Emeren reports 106% revenue growth in Q2 2024

Facebook
Twitter
LinkedIn
Reddit
Email
An Emeren solar project.
Emeren’s revenue is a 106% increase over the US$14.6 million figure posted in the first quarter of this year. Image: Emeren.

US solar developer and operator Emeren has announced its financial results for the second quarter of this year, which include revenue of US$30.1 million, and an operating project portfolio that exceeds 250MW of capacity for the second consecutive quarter.

The company’s revenue is a 106% increase over the US$14.6 million figure posted in the first quarter of this year, although the latest figure is an 11% decline from the US$33.8 million posted in the second quarter of 2023.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Emeren’s earnings followed the same pattern, with earnings before inflation, taxation, depreciation, and amortisation (EBITDA) increasing from a loss of US$2.7 million in the first quarter of this year to a gain of US$3.6 million in the second quarter. This remains lower than the US$8.8 million posted in the second quarter of 2023.

This improved performance has brought the developer’s earnings back into the black, with net income of US$400,000, compared to a net loss of US$5.9 million endured in the first quarter of this year and falling revenue for periods of last year.

In a letter to shareholders, CEO Yumin Liu and CFO Ke Chen attributed this to the expansion of the company’s Development Service Agreement (DSA) and focus on project development. In the second quarter, Emeren sold a 42MW ready-to-build portfolio in Spain to CVE España and completed construction work on a 13MW project in Hungary.

Crucially, sales such as these have not significantly diminished the developer’s operating portfolio, with Emeren’s solar portfolio exceeding the 250MW mark in both quarters of this year, as shown in the graph above. In January, the company acquired an 86MW ready-to-build solar portfolio in Spain, and Emeren plans to expand its portfolio further, with 7.8GW of capacity at the advanced and early stages of development in all three regions where the developer operates.

Emeren noted that, in the second quarter of this year, it had signed agreements with eight DSA partners in Europe to monetise over 2GW of new solar capacity, which is expected to generate revenue of over US$60 million over the next two to three years. In the first half of 2024, the company’s DSA work has already generated US$8.2 million in revenue, more than the US$6.5 million generated by this segment in the entirety of 2023.

However, Emeren plans to add significantly more capacity in Europe and the US than in China, which could reverse the company’s current distribution of operating capacity. Emeren expects to add 5.6GW and 2.2GW of capacity in Europe and the US, respectively, compared to just 82MW in China. This interest in European expansion comes following months of warnings about falling prices and installation rates in the European solar sector, so the presence of new projects could be a benefit for the region’s solar industry as a whole.

The company has similar plans for its storage arm, which began work in the fourth quarter of 2024 with the commissioning of a 15MWh project in China; Emeren plans to add 5.8GW of energy storage capacity in Europe, 1.9GW in the US and 104MW in China.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 15, 2025
Sunrun has priced a securitisation of leases and power purchase agreements, taking its non-recourse debt capital raised in Q3 above US$1.5 billion. 
September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Madison Energy Infrastructure has raised US$800 million to accelerate the deployment of clean energy assets across the US. 
September 11, 2025
The EBRD has launched a new programme to improve access to green financing and support energy investments such as renewable power projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines