Emeren is a solar and battery energy storage system (BESS) project developer, owner, and operator, active across Europe, North America, and Asia. The core business involves developing solar and BESS projects through a multi-stage process — land acquisition, permitting, interconnection, and financing — and monetizing them at various stages, from early-stage project rights through to fully operational assets. Buyers include utilities, IPPs, infrastructure funds, pension funds, and tax equity investors. Emeren focuses on small-to-mid-scale distributed generation projects, typically 5–25 MW, which it argues command higher margins due to stronger PPA or feed-in tariff pricing. Beyond outright project sales, Emeren operates a Development Services Agreement (DSA) model, where it develops project portfolios for third-party partners and receives non-refundable milestone payments throughout the development lifecycle, providing earlier and more predictable cash flow than a single lump-sum sale. The DSA business is concentrated in Italy and Germany, with Italy's BESS buildout a key driver. Emeren also owns and operates roughly 293 MW of solar assets and 54 MWh of battery storage under an IPP model, generating recurring electricity revenue under long-term PPAs or feed-in tariffs. The IPP segment, while a smaller revenue contributor, carries roughly 50% gross margins and provides the most stable cash flow. The company is designed to be capital-light, prioritizing early-stage monetization and capital recycling over holding assets long-term, while selectively retaining high-quality European projects as IPP assets.