Amid talks of going private, solar project developer Emeren Group has announced that its Chief Executive Officer (CEO), Yumin Liu, will be replaced by Julia Xu as the interim CEO from May 1, 2025.
Liu’s departure on April 30, 2025 will come after having served in the position for over 5 years. The management credits him with having played an important role in advancing the company’s strategic focus on high-margin growth and capital-efficient development.
“I'm particularly proud to have contributed to refining our strategic focus, including the execution of our Development Service Agreement (DSA) and IPP segments,” stated Liu.
Currently an independent director with the company, Xu will serve as the interim CEO till the company board finds a permanent CEO. The position is open to both internal and external candidates.
Xu previously served as the chief financial officer (CFO) of Emeren before launching New Zealand-based Oravida, a premium food branding and cross-border market strategy firm. She assumes the role with her financial markets and international business leadership experience. As the Interim CEO, Xu said her focus will remain on disciplined execution across the company’s solar and energy storage segments.
The solar power projects developer said it has formed a committee of independent directors, namely Martin Bloom, Ramnath Iyer and Ramki Srinivasan, to evaluate a going private proposal received on March 17, 2025, without sharing any details.
Meanwhile, Emeren has released its preliminary financial results for Q1 2025 with revenues of around $8.4 million and a gross margin of approximately 32%. Final results will be announced in mid-May 2025.
Emeren exited 2024 with an operating loss of $0.5 million, earning $92.1 million in revenue and $24.1 million in gross profit. During Q4 2024, its EBITDA was a negative $11.5 million, compared to a positive $8.5 million in the previous quarter.
For H1 2025, it forecasts revenues of $30 million to $35 million, contributing to the full year’s $80 million to $100 million projection. Development Service Agreement (DSA) is the backbone of its business as it will contribute to the full year 2025 revenues with a $35 million to $45 million share.
