Emeren Group Ltd

● · ReneSola Investment Management Ltd.: Our wholly owned subsidiary incorporated in the British Virgin Islands in December 2014 to engage in investments in the solar industry, as well as holding our solar power projects;

Luxembourg:

● · RE PV S.à r.l.: A joint venture subsidiary with Eiffel Energy Transition Fund S.L.P incorporated in Luxembourg in March 2021 to conduct solar power project development business;

● · Emeren New Energy S.à r.l.: Our wholly owned subsidiary incorporated in Luxembourg in March 2012 to engage in trading and investments in the solar industry, as well as holding our solar power projects in Europe and Canada;

● · Luxembourg Office Location: 16A, avenue de la liberte, L-1930, Luxembourg;

United States of America (USA):

● · Emeren US, LLC: Our wholly owned subsidiary incorporated in the United States to engage in trading and investments in the solar industry, as well as holding our solar power projects in the United States of America;

● · Norwalk, Connecticut Office Location: 149 Water Street, Suite 302, Norwalk, Connecticut, 06854;

● · Pleasanton, California Office Location: 5000 Hopyard Road, Suite 302, Pleasanton, California, 94588;

Canada:

● · Emeren Power Canada.: Our wholly owned subsidiary incorporated in Canada in October 2017 to conduct solar power project development business;

Austria:

● · Emeren New Energy Austria GmbH: Our wholly owned subsidiary incorporated in Austria in July 2014 for the planning and construction of solar power systems, regional EPC service, and managerial support;

● · Vienna, Austria Office Location (Europe HQ): Lothringerstrasse 16/11 1030 Vienna, Austria;

Poland:

● · Emeren Poland sp. z o.o.: Our wholly owned subsidiary incorporated in Poland in July 2015 to conduct EPC business;

● · Warsaw, Poland Office Location: ul. Żelazna 59, 00-848 Warsaw, Poland;

Hungary:

● · Emeren Hungary Kft: Our wholly owned subsidiary incorporated in Hungary in December 2017 to conduct solar project development and EPC business;

● · Budapest, Hungary Office Location: 17 Síp utca, 1075 Budapest, Hungary;

France:

● · EMEREN France S.A.R.L: Our wholly owned subsidiary incorporated in France in October 2017 to conduct solar power project development business;

● · Lyon, France Office Location: Wojo – Grand Hotel Dieu, 4 place Amédée Bonnet, CS 20265, 69289, Lyon Cedex 02, France;

Spain:

● · EMEREN NEW ENERGY SPAIN, S.L.: Our wholly owned subsidiary incorporated in Spain in June 2017 to conduct solar power project development business;

● · Madrid, Spain Office Location: Calle María de Molina, 39, 3rd Floor, 28006, Madrid Spain;

United Kingdom (UK):

● · Emeren UK LTD: Our wholly owned subsidiary incorporated in the UK in August 2015 to conduct solar power project development business;

● · London, England Office Location: 25 Eccleston Place, London, England, SW1W 9NF;

Italy:

● · Emeren New Energy Italy S.r.l.: Our wholly owned subsidiary incorporated in Italy in December 2021 to conduct solar power project development business;

● · Milan, Italy Office Location: Via Filippo Carcano 6, 20149 Milano, Italy;

Germany:

● · Emeren Germany GmbH: Our wholly owned subsidiary incorporated in Germany in December 2021 to conduct solar power project development business;

● · Berlin, Germany Office Location: Rosenstrasse 2, 10178 Berlin, Germany;

China:

● · Emeren (Zhejiang) PV Power Co., Ltd.: Our wholly owned subsidiary incorporated in China in August 2017 to hold our Chinese subsidiaries;

● · Zhejiang Emeren Investment Ltd.: Our partially owned 59.87% subsidiary, incorporated in China in February 2015 to engage in trading and investments in solar industry, as well as holding our project companies in China;

● · Emeren Power Shanghai LTD: Our wholly owned subsidiary incorporated in China in August 2017 to engage in project management and technology support.

● · Jiaxing, Zhejiang Office Location: Room 3, East Floor, Complex Building, No. 5, Yaozhuang Gymnasium, No. 266 and 268 Hebin Road, Yaozhuang Town, Jiashan County, Jiaxing City, Zhejiang Province;

● · Shanghai, China Office Location: Room H-I, Floor 9, Huamin Hanzun International Building, No. 728 Yan’an West Road, Changning District, Shanghai 200050, China;

• EPC is subject to risks associated with fluctuations in the prices of solar modules and balance-of-system components or fluctuations in the costs of design, construction and labor.
• The reduction, modification, delay or elimination of government subsidies and economic incentives for on-grid solar power applications may reduce the profitability of our business and materially adversely affect our business.
• Concentration in a limited number of customers for the sale of our utility-scale projects may expose us to additional risks and significant fluctuations or declines in our revenues.
• Limited number of purchasers of electricity generated by solar energy may expose us and our solar power projects to additional risk.
• We operate in a highly competitive market and many of our competitors have greater resources than we do. We may not be able to compete successfully, and we may lose or be unable to gain market share.
• Our project operations may be adversely affected by weather and climate conditions, pandemics, natural disasters and adverse work environments.
• Seasonal variations may influence our results of operations.
• Information system failures, cyber incidents or breaches in security could adversely affect us.
• We are subject to counterparty risks under our FIT price support schemes and PPAs.
• Restrictive covenants and undertakings under our project financing arrangements and loan arrangements may limit the manner in which we operate and an event of default under the loan may adversely affect our operations.
• Our advance payments to our suppliers expose us to the credit risk of such suppliers, which may adversely affect our financial condition and results of operations.
• Future acquisitions, investments or alliances may have an adverse effect on our business.
• Problems with the quality or performance of our developed solar power projects could result in increased costs, damage to our reputation and loss of revenues and market share.
• We conduct our business globally and are subject to global and local risks related to economic, regulatory, social and political uncertainties.
• Turbulence in global financial markets and economies may adversely affect the solar industry, the demand for solar project products, and our operating results, financial condition. liquidity and profitability.
• As a British Virgin Islands corporation, our business could be harmed due to EU Finance ministers’ jurisdictional ratings.
• Our business, prospects, financial condition, results of operations and cash flows may be adversely affected by developments that are beyond our control in other countries.
• Fluctuations in exchange rates may have a material adverse effect on your investment.
• The market price for our ADSs may be volatile
• The NYSE may delist our ADSs from trading on its exchange which could limit investors’ ability to make transactions and subject us to additional trading restrictions.
• We may need additional capital and may sell additional ADSs or other equity, equity-linked or debt securities or incur indebtedness, which could result in additional dilution to our shareholders or increase our debt service obligations.
• Future issuance of shares or ADSs may adversely affect the price of the ADSs.
• The depository for our ADSs may give us a discretionary proxy to vote our shares underlying your ADSs if you do not give voting instructions, which could adversely affect your interests.
• You may be subject to limitations on transfer of your ADSs.
• We may be a passive foreign investment company for U.S. Federal income tax purposes, which could result in adverse U.S. Federal income tax consequences to U.S. Holders of our ADSs or shares.
• We face a number of risks involving EMCs, PPAs and project-level financing arrangements, including failure or delay in entering into PPAs, defaults by counterparties and contingent contractual terms such as price adjustment, termination, buy-out, acceleration or other clauses, all of which could materially and adversely affect our business, financial condition, results of operations and cash flows.
• Volatility in the prices of solar power projects may cause significant fluctuations or declines in our revenue.
• If we fail to maintain an effective system of internal controls, we may be unable to accurately report our financial results or prevent fraud and investor confidence and the market price of our ADSs may be adversely impacted.
• We have limited insurance coverage and may incur losses resulting from product liability claims or business interruptions.
• You may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited, because we are incorporated under British Virgin Islands law, conduct some of our operations in China and Europe, and some of our officers and directors reside outside the United States.
• Our existing principal shareholders have substantial influence over our Company, and their interests may not be aligned with the interests of our other shareholders.
• As a holder of our ADSs, you may not have the same voting rights as holders of our shares, may not receive voting materials in time to be able to exercise your right to vote and the depository may give us a discretionary proxy to vote our shares underlying your ADSs if you do not give voting instructions, which could adversely affect your interests.
• You may not be able to participate in rights offerings and may experience dilution of your holdings as a result.
• If a United States person is treated as owning at least 10% of our ADSs or shares, such person may be subject to adverse U.S. federal income tax consequences.