June 19 (Reuters) - Renewable energy firm Emeren Group ( SOL )

said on Thursday it will go private in a $102.6-million

deal with a company backed by its chairman, Himanshu Shah.

Shurya Vitra, a company incorporated in the British Virgin

Islands, will buy Emeren ( SOL ) for $2 per American Depositary Share in

cash. Shah has committed to providing the funding needed for the

acquisition through an equity investment in Shurya Vitra.

An uncertain economic environment and elevated capital costs

have pushed some small- and mid-cap firms to go private, which

allows them the flexibility to navigate the difficulties without

the pressure of public markets.

Shurya Vitra's offer is priced at a 12.4% premium to

Emeren's ( SOL ) last close, and a 23.5% premium to its share price in

March before it disclosed it had formed a special committee to

evaluate a buyout proposal received earlier that month.

The deal is expected to close in the third quarter.