Emeren Group Announces Inaugural Solar Energy Storage Project in China

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Emeren Group successfully completes grid connection of inaugural solar storage project in China.

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• Emeren Group has completed the grid connection of its first solar storage project in China. The project has a capacity of 0.6 MW/1.2 MWh and operates behind the meter. It is backed by a private long-term power purchase agreement (PPA) with a local off-taker. The project is strategically designed to yield high returns through daily price arbitration, showcasing the Company's commitment to sustainable and financially responsible energy solutions.

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STAMFORD, Conn., Oct. 10, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced that it has successfully completed the grid connection of its inaugural solar storage project on September 26^th in Ningbo, Zhejiang Province, China. This project has a capacity of 0.6 MW/1.2 MWh, operates behind the meter and is backed by a private long-term power purchase agreement (PPA) with a local off-taker. It has been strategically designed to yield high returns through daily price arbitration, emphasizing the Company's commitment to sustainable and financially responsible energy solutions.

Yumin Liu, CEO of Emeren Group commented, "We are absolutely thrilled to witness the successful operation of our inaugural solar energy storage project in China. This project marks a major milestone and represents a defining chapter in our journey toward becoming a leading global renewable energy company. In addition to this accomplishment, we currently have a portfolio of projects in the planning and execution phases in China, including several Commercial and Industrial (C&I) sized storage projects that are currently under construction. As part of our strategic vision, we plan to further expand our storage portfolio under our light IPP strategy. Furthermore, we remain steadfast in our commitment to executing our storage business strategies, solidifying our dedication to sustainable and innovative energy solutions."

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL) is a leading global solar project developer, owner, and operator with a pipeline of projects and IPP assets totaling over 3 GW, as well as a storage pipeline of over 6 GWh across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams across multiple countries. For more information, go to www.emeren.com.

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SOURCE Emeren Group Ltd

FAQ

What is the capacity of Emeren Group's inaugural solar storage project in China?

The capacity of the project is 0.6 MW/1.2 MWh.

What type of agreement supports the project?

The project is backed by a private long-term power purchase agreement (PPA) with a local off-taker.

What is the strategic focus of the project?

The project is strategically designed to yield high returns through daily price arbitration, emphasizing the Company's commitment to sustainable and financially responsible energy solutions.