STAMFORD, Conn. - Emeren Group Ltd (NYSE: SOL), a global leader in solar project development, has launched an accelerated stock repurchase (ASR) program. The company's Board of Directors has authorized a buyback of up to $10M in shares, with the program expected to conclude by the end of March 2024. This ASR program is in addition to the $11M remaining from Emeren's previous buyback authorization at the close of the third quarter in 2023.
Yumin Liu, CEO of Emeren Group, expressed that the new stock repurchase initiative reflects the Board's trust in the company's potential for future growth and its dedication to enhancing shareholder value. Liu highlighted Emeren's progress in solidifying its position as a leading global developer in the solar and storage sectors. The company's strategy continues to focus on maintaining a cost-effective operation and achieving sustainable profitability, capitalizing on its advanced-stage project pipeline.
Emeren Group has a significant presence in the solar energy industry, with over 3 GW of projects and Independent Power Producer (IPP) assets, as well as a storage pipeline exceeding 10 GWh. The company operates across Europe, North America, and Asia, offering project development, construction management, and project financing services.
The announcement includes forward-looking statements as defined by U.S. securities laws, cautioning that actual outcomes may differ materially from those projected. Emeren does not commit to updating any forward-looking statements beyond legal requirements, despite any changes in circumstances.
This news article is based on a press release statement from Emeren Group Ltd.
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