Emeren Group sells solar project portfolio to Trina Solar, shares rise

Shares of U.S.-based solar firm Emeren Group (NYSE:SOL) rose by 8.79% to $2.60 on Monday after the company announced the sale of a 57-megawatt peak solar project portfolio to a French subsidiary of Trina Solar International System Business Unit.   

The portfolio includes five projects, two of which were sold in the third quarter of 2024, along with three mid-stage projects to be monetized in milestones and sold to Trina.

While Emeren Group did not disclose the exact financial terms of the sale, Pavel Molchanov, an analyst with Raymond James, estimated the deal’s value to be in the range of $20 million to $30 million.

Molchanov emphasized that this transaction is financially significant for the company, especially given that Emeren’s Q2 2024 revenue was $30 million.

Despite Monday's gains, Emeren Group's share price is still down by 4.76% year-to-date.