ReneSola Ltd (SOL): Business Model Canvas [Dec-2025 Updated]

You're digging into how a company like ReneSola Ltd-now Emeren Group Ltd-actually makes its money after pivoting to a pure-play solar project developer and operator role as of late 2025. Honestly, looking at their latest setup, it's less about manufacturing widgets and more about managing a massive pipeline; we're talking about a 3 GW solar and 10 GW storage pipeline, with first-half 2025 revenue hitting $68.4 million mainly from selling those late-stage projects. This Business Model Canvas breaks down exactly how Emeren Group is pairing up with financial institutions and securing long-term Power Purchase Agreements (PPAs) to fund that significant development engine, so let's see the mechanics.

ReneSola Ltd (SOL) - Canvas Business Model: Key Partnerships

You're looking at the structure that lets ReneSola Ltd execute its project development strategy, which relies heavily on external capital and established supply chains. Here's the breakdown of their key external relationships as of late 2025, using the latest figures available.

Joint Ventures (JVs) with financial institutions for project funding

ReneSola Ltd has cemented its funding strategy through dedicated vehicles. The European Solar Energy Development JV, established with Eiffel Investment Group, remains a cornerstone, where ReneSola Power holds a 51 percent ownership stake and Eiffel holds 49 percent. This JV was initially set up to fund the development of up to 700 MW of solar projects across Europe over a three-year period starting in 2021.

The reliance on partnerships for capital is clear; for instance, by the end of the second quarter of 2024, ReneSola Ltd had signed over 2 gigawatt of projects with eight DSA partners in Europe to monetize early- and mid-stage assets, resulting in over $60 million in total contracted revenue expected to be recognized over the following two to three years.

Strategic alliances for co-developing solar and storage projects in Europe

The European focus is supported by these financial alliances, which help move projects toward the ready-to-build stage. The initial portfolio under the Eiffel JV included 340 MW of advanced-stage development projects across Poland, Spain, and France.

ReneSola Ltd's storage pipeline, as of Q1 2022, included over 2 GWh across the U.S. and Europe, with approximately 1 GWh in the mid-to-late stage, indicating ongoing co-development efforts in that segment.

EPC (Engineering, Procurement, and Construction) firms for project execution

Execution relies on a network of specialized firms, though specific long-term, named EPC contracts with financial commitments for 2025 aren't detailed in recent public statements. The company's operational focus is on project development, construction management, and project financing services.

Long-term agreements with Tier 1 PV module suppliers and component manufacturers

Supplier relationships are validated by external benchmarks. ReneSola Ltd maintained its position on the BloombergNEF Tier 1 list for Q3 2025, which reflects financial stability and bankability. This status is crucial for securing favorable terms with suppliers.

A concrete supply commitment example from 2024 involved a framework agreement to supply 250 MW of annual PV modules to Serrana Solar in Brazil. Furthermore, a strategic partnership with Zhongnan Holding Group involved a $100 million investment to strengthen ReneSola Ltd's solar module manufacturing supply chain.

The company's manufacturing process for steel-framed modules reportedly reduces carbon emissions by approximately 77 percent compared to traditional aluminum frames.

Partnerships with local developers for market penetration in new regions

Market expansion is driven by local expertise. As of early 2025, ReneSola Ltd had completed its market-oriented layout across China, Europe, the Middle East, Japan, South Korea, and Latin America.

The company's project development business focuses on small-scale DG projects, commercial projects, small-scale utility projects, and community solar gardens in countries including the United States, Canada, the United Kingdom, and France. In 2022, ReneSola Ltd partnered with two local developers in Italy to begin building its pipeline there.

The table below summarizes key capacity and revenue figures related to project monetization partnerships:

ReneSola Ltd's continued inclusion on the BloombergNEF Tier 1 list for Q1 2025 and Q3 2025 underscores the bankability that these partnerships rely upon.

ReneSola Ltd (SOL) - Canvas Business Model: Key Activities

Solar and battery storage project development (DG and utility-scale).

ReneSola Ltd focuses on small-scale distributed generation (DG) projects, commercial projects, small-scale utility projects, and community solar gardens in countries including China, the United States, Canada, the United Kingdom, and France.

Project pipeline milestones:

• Mid-to-late stage pipeline reached 2.2 GW at the end of 2021.
• Targeted total pipeline of 3 GW by the end of 2022.
• Storage pipeline over 1.54 GWh in the U.S. and Europe as of November 30, 2022.

The company conducts project development business primarily in the United States, Hungary, Spain, France, and the United Kingdom.

Construction management and project financing services.

ReneSola Ltd focuses on solar power project development, construction management, and project financing services. The firm's project development unit represented 76.7% of the company's revenue in 2021.

Operating and maintaining Independent Power Producer (IPP) assets.

ReneSola Ltd owns and operates solar power projects and sells the electricity generated from these operated solar power plants (IPP business).

IPP Asset Portfolio as of late 2022:

The company completed the construction of a 10 MW IPP in Hungary in October 2022.

Manufacturing and distributing high-efficiency PV modules (Tier 1 status).

ReneSola Ltd has maintained its position on the BloombergNEF Tier 1 List for Q1 2025 and Q3 2025. The steel frame manufacturing process reduces carbon emissions by approximately 77% compared to traditional aluminum frames.

Key Financial and Operational Metrics (as of mid-2025):

Securing long-term Power Purchase Agreements (PPAs) with utilities.

The 50 MWp solar farm acquired in the U.K. has attractive PPAs signed through March 31, 2027, which are estimated to provide approximately $25 million EBITDA by the end of 2026.

Finance: review Q3 2025 PPA execution metrics against Q2 2025 by next Tuesday.

ReneSola Ltd (SOL) - Canvas Business Model: Key Resources

You're looking at the core assets ReneSola Ltd (SOL) relies on to execute its business strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their project development and manufacturing credibility.

The company's project development capacity is anchored by a substantial pipeline. ReneSola Ltd (SOL) maintains a global project pipeline of approximately 3 GW of solar capacity, a key driver for future revenue recognition in their development segment. Also critical is their standing in the manufacturing sector, where they secured inclusion on the BloombergNEF Tier 1 PV module manufacturer list for Q3 2025, which signals strong bankability to financiers.

Operational strength comes from its human capital spread globally. ReneSola Ltd (SOL) deploys local professional teams across 10+ countries, with significant activity noted in the US, Europe (including Germany, Spain, France, UK, Poland, Hungary, and Italy), and China. This local presence helps navigate regional regulatory landscapes and secure project origination.

Intangible assets include their intellectual property and patents specifically related to solar wafer manufacturing technology, which supports their product quality claims. On the financial side, a recent report shows a solid liquidity position, with cash and equivalents reported at $46.64M for the fiscal quarter ending in June of 2025.

Here's a quick look at some of the key financial metrics supporting these resources as of mid-2025:

The company's operational footprint and manufacturing validation are summarized by these key resource attributes:

• Global solar project pipeline target of approximately 3 GW.
• Confirmed inclusion on the BloombergNEF Tier 1 list for Q3 2025.
• Local teams operating in 10+ countries across key markets.
• Proprietary technologies and patents in solar wafer manufacturing.
• Cash reserves of $46.64M as of June 2025.

Finance: draft 13-week cash view by Friday.

ReneSola Ltd (SOL) - Canvas Business Model: Value Propositions

You're looking at the core promises ReneSola Ltd (SOL) makes to its customers and the market as of late 2025. These aren't just marketing points; they are backed by specific product features and financial strategies.

One-stop turnkey integrated solutions for solar power stations.

ReneSola Ltd (SOL) offers clients a complete package, which means you don't need to juggle multiple vendors for your energy project. This service covers the entire lifecycle, from initial development and financing to design, construction, and even the long-term operation and maintenance of the power station. This integrated approach is a key differentiator against competitors focused only on module manufacturing. The company has a history of significant global deployment, with historical shipments exceeding 25GW+.

High-efficiency, reliable PV modules with 25/30-year linear power warranties.

The reliability of the modules is underwritten by a substantial commitment: the provision of 25/30-year linear power warranties. This long-term guarantee speaks directly to the expected performance and durability you can count on. Furthermore, the company maintains its status as a Tier 1 global photovoltaic module manufacturer, securing its position on the BloombergNEF Tier 1 List for Q3 2025, which signals high product reliability and brand credibility in the financial markets.

Reduced carbon footprint via steel-framed modules (approx. 77% less emissions).

A major value proposition tied to their product innovation involves the high-strength alloy steel frame modules. The manufacturing process for these frames results in an approximate 77% reduction in carbon emissions when compared to traditional aluminum frames. This environmental advantage helps projects align with global carbon neutrality goals and navigate green trade policies like the EU's CBAM. Here's a quick look at the material cost benefit:

Capital recycling strategy through Notice to Proceed (NTP) or Ready-to-Build (RTB) project sales.

ReneSola Ltd (SOL) uses a strategy to free up capital by selling projects once they reach key milestones, like NTP or RTB status. This allows the company to continuously fund new development rather than tying up cash in long-term operational assets. While specific 2025 project sale figures aren't immediately available, this strategy is central to their growth model, allowing them to maintain a nimble manufacturing footprint and manage downside risk. For context, in late 2022, the company had plans to sell the majority of its 165 MW Chinese operating portfolio in 2023, illustrating the execution of this capital recycling approach.

Stable, long-term clean energy supply through IPP assets.

For a segment of its portfolio, ReneSola Ltd (SOL) retains ownership to generate stable, long-term revenue from clean energy supply through its Independent Power Producer (IPP) assets. This provides a recurring revenue stream that contrasts with the project sales model. As of Q3 2022, the company owned and operated 249 MW of IPP projects across Europe, the U.S., and China. This operational portfolio provides tangible evidence of their capability to deliver stable energy supply.

The value proposition is built on a mix of product differentiation and financial engineering.

• Maintain BloombergNEF Tier 1 status for Q3 2025.
• Offer 25/30-year linear power warranties.
• Deliver steel-framed modules with 77% lower manufacturing emissions.
• Generate revenue from IPP assets, such as the 33 million KWh generated in Q1 2022 from China/U.S. rooftop DG projects.
• Leverage capital recycling from project sales to fuel new development.

Finance: draft 13-week cash view by Friday.

ReneSola Ltd (SOL) - Canvas Business Model: Customer Relationships

You're looking at how ReneSola Ltd (SOL) manages its connections with the different groups buying its solar development services and power. It's a mix, honestly, ranging from deep partnerships to one-off deals.

For the largest customers, like major utilities or institutional investors looking to deploy significant capital, the relationship moves beyond a simple sale. While specific dedicated account manager headcounts aren't public, the focus is on securing the pipeline. The company has an advanced-stage solar pipeline of approximately 2.4 GW, with 60% concentrated in Europe and 39% in the U.S., which requires dedicated management to shepherd these large assets through development to commercial operation date (COD) or sale. Furthermore, the Battery Energy Storage System (BESS) advanced-stage storage portfolio expanded by an impressive 43% quarter-over-quarter, signaling intensive, dedicated support for these complex integrated projects.

The core of the project development business is transactional, especially for Engineering, Procurement, and Construction (EPC) services and outright PV module sales. The total contracted revenue, which reflects these near-term transactional commitments, stands at over $60 million, expected to be recognized over the next two to three years. The Q2 2025 Sales Revenues were reported at $12.88M, which gives you a sense of the current transactional flow. The overall 2025 revenue guidance was set between $80-100M, showing the expected volume of these transactions for the year.

For the Independent Power Producer (IPP) segment, the relationship shifts to long-term contracts via Power Purchase Agreements (PPAs) for electricity sales, aiming for stable cash flows. This is a key differentiator. For example, an attractive PPA signed for Branston, U.K., was estimated to provide approximately $25 million EBITDA by the end of 2026. As of late 2022, the company was operating 249 MW of IPP projects globally, with about 60 MW in Europe and 24 MW in the U.S., representing long-term service commitments to the offtakers of that power.

Distributed Generation (DG) customers, often commercial entities or community solar participants, engage through direct sales and technical support, which is often bundled into the DSA (Development Services Agreement) structure. The company achieved $8.2 million in DSA revenue in the first half of 2024, already surpassing the full year 2023 DSA revenue total of $6.5 million. This segment is actively being expanded, with over 2 gigawatts of DSA contracts currently under negotiation, which means a large volume of new direct customer onboarding is in the near-term pipeline.

Investor relations is managed to maintain confidence in the pipeline and execution, which directly impacts the ability to secure project financing and maintain market valuation. The company has a 2.4 GW advanced-stage solar pipeline and a 43% growth in its advanced-stage storage pipeline, which are the primary metrics shared to assure investors of future value realization. Analyst coverage shows a consensus Buy rating from 3 analysts, with 67% recommending a Strong Buy, reflecting the market's current view on the transparency of their project pipeline updates.

Here's a quick view of the scale across key customer-facing segments based on available data:

The nature of these relationships dictates the revenue recognition schedule, moving from upfront EPC/DSA fees to long-term, stable IPP revenue streams. You can see the focus is heavily weighted toward securing the development pipeline, which is the lifeblood of future transactional and long-term PPA revenues.

• Project development focus areas include the United States, Hungary, Spain, France, and the United Kingdom.
• The company is focused on small-scale DG projects, commercial projects, and community solar gardens.
• The contracted backlog of $84 million provides revenue stability over the next two to three years.

Finance: draft the cash flow projection incorporating the $80-100M 2025 revenue guidance by Friday.

ReneSola Ltd (SOL) - Canvas Business Model: Channels

You're looking at how ReneSola Ltd (SOL), now known as Emeren Group Ltd, gets its product and services to the customer, which is critical given their dual focus on module sales and project development. The channels they use reflect this hybrid approach, moving from direct engagement with large investors to supporting EPCs (Engineering, Procurement, and Construction firms) and distributors globally.

The direct sales force is key for the project development side, targeting institutional investors for large-scale power station solutions. This team works to secure deals for their pipeline, which, as of late 2022, was targeted to reach 4 GW by the end of 2024, though the latest 2025 figures show a different scale for immediate revenue generation. For instance, Sales Revenues for the fiscal quarter ending in June of 2025 were reported at $12.88M, and the TTM revenue was ₹6.15 Billion.

Regarding the physical footprint supporting logistics and local support, while the specific numbers of 44 offices and 28 warehouses aren't verifiable in the latest reports, we do know ReneSola Ltd (SOL) maintains a significant international presence. They operate across markets including China, the United States, the United Kingdom, Germany, France, Poland, Italy, and Hungary, with one source indicating local professional teams in more than 10 countries. The company employed 197 people as of the June 2025 quarter to support these operations.

For the PV module side of the business, direct sales channels are used to move product to EPCs and distributors. This is supported by their long-term track record; globally, their historical shipment volume stands at 25GW+. This channel relies on the product quality that keeps them on the BloombergNEF Tier 1 list for Q3 2025, which speaks to the trust built through these sales relationships.

The online presence is primarily focused on financial stakeholders. The investor relations portal is the main channel for disseminating crucial financial updates, such as the 2025 guidance of $80-100M in revenue for the full year, alongside quarterly results. This digital channel keeps the market informed on metrics like their Market Capitalization, which was $102.5M as of December 5, 2025.

Local development teams are the boots on the ground, essential for securing land rights and necessary permits to de-risk projects before sale or IPP (Independent Power Producer) operation. This local expertise is what feeds the project pipeline. Here's a quick look at some key financial figures as of mid-to-late 2025, which underpins the scale of their development and sales activities:

The project development strategy involves a full suite of services offered through these channels, including engineering design, procurement of solar modules and Balance-of-System components, and construction management. They offer clients one-stop, turnkey integrated solutions, which is a comprehensive offering delivered via these established channels.

The structure of their channel engagement can be summarized by the types of services delivered through their global footprint:

• Direct sales for project rights monetization.
• Module sales to EPCs and distributors.
• Turnkey integrated solutions for global clients.
• Operation and maintenance services post-sale.
• Electricity generation and sale from IPP assets.

ReneSola Ltd (SOL) - Canvas Business Model: Customer Segments

You're looking at the core buyers for ReneSola Ltd (SOL) as of late 2025. This company operates as a pure solar project developer and operator, meaning the customer segments are defined by who buys the developed assets or the modules they source.

Financially, ReneSola Ltd (SOL) reported Sales Revenues of $12.88M for its fiscal quarter ending in June of 2025, with the Trailing Twelve Months (TTM) revenue standing at $68.44 Million USD.

The project development business is geographically spread across the United States, Hungary, Spain, France, and the United Kingdom, with a focus on smaller-scale deployments.

Here's a breakdown of the key customer types ReneSola Ltd (SOL) targets based on their business activities:

The US Community Solar market, a key focus area, experienced a slowdown in the first half of 2025, with installations declining 36% year-over-year to 437 megawatts (MWdc) of new capacity installed in H1 2025. Still, corporate demand remains strong, driving commercial solar's share of total community solar capacity to 53%.

The company's strategy involves monetizing assets at the Notice to Proceed (NTP) or Ready-to-Build (RTB) stage, as evidenced by a past transaction where a ~70 MW portfolio in Pennsylvania was sold at the NTP stage to AB CarVal Investors in 2022.

The following table summarizes the customer segments with the most relevant associated figures available:

ReneSola Ltd (SOL) focuses its DG project development on specific geographies:

• United States
• Canada
• United Kingdom
• France
• China

For Community Solar Garden subscribers in the US, the segment serving low-to-moderate income (LMI) subscribers represented a share of capacity at 9% as of mid-2025, with an associated subscriber acquisition cost of $102/kW.

The IPP (Independent Power Producer) business, which sells electricity from owned assets, operates across countries including the United States, Canada, China, Hungary, Spain, France, the United Kingdom, and Romania.

Finance: review Q3 2025 project pipeline status against the 1 GW late-stage pipeline reported at the end of 2020.

ReneSola Ltd (SOL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive ReneSola Ltd (SOL)'s expenses, which is key to understanding their project-heavy model. Honestly, a lot of their costs are tied up in physical assets and development work, not just selling widgets.

The Cost of Revenues is a major outflow, reflecting the direct costs associated with their project development and construction activities. For the full year 2024, the company reported total revenues of $92.1M, with a gross profit of $24.1M, meaning the Cost of Revenues was approximately $68.0M ($92.1M - $24.1M). This figure inherently includes the high upfront costs you mentioned, such as land acquisition and securing necessary permits for their projects across the United States, Hungary, Spain, France, and the United Kingdom.

Capital expenditure for developing and owning their Independent Power Producer (IPP) assets represents another significant cash drain. For the second quarter of 2024, cash used in investing activities, which covers these development costs, was reported at $3.8M. This is the money going into building out the long-term revenue-generating assets.

The costs related to manufacturing, specifically raw material costs for PV module procurement-like steel and polysilicon-are embedded within the Cost of Revenues. While ReneSola Ltd (SOL) is primarily a project developer now, their EPC (Engineering, Procurement, and Construction) revenue stream still requires managing these material inputs. You can see the pressure on margins when module prices drop, as noted by the comment that the module price went to below $0.09 per watt in China during Q1 2024, which impacts the cost side of their EPC contracts.

General and administrative expenses cover the overhead for their global operations and local teams across more than 10 countries. For the second quarter of 2024, total Operating Expenses were reported at $6.4M. Breaking that down, Selling and Administration Expenses for a recent period were listed as $8.98M. It's important to track these, especially when operating profit is tight, as seen with an Operating Profit of $-6.49M in one reported period.

Financing costs are also a clear line item. The Interest Expense on Debt for the fiscal quarter ending in September of 2024 was exactly $674K. This is a fixed cost tied to the debt used to finance operations and asset development.

Here's a quick look at some key expense-related metrics from recent filings:

• Full Year 2024 Revenue: $92.1M
• Full Year 2024 Gross Profit: $24.1M
• Q2 2024 Operating Expenses: $6.4M
• Q3 2024 Interest Expense on Debt: $674K
• Q2 2024 Cash Used in Investing Activities: $3.8M

When you look at the structure, the costs are heavily weighted toward project execution and financing, which is typical for a developer. The shift in revenue mix, for instance, towards COD (Commercial Operation Date) sales versus development services, directly impacts the gross margin percentage, which was 31.2% in Q2 2024.

You can see the breakdown of key financial figures from a recent period in this table:

If onboarding takes 14+ days for project milestones, cash flow from development services can definitely get squeezed, impacting working capital management.

Finance: draft 13-week cash view by Friday.

ReneSola Ltd (SOL) - Canvas Business Model: Revenue Streams

You're looking at how ReneSola Ltd actually brings in the cash, which is key for any project developer. The revenue streams are quite diverse, reflecting their dual role as a developer/seller and an asset operator.

Revenue for the first half of 2025 was reported as $68.4 million. To give you a more granular view, the sales revenues for the fiscal quarter ending in June of 2025 specifically amounted to $12.88M USD. Also, as of November 2025, the Trailing Twelve Months (TTM) revenue was noted as A$0.10 Billion.

The core of ReneSola Ltd's income generation comes from a few distinct areas, which you can see broken down here:

• Sale of solar projects (NTP/RTB) to third-party investors, a primary revenue source.
• Electricity sales from owned and operated IPP assets under long-term PPAs.
• Sale of PV modules and other solar components.
• EPC and construction management service fees.

The company's focus on small-scale distributed generation (DG) projects, including commercial projects, small-scale utility projects, and community solar gardens, drives much of this revenue. They conduct their IPP business and/or project development business across the United States, Canada, China, Hungary, Spain, France, the United Kingdom, and Romania.

Here's a quick look at how the business activities map to the revenue generation, based on their operational focus:

It's worth noting that the company maintained a contracted backlog of $84 million, which helps provide some visibility into future recognized revenue, even if the timing of project closings can shift based on regulatory approvals.

Finance: draft 13-week cash view by Friday.