Emeren Group Sells a 410 MW Battery Energy Storage Portfolio in Italy

Rhea-AI Summary

NYSE: SOL - Emeren Group Ltd Announces Sale of 5 Battery Energy Storage Systems (BESS) in Italy to Matrix Renewables, Reinforcing Position as Leading Renewable Energy Entity

Positive

• Successful sale of 5 cutting-edge BESS in Italy
• Significant milestone in the development of a 1.5 GW BESS portfolio
• Reinforces Emeren's position as a leading entity in the renewable energy sector
• Partnership with Matrix Renewables signifies substantial growth and mutual success

Negative

• None.

STAMFORD, Conn. , Nov. 9, 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 the successful sale of a state-of-the-art portfolio comprising five Battery Energy Storage Systems (BESS) in Italy to Matrix Renewables ("Matrix"). This transaction marks a significant milestone within the framework of the proprietary Development Service Agreement (DSA) jointly executed in June, delineating the ambitious development of an extensive 1.5 GW BESS portfolio. This achievement represents the second collaborative deal between Emeren and Matrix, signifying substantial growth in the partnership and reinforcing Emeren's position as a leading entity in the renewable energy sector.

The five projects feature cutting-edge standalone storage systems, with a cumulative capacity of 3,787 MWh. The entire portfolio is strategically located in the Italian southern region of Apulia, significantly enhancing the regional energy infrastructure. The Ready-To-Build status is expected to be achieved by late 2024.

Yumin Liu, CEO of Emeren Group, commented, "We are extremely proud of this transaction, which is also evidence of Emeren's unwavering commitment and our ability to deliver on our growth promises. We are not only reinforcing our leadership in the European storage pipeline development, but we are also setting new industry benchmarks, particularly in Italy. We are also extremely glad that the partnership with Matrix is flourishing, bringing mutual success and expansion opportunities to both entities in this rapidly evolving sector."

Chris Matthews, MD for Europe at Matrix Renewables, commented, "Our partnership with Emeren underscores our commitment to driving renewable energy expansion and sustainability in the vibrant Italian market. The acquisition of the 410 MW BESS portfolio significantly advances our mission to reshape the energy landscape and fortify the resilience of the power grid."

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.

About Matrix Renewables

Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $16 billion impact-investing platform TPG Rise. Matrix Renewables' current portfolio is comprised of 11.7 GW in renewable energy and storage projects in Europe, North America, and Latin America. For more information, visit www.matrixrenewables.com or send an email to info@matrixrenewables.com

 

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SOURCE Emeren Group Ltd

FAQ

What did Emeren Group Ltd announce?

Emeren Group Ltd announced the successful sale of five Battery Energy Storage Systems (BESS) in Italy to Matrix Renewables.

What is the significance of this announcement for Emeren Group Ltd?

This announcement reinforces Emeren's position as a leading entity in the renewable energy sector and signifies substantial growth in their partnership with Matrix Renewables.

What is the capacity of the BESS portfolio sold to Matrix Renewables?

The five projects feature cutting-edge standalone storage systems, with a cumulative capacity of 3,787 MWh.

When is the Ready-To-Build status expected to be achieved?

The Ready-To-Build status is expected to be achieved by late 2024.