Norwalk-based solar project developer, owner and operator Emeren Group Ltd. has agreed to go private.
Emeren Group, which is headquartered at 149 Water St., in Norwalk, has entered into a merger agreement with Shurya Vitra Ltd. and its subsidiary, Emeren Holdings Ltd., to become a wholly-owned subsidiary of Shurya Vitra.
Shurya Vitra is a holding company incorporated under the laws of the British Virgin Islands.
Shurya Vitra will acquire Emeren Group for 20 cents per share, or $2 per American depositary share.
As a result of the merger, Emeren Group will be delisted from the New York Stock Exchange.
Himanshu Shah, Emeren Group’s board chairman, has committed to invest in Shurya Vitra in exchange for part ownership of the company, to help fund the merger costs.
Emeren Group’s board of directors approved the merger and recommended that the company’s shareholders approve it as well.
The merger is expected to close during the third quarter of 2025, subject to customary closing conditions.
Emeren Group announced in late March that Yumin Liu would step down from his role as CEO on April 30. Julia Xu, an independent director, is serving as interim CEO while the company looks for Liu’s replacement.
