Emeren : Corporate Presentation March 2024

© 2023 Emeren Group Ltd. All Rights Reserved.

Overview

Emeren Group Ltd. - Corporate Presentation 2023

EMEREN GROUP

Emeren is a leading global renewable energy project developer and operator, with local professional teams in Europe, North America, and Asia. Emeren's strategy is to pursue high-margin project development opportunities in these profitable and flourishing markets, specifically, in the U.S. and Europe, where the Company has an industry-leading position.

Emeren is committed to streamlining solar projects, including solar and Battery Energy Storage System (BESS) projects, as well as leveraging Independent Power Producer (IPP) assets, with knowledge and assets for a faster implementation and an increased adoption.

Our vision is to leverage solar development to realize a brighter, cleaner future for the benefit of People, Profit and Planet.

03

© 2023 Emeren Group Ltd. All Rights Reserved.

Content

Emeren at a Glance	04
Investment Thesis	05
06
CEO Statement
07
Meet the Team
Rebranding	08
Our Values	09
Our Business Models	10

Emeren Group Ltd. - Corporate Presentation 2023

Value Creation	11
Focused Business Activities	12
Our Global Presence	13
Frontier Markets	24
Sustainability	25
Financial Results	32

04

© 2023 Emeren Group Ltd. All Rights Reserved.

Emeren at a Glance

18+ years

Founded in 2005

3 continents

Regional offices in Europe,

North America, and China

3.1 GW

Advanced-stage solar project pipeline

~253 MW

Operational assets under management

>20 GWh

Advanced-stage storage project pipeline

71% y/y

Revenue growth 2023

$104.7M

Revenue 2023

$(1.7)M

EBITDA 2023

$70.2M

Cash and Cash Equivalents as end of 2023

~822 MW

Monetized projects in 2023

Emeren Group Ltd. - Corporate Presentation 2023

$44.0M

Revenue Q4 2023

7.6%

Gross Margin Q4 2023

$(5.5)M

EBITDA Q4 2023

$(8.1)M

Net loss attributed to

Emeren Group Ltd Q4 2023

9.4x

Debt to Asset Ratio Q4 2023

05

© 2023 Emeren Group Ltd. All Rights Reserved.

Investment Thesis

Reading the market and mitigating the threats.

Emeren Group Ltd. - Corporate Presentation 2023

Accelerating Global Solar Adoption

Drives TAM expansion

Climate change and global energy crisis accelerating renewable energy transition globally. Supportive energy policies and incentive programs provide demand tailwind.

Cost of solar power at grid parity with traditional energy sources.

Unique, Asset-light Model with Strong Competitive Advantages

Focus on high-margin development projects and opportunistic IPP assets in favorable pricing and clean energy policy markets: U.S., Europe, and China.

Focus on small sized projects and NTP strategy - capex and operational overhead light. >3.1 GW advanced-stage solar and >20 GWh advanced-stage storage pipeline across Europe, U.S. and China.

Strong track record in project development and experienced management team across U.S. and Europe.

Strategic IPPs with favorable solar PPAs - help provide stable cashflow stream.

Solid Financial Performance

Sound financial health with bottom-line focus.

Strong balance sheet.

ESG Value: Lowers Portfolio Carbon Score

06

© 2023 Emeren Group Ltd. All Rights Reserved.

CEO Statement	Emeren Group Ltd. - Corporate Presentation 2023

In Emeren, we are driven by a deep sense of purpose to create a sustainable future for the generations to come by harnessing the power of renewables.

As a global solar energy developer and operator, we recognize the immense responsibility that we have in the transition towards a low-carbon economy, and we are strongly committed in investing in innovation and technological advancements to deliver best-in-class power plants.

Our company is growing and evolving, but our commitment to make a positive impact on the environment and the communities we serve, remains unchanged.

Yumin Liu

Emeren Group CEO

07

© 2023 Emeren Group Ltd. All Rights Reserved.

Meet the Team

Himanshu Shah

Chairman

Founder, President, and CIO of Shah Capital with over 30 years in global capital markets.

Board Roles: Former Director at Vitamin Shoppe; current Chairman of Marius Pharmaceuticals.

Holds over 27% of Emeren Group Ltd, emphasizing long-term commitment.

Yumin Liu

Chief Executive Officer

More than 20 years of experience in energy management, power generation and solar technology.

Served as Vice President of the EMEA region at Canadian Solar, President of Recurrent Energy and President at GCL Solar Energy.

Mac Moore

EVP for North America

More than 20 years of experience in the solar energy industry, with management roles at BP Solar, Conergy, and Schott Solar.

Prior to joining Emeren, he was Vice President, Business Development for GCL Solar Energy.

Emeren Group Ltd. - Corporate Presentation 2023

Ke Chen

Chief Financial Officer

More than 13 years of experience in the global capital markets, including investing in solar industry globally.

He brings both capital market insight and strategic expertise to the Emeren Group Ltd.

Simon Cheah

Chief Investment Officer - EVP for Europe

20 years of experience in corporate and investment banking and over 13 years in solar energy industry. Worked for Peridot Solar UK, P&T Global Renewable Energy, Canadian Solar, Trina Solar, Deutsche Bank and Barclays Bank.

Kaikai Zhang

EVP for China

Over 20 years in renewable energy, investments, and financing; additional 15 years in investment and financing.

Previously served as diverse Leadership Roles: Financing specialist at Cosco; managerial and executive positions at XMXYG's various financial subsidiaries; Deputy General Manager for Huiji Fund and Huixin Minrong.

08

© 2023 Emeren Group Ltd. All Rights Reserved.

Rebranding

As of January 30th, 2023, ReneSola Ltd has rebranded to become Emeren Group Ltd

New name, logo, tagline and website Stock symbol will remain as SOL

With new identity, Emeren acknowledges current strategies and continues driving towards a more sustainable future

Emeren stands for Empowering Renewables. Our innovative and experienced approach, positions us to take on new challenges within the complex framework of the global energy sector. With our commitment to continued business growth, our new identity has been designed to execute today with an eye toward tomorrow. Applying clean, minimal concepts, there is an emphasis on light, using transparency as a design element we aim to emphasize our integrity, while expressing our optimism, ambition, and goal to contribute to a greener future.

Emeren Group Ltd. - Corporate Presentation 2023

A growing business. An evolved global identity.

09

© 2023 Emeren Group Ltd. All Rights Reserved.

Our Values

As a leader in sustainable green energy projects globally for the benefit of people, profit and planet, we are a reflection of our values.

Emeren Group Ltd. - Corporate Presentation 2023

Creativity

We think big and creatively, solving the complex problems in solar to fund, develop and scale solutions that work.

Collaboration

Quality communication across multifunctional channels with partners, customers, and regulators, makes us a pleasure to work with.

Commitment

We see things through from start to finish, applying our experience to guide our process to execute on projects swiftly and efficiently.

Integrity

Rooted in sustainability, we prioritize honesty and transparency.

Our decisions are driven by desirable outcomes for all.

JEDI

Justice, Equity, Diversity & Inclusion: the core to who we are as an organization, fostering community by amplifying diverse perspectives and breaking detrimental barriers.

Our Business Models	Emeren Group Ltd. - Corporate Presentation 2023

10

© 2023 Emeren Group Ltd. All Rights Reserved.

NTP / RTB Sale		COD Sale		EPCM and
				O&M Services
Develop and sell projects		Develop then build projects,		Including engineering,
at "Notice To Proceed" or		and sell the projects at		design, and procurement of
"Ready to Build" stage, so		"Commercial Operation		major equipment such as
to maximize the profit		Date".		PV modules. This also
margins and avoid EPC				includes the selection of the
related risks.				EPC sub-contractors and
				EPC site management.
				Following the asset sale, we
				perform the O&M
				(Operations &
				Maintenance) services.

Light IPP

Business

Own and operate solar projects and receive the revenue from the sale of the electricity under PPAs (Power Purchase Agreement) and EMCs (Energy Management Contracts).