ACCOUNTS RECEIVABLE TRADE, NET (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of components of accounts receivable, net


	March 31,		December 31,
	2025		2024

	in thousands
Accounts receivable trade
– from EPC services	$	4,108	$	4,008
– from solar power project assets and DSA		8,857		10,447
– from electricity generation ⁽¹⁾		12,010		10,132
– from others		39		672
Total accounts receivable trade		25,014		25,259
Less: allowance for credit losses		(4,232)		(4,138)
Accounts receivable trade, net	$	20,782	$	21,121

(1)

Accounts receivable from electricity generation were mainly due from China’s state grid companies. The amounts included the portion of feed-in tariff(s) (FIT) for the electricity sold to the state grid companies in the PRC in which the relevant on-grid solar power stations are still pending for registration to the Renewable Energy Subsidy Catalog, which the Company has submitted the application for its solar power stations that started operation before July 2017 to be registered on the Catalog. The Company expects that a certain part of the FIT receivables will be recovered after twelve months from the reporting date, which are discounted at an effective interest rate. As of March 31, 2025 and December 31, 2024, there are $4.0 million and $3.8 million of FIT receivables classified as current, and $18.2 million and $17.2 million classified as non-current, which is included in the other non-current assets on the condensed consolidated balance sheets, respectively.

Schedule of accounts receivable unbilled


	March 31,		December 31,
	2025		2024

	in thousands
Accounts receivable unbilled
–from solar power project assets	$	1,783	$	1,581
–from EPC services		43,038		40,406
–from electricity generation and others		242		297
Total accounts receivable unbilled		45,063		42,284
Less: allowance for credit losses		(1,016)		(954)
Accounts receivable unbilled, net	$	44,047	$	41,330

Schedule of movement in lifetime expected credit losses that has been recognized for trade receivables


	March 31,		December 31,
	2025		2024

	in thousands
At beginning of the period	$	5,092	$	5,203
Allowance for credit losses for the period		3		3,506
Written off		—		(3,617)
Other (foreign currency effects)		153		—
At end of the period	$	5,248	$	5,092

Emeren Group Ltd 10-Q