Emeren Group Ltd - 20-F filing on 2023-05-16

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

7. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net:


	At December 31,
	2021		2022
Land	$	282,000	$	275,000
Plant and machinery		858,948		781,324
Motor vehicles		65,473		94,654
Office equipment		252,150		381,118
Power stations⁽¹⁾		138,533,441		191,011,142

Less: Accumulated depreciation		(19,181,277)		(25,438,066)
		120,810,735		167,105,172
Construction in progress		4,835,751		3,372,189
Property, plant and equipment, net	$	125,646,486	$	170,477,361

(1)	All power stations were self-constructed, except for Project Branston that the Company acquired on September 30, 2022 with an original cost of $42,793,499 (as discussed in Note 3).

Construction in progress mainly represents solar power projects which are under development for self-electricity generation in China.

Depreciation expense for the years ended December 31, 2020, 2021 and 2022 was $7,342,327, $6,794,404 and $6,817,331, respectively.