Emeren Group and PLT energia Srl Partner on 394 MW Battery Storage Portfolio

Rhea-AI Summary

Emeren Group (NYSE: SOL), a major global solar project developer, has partnered with PLT energia Srl to develop a 394 MW Battery Energy Storage Systems (BESS) portfolio in Italy. This partnership, announced on July 1, 2024, aims to advance five innovative BESS projects. The collaboration aligns with both companies' commitment to sustainability and the growing importance of battery storage in renewable energy. Emeren's CEO Yumin Liu and PLT's CEO Stefano Marulli highlighted the strategic fit and potential impact on renewable energy stability and growth, particularly in the US market.

Positive

• Partnership between Emeren Group and PLT energia Srl for a 394 MW BESS portfolio.
• Focus on developing innovative Battery Energy Storage Systems.
• Potential for significant advancements in renewable energy stability.

Negative

• None.

STAMFORD, Conn., July 1, 2024 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced a Development Service Agreement ("DSA") partnership for a state-of-the-art portfolio comprising five Battery Energy Storage Systems ("BESS") in Italy with PLT energia Srl ("PLT"), one of the largest independent Italian groups active in the energy sector from wind and photovoltaic sources. This transaction marks a significant milestone in the development of an impressive 394 MW BESS portfolio.

Yumin Liu, CEO of Emeren Group, commented, "We are excited to partner with PLT energia Srl, whose vision and strategy align seamlessly with Emeren's commitment to sustainability. This collaboration represents a significant step forward in our mission to develop innovative battery storage projects both in Italy and globally, further demonstrating our efforts to expand our BESS business."

Stefano Marulli, CEO of PLT energia, added: "PLT actively pursues a project portfolio with the right balance of technologies. With the current growth in renewable energy, which is expected to continue in the coming years, Battery Storage will play a key role in the installation of new renewable plants and the stability of the power grid. This is why we believe this agreement is the perfect complement to our current development pipeline, both photovoltaic and wind, especially in the US market and Emeren the right partner thanks to its professional and technical experience as well as market knowledge."

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle — from development through construction to financing — we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com.

About PLT energia Srl

PLT energia Srl, a subsidiary of PLT Holding Srl, Tortora family holding company, is among Italy's largest independent operators in the renewables sector engaged in the development, construction and management of PV and wind projects. The Group is active in the Italian market since more than 20 years and it is also present in US and Spain. For more information, go to www.pltenergia.it.

Safe Harbor Statement

This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

View original content to download multimedia:https://www.prnewswire.com/news-releases/emeren-group-and-plt-energia-srl-partner-on-394-mw-battery-storage-portfolio-302186438.html

SOURCE Emeren Group Ltd

FAQ

What is the recent partnership announced by Emeren Group (SOL)?

Emeren Group announced a partnership with PLT energia Srl to develop a 394 MW Battery Energy Storage Systems portfolio in Italy.

When did Emeren Group announce their partnership with PLT energia Srl?

Emeren Group announced their partnership with PLT energia Srl on July 1, 2024.

What is the focus of the Emeren Group and PLT energia Srl partnership?

The partnership focuses on developing a portfolio of five Battery Energy Storage Systems totaling 394 MW in Italy.

How does the new partnership benefit Emeren Group (SOL) in the renewable energy sector?

The partnership aligns with Emeren's mission to expand its Battery Energy Storage Systems business, enhancing renewable energy stability and growth.

What is the significance of the 394 MW Battery Energy Storage Systems portfolio for Emeren Group?

The 394 MW BESS portfolio marks a significant milestone in Emeren's efforts to innovate and expand its renewable energy projects.