 years

Employee Stock Option

Additional disclosures

Share-based Compensation cost

$ 100

$ 400

$ 200

$ 1,200

Period for recognition of unrecognized compensation costs

1 year

Performance Shares

Additional disclosures

Released performance compensation (in shares)

666,667

2007 Share Incentive Plan

Additional disclosures

Number of authorized shares

42,500,000

22,500,000

12,500,000

7,500,000

SHARE BASED COMPENSATION - Summ

SHARE BASED COMPENSATION - Summary of the Option Activity (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Number of Options
Options outstanding at the beginning of the period (in shares)	12,759,990	12,759,990	13,360,000	12,759,990	13,360,000
Granted (in shares)	0	0	0		0	0
Exercised (in shares)	0	0	0
Forfeited (in shares)	0	0	(600,010)
Options outstanding at the end of the period (in shares)	12,759,990	12,759,990	12,759,990	12,759,990	12,759,990	13,360,000
Expected to vest at the end of the period (in shares)	833,390			833,390	833,390
Exercisable at the end of the period (in shares)	11,926,600			11,926,600	11,926,600
Weighted Average Exercise Prices
Options outstanding at the beginning of the period (in dollars per share)	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	0	0
Options outstanding at the end of the period (in dollars per share)	0.39	$ 0.39	$ 0.39	0.39	0.39	$ 0.39
Expected to vest at the end of the period (in dollars per share)	0.42			0.42	0.42
Exercised at the end of the period (in dollars per share)	$ 0.39			$ 0.39	$ 0.39
Weighted Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)		2 years 10 days	2 years 3 months 10 days	1 year 9 months 10 days	2 years	2 years 7 months 9 days
Expected to vest				3 years 7 months 17 days
Exercisable				1 year 7 months 24 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period (in dollars)	$ 0	$ 215,000	$ 624,234	$ 215,000	$ 624,234
Granted (in dollars)	0	0	0
Exercised (in dollars)	0	0	0
Forfeited (in dollars)	0	0	0
Outstanding at the end of the period (in dollars)	601,400	$ 0	$ 215,000	601,400	601,400	$ 624,234
Expected to vest at the end of the period (in dollars)	0			0	0
Exercisable at the end of the period (in dollars)	$ 601,400			$ 601,400	$ 601,400

EMPLOYEE BENEFITS (Details)

EMPLOYEE BENEFITS (Details)	9 Months Ended
	Sep. 30, 2024
401(k) plan
EMPLOYEE BENEFITS
Percentage of employer matching contribution of basic salaries	100%

EARNINGS (LOSS) PER ADS - Sched

EARNINGS (LOSS) PER ADS - Schedule of Basic and Diluted earnings(loss) Per ADS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss)		$ 5,674	$ (9,017)	$ 932	$ (1,950)
Less: Net income (loss) attributed to noncontrolling interests		831	373	1,622	(714)
Total net income (loss) attributed to Emeren Group Ltd		4,843	(9,390)	(690)	(1,236)
Numerator for diluted income (loss) per ADS		$ 4,843	$ (9,390)	$ (690)	$ (1,236)
Denominator:
Denominator for basic income (loss) per ADS - weighted average number of ADS outstanding	[1]	51,254,956	56,287,193	52,023,918	56,958,511
Dilutive effects of share options		97,180	0	0	0
Denominator for diluted calculation - weighted average number of ADS outstanding	[1]	51,352,136	56,287,193	52,023,918	56,958,511
Basic income (loss) per ADS		$ 0.09	$ (0.17)	$ (0.01)	$ (0.02)
Diluted income (loss) per ADS		$ 0.09	$ (0.17)	$ (0.01)	$ (0.02)
[1]Each American depositary shares (“ADS”) represents 10 common shares

EARNINGS (LOSS) PER ADS - Addit

EARNINGS (LOSS) PER ADS - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
EARNINGS (LOSS) PER ADS
Number of shares per ADS			10
Number of shares issued to the share depository bank but are treated as escrowed shares	10,063,147		10,063,147		10,396,480
Antidilutive securities excluded from computation of diluted net earnings/(loss) per share	0	3,219,829	1,072,752	3,670,147

NON-CONTROLLING INTEREST (Detai

NON-CONTROLLING INTEREST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
NON-CONTROLLING INTEREST
Comprehensive income (loss) attributed to non-controlling interest	$ 2,000	$ 90	$ 1,800	$ (3,000)
Powerminds Storage S.r.l
NON-CONTROLLING INTEREST
Percentage of the company non-controlling interest	45%		45%
RPNC Holdings
NON-CONTROLLING INTEREST
Percentage of the company non-controlling interest	99%	99%	99%	99%
Zhejiang Emeren Smart Energy Co. Ltd
NON-CONTROLLING INTEREST
Percentage of the company non-controlling interest	40.13%	40.13%	40.13%	40.13%

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
RELATED PARTY BALANCES AND TRANSACTIONS
Payable to related party services	$ 36	$ 7
Payment for service rendered	4,602	0
Bond issued	216	663
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from related party balances, net	0		$ 30
Due to related party balances, net	2,625		4,997
Payable to related party services	1,981	$ 0
Bond issued	200
Related party | Other related party
RELATED PARTY BALANCES AND TRANSACTIONS
Due from other related party	0		30
Due to other related party	$ 2,625		$ 4,997

RELATED PARTY BALANCES AND TR_4

RELATED PARTY BALANCES AND TRANSACTIONS - Additional Information (Details) € in Thousands, $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
RELATED PARTY BALANCES AND TRANSACTIONS
Bond issued				$ 216	$ 663
Payment for service rendered			$ 4,602	4,602	0
Payment for service				36	7
Related party
RELATED PARTY BALANCES AND TRANSACTIONS
Bond issued				200
Payment for service				$ 1,981	$ 0
Related party | Eiffel Investment Group
RELATED PARTY BALANCES AND TRANSACTIONS
Related Party Transaction, Rate				2%
Conversion price as a percentage on purchase price				70%
Bond issued	$ 700	€ 600
Convertible Debt			2,600	$ 2,600		€ 2,300	$ 2,300	€ 2,100
Payment for service			10
Related party | Eiffel Investment Group | Maximum | Convertible bond
RELATED PARTY BALANCES AND TRANSACTIONS
Debt issued			$ 8,000	$ 8,000		€ 7,030

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Operating lease accounting (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating lease cost
Operating lease cost	$ 1,661	$ 1,457
Short-term lease cost		32
Sublease income	(37)
Net lease cost	$ 1,624	1,489
Lease Term and Discount Rate
Weighted-average remaining lease term (years) - Operating leases	23 years		23 years 6 months
Weighted-average discount rate (%) - Operating leases	6.25%		6.07%
Other information
Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases	$ 1,855	1,514
Cash paid for amount included in the measurement of lease liabilities: Cash paid for short-term leases		$ 32
Capital commitments	3,900		$ 7,900
Future minimum payments required under the operating lease
2024 (October 1 through December 31)	391
2025	1,856
2026	1,953
2027	2,075
2028	1,466
2029 and later	35,419
Total minimum lease payments	43,160
Less: Amount representing interest	(20,960)
Present value of net minimum lease payments	$ 22,200
Minimum
COMMITMENTS AND CONTINGENCIES
Initial term of the lease	3 years
Initial term of some leases	40 years
Renewal term of the lease	1 year
Maximum
COMMITMENTS AND CONTINGENCIES
Initial term of the lease	25 years
Renewal term of the lease	5 years

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of the Company's Revenues Generated from Each Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
SEGMENT REPORTING
Number of reportable segments | segment			4
Net revenue	$ 12,860	$ 13,948	$ 57,517	$ 60,670
Gross profit (loss)	5,631	5,685	19,335	19,940
Operating segment
SEGMENT REPORTING
Net revenue	12,860	13,948	57,517	60,670
Gross profit (loss)	5,631	5,685	19,335	19,940
Solar power project development
SEGMENT REPORTING
Net revenue	1,533	2,300	7,417	16,516
Solar power project development | Operating segment
SEGMENT REPORTING
Net revenue	1,533	2,300	7,417	16,516
Gross profit (loss)	(228)	1,342	1,655	5,755
Electricity generation
SEGMENT REPORTING
Net revenue	9,415	9,366	23,489	24,067
Electricity generation | Operating segment
SEGMENT REPORTING
Net revenue	9,415	9,366	23,489	24,067
Gross profit (loss)	5,415	4,881	13,078	13,790
EPC services
SEGMENT REPORTING
Net revenue	337	2,109	16,839	18,589
EPC services | Operating segment
SEGMENT REPORTING
Net revenue	337	2,109	16,839	18,589
Gross profit (loss)	(690)	(666)	1,026	(553)
DSA
SEGMENT REPORTING
Net revenue	1,291		9,452	656
DSA | Operating segment
SEGMENT REPORTING
Net revenue	1,291	0	9,452	656
Gross profit (loss)	898	0	3,312	334
Others
SEGMENT REPORTING
Net revenue	284	173	320	842
Others | Operating segment
SEGMENT REPORTING
Net revenue	284	173	320	842
Gross profit (loss)	$ 236	$ 128	$ 264	$ 614

SEGMENT REPORTING - Schedule _2

SEGMENT REPORTING - Schedule of the Company's Revenues Generated by Geographic Location of Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SEGMENT REPORTING
Total net revenues	$ 12,860	$ 13,948	$ 57,517	$ 60,670
China
SEGMENT REPORTING
Total net revenues	5,306	4,155	14,430	11,465
United States
SEGMENT REPORTING
Total net revenues	1,223	331	2,024	788
UK
SEGMENT REPORTING
Total net revenues	3,694	4,506	9,828	11,066
Spain
SEGMENT REPORTING
Total net revenues	0	0	815	0
France
SEGMENT REPORTING
Total net revenues	994	0	996	6
Poland
SEGMENT REPORTING
Total net revenues	351	2,123	3,291	28,057
Italy
SEGMENT REPORTING
Total net revenues	1,292	109	9,453	1,232
Hungary
SEGMENT REPORTING
Total net revenues	0	291	16,680	5,623
Germany
SEGMENT REPORTING
Total net revenues	$ 0	$ 2,433	$ 0	$ 2,433