| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Ordinary Shares, no par value, American Depositary Shares, each representing 10 Ordinary shares, no par value per share |
| (b) | Name of Issuer:
Emeren Group Ltd |
| (c) | Address of Issuer's Principal Executive Offices:
149 WATER STREET, SUITE 302, NORWALK,
CONNECTICUT
, 06854. |
Item 1 Comment:
This Amendment No. 10 (this 'Amendment') to the Schedule 13D filed with the Securities and Exchange Commission (the 'SEC') on October 1, 2019 (the 'Original Schedule 13D' and, as amended by Amendment No. 1 filed with the SEC on December 28, 2020, Amendment No. 2 filed with the SEC on January 8, 2021, Amendment No. 3 filed with the SEC on July 15, 2022, Amendment No. 4 filed with the SEC on September 16, 2022, Amendment No. 5 filed with the SEC on January 13, 2023, Amendment No. 6 filed with the SEC on September 25, 2023, Amendment No. 7 filed with the SEC on January 5, 2024, Amendment No. 8 filed with the SEC on March 17, 2025, and Amendment No. 9 filed with the SEC on June 20, 2025, the 'Schedule 13D') is being filed by Shah Capital Management, Inc. ('Shah Capital'), Shah Capital Opportunity Fund LP ('Shah Opportunity'), and Himanshu H. Shah ('Mr. Shah' and, together with Shah Capital and Shah Opportunity, the 'Reporting Persons'), with respect to the ordinary shares, no par value per share (the 'Ordinary Shares') and the American Depository Shares, each representing ten Ordinary Shares (the 'ADSs') of Emeren Group Ltd (the 'Issuer').
This Amendment amends and supplements the Schedule 13D to describe certain agreements relating to the Agreement and Plan of Merger (the 'Merger Agreement'), dated as of June 18, 2025, by and among the Issuer, Shurya Vitra Ltd., a BVI business company incorporated under the Laws of the British Virgin Islands ('Parent'), and Emeren Holdings Ltd, a BVI business company incorporated under the Laws of the British Virgin Islands and a wholly owned subsidiary of Parent ('Merger Sub'), and the related transactions described in Amendment No. 9 to the Schedule 13D.
Other than as set forth below, all Items in the Schedule 13D are materially unchanged. Capitalized terms used but not defined herein have the meanings assigned to them in the Schedule 13D. |
| Item 2. | Identity and Background |
|
| (a) | (i) Shah Capital Management, Inc. ("Shah Capital"), a North Carolina corporation, who serves as the investment adviser to Shah Opportunity (as defined below);
(ii) Shah Capital Opportunity Fund LP ("Shah Opportunity"), a Delaware limited partnership; and
(iii) Himanshu H. Shah ("Mr. Shah"), who serves as President and Chief Investment Officer of Shah Capital.
Shah Capital, Shah Opportunity and Mr. Shah are referred to collectively as the "Reporting Persons." |
| (b) | The address of the principal business and principal office of each of the Reporting Persons is:
2301 Sugar Bush Road, Suite 510
Raleigh, North Carolina 27612 |
| (c) | The principal business of each of Shah Capital and Shah Opportunity is investing in securities.
The principal occupation of Mr. Shah is serving as the President and Chief Investment Officer of Shah Capital. |
| (d) | During the past five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). |
| (e) | During the past five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. |
| (f) | Shah Capital is North Carolina corporation.
Shah Opportunity is a Delaware limited partnership.
Mr. Shah is a citizen of the United States of America. |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | Item 3 of the Schedule 13D is hereby amended and supplemented to include the following:
The description of the Support Agreement (as defined below) set forth in Item 4 of this Schedule 13D Amendment are incorporated herein by reference. |
| Item 4. | Purpose of Transaction |
| | Item 4 is amended to include the following disclosure at the end of the Item:
Support Agreement
On July 3, 2025, certain securityholders of the Issuer (the 'Supporting Holders') executed and delivered to Parent a support agreement (the 'Support Agreement'), pursuant to which each such Supporting Holder has agreed to vote the Issuers securities (including Issuer securities represented by ADSs) beneficially owned by such Supporting Holder in favor of the approval of the Merger Agreement, the Merger and the other transactions contemplated thereby, and to take certain other actions in furtherance of the transactions contemplated by the Merger Agreement (collectively, the 'Merger Approval'). The Supporting Holders are Rahul Garg and Ritu Khurana, who hold ADSs representing 6,645,060 Ordinary Shares, Kunal Shah, who holds ADSs representing 3,179,660 Ordinary Shares, and Shalin Y. Shah, who holds ADSs representing 360,000 Ordinary Shares, for an aggregate of 10,184,720 Ordinary Shares (such shares collectively, the 'Supporting Shares') committed by the Supporting Holders to vote in favor of the Merger Approval.
The Rollover Securityholders are Ke Chen, the Issuers Chief Financial Officer, and Enrico Bocchi, the Issuers Executive Vice President, Europe. Mr. Chen owns 4,870,270 Ordinary Shares and vested options to purchase 3,000,000 Ordinary Shares, and Mr. Bocchi owns 500,000 RSUs that settle in Ordinary Shares in three equal annual installments starting on October 1, 2025 (such shares collectively, the 'Rollover Shares'). The Rollover Shares and the Supporting Shares that are currently votable, together with the 18,761,866 Shares held by the Reporting Persons, represent approximately 39.5% of the outstanding Ordinary Shares, based on 513,216,222 Ordinary Shares outstanding as of March 31, 2025, as provided in the Issuers Form 10-Q filed with the SEC on May 14, 2025.
The information disclosed in this Item is qualified in its entirety by reference to the full text of the agreements that are filed as exhibits to this Schedule 13D, which are incorporated herein by reference. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | (i) - Shah Capital Management
18,761,866; 36.56%
(ii) - Shah Capital Opportunity Fund LP
18,409,249; 35.87%
(iii) - Himanshu H. Shah
18,818,236; 36.67% |
| (b) | (i) - Shah Capital Management
Sole Voting Power - 0
Shared Voting Power - 18,761,866
Sole Dispositive Power - 0
Shared Dispositive Power - 18,761,866
(ii) - Shah Capital Opportunity Fund LP
Sole Voting Power - 0
Shared Voting Power - 18,409,249
Sole Dispositive Power - 0
Shared Dispositive Power - 18,409,249
(iii) - Himanshu H. Shah
Sole Voting Power - 56,370
Shared Voting Power - 18,761,866
Sole Dispositive Power - 56,370
Shared Dispositive Power - 18,761,866 |
| (c) | N/A.
Except as set forth here, no other transactions in shares of the Issuer were effected by any Reporting Persons within the last 60 days. |
| (d) | No other person is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of no par value covered by this Statement. |
| (e) | Not Applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
| | Item 6 of the Schedule 13D is hereby amended and supplemented to include the following:
The information set forth in Item 4 of this Schedule 13D Amendment is incorporated by reference in its entirety into Item 6 of the Schedule 13D. |
| Item 7. | Material to be Filed as Exhibits. |
| | Item 7 of the Schedule 13D is hereby amended and supplemented to include the following:
Exhibit
Number Description
99.1 Agreement and Plan of Merger, dated as of June 18, 2025, by and among the Issuer, Parent and Merger Sub (incorporated herein by reference to Exhibit 2.1 to the Form 8-K dated June 20, 2025 of the Issuer).
99.2 Rollover Agreement, dated as of June 18, 2025, by and among Parent, Ke Chen and Enrico Bocchi (incorporated herein by reference to Exhibit 10.1 to the Form 8-K dated June 20, 2025 of the Issuer).
99.3 Limited Guarantee, dated as of June 18, 2025, made by Mr. Shah in favor of the Issuer (incorporated herein by reference to Exhibit 10.2 to the Form 8-K dated June 20, 2025 of the Issuer).
99.4 Support Agreement, dated as of July 3, 2025, by and among Parent and the Supporting Holders. |
