Emeren rises after sale of solar project portfolio to Trina Solar

Emeren

30/09/2024 15:04

** Shares of U.S.-based solar firm Emeren Group  SOL.N  rise
8.79% to $2.60
    ** Co announces sale of a 57 megawatt peak solar project
portfolio to a French subsidiary of Trina Solar International
System Business Unit
    ** Portfolio includes five projects, two of which were sold
in Q3 2024, along with three mid-stage projects to be monetized
in milestones and sold to Trina
    ** "The value of this specific sale was not disclosed, but I
estimate it to be $20 to $30 million. For some perspective, the
company's revenue in Q2 2024 was $30 mln, so this is a
financially needle-moving sale," says Pavel Molchanov, analyst
at Raymond James
    ** Including session's moves, stock down 4.76% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))