Solar project developer Emeren Group Ltd. will go private through a merger with Shurya Vitra Ltd.

Shareholders for publicly traded Emeren Group will be paid $0.20 in cash for each ordinary share owned. For those holding American Depositary Shares (ADS), which each represent 10 ordinary shares, they will receive $2 in cash per ADS upon completion of the merger.

Based on Emeren’s 513,216,222 shares outstanding as of the end of the first quarter, the transaction is valued at approximately $102.6 million.

Financing for the merger is being backed by Himanshu H. Shah, who serves as chairman of the Emeren board of directors, according to regulatory filings. Shah has signed an equity commitment letter with Shurya Vitra to ensure the parent company has sufficient funds to complete the transaction, excluding any potential termination fees.

Following the merger, Emeren will no longer be a publicly traded company, and its shares and ADSs will be delisted from the New York Stock Exchange.

The deal is expected to close in the third quarter of 2025.

Kroll LLC is advising Emeren’s special committee on the financial aspects of the merger, while Morrison & Foerster LLP and Harney Westwood & Riegels LLP are providing legal counsel. The special committee is a group of independent directors appointed by Emeren’s board to evaluate and negotiate the merger on behalf of shareholders.

DLA Piper LLP is representing the buyer, Shurya Vitra, and investor Himanshu Shah.

Emeren specializes in the lifecycle of solar energy projects, including site identification and permitting, engineering and design, construction and commissioning and project financing. The company owns a portfolio of solar projects across North America, Europe and Asia.

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