Emeren Group Reaches 1GW of Battery Energy Storage Portfolio in Italy
STAMFORD, Conn., Dec. 29, 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 additional two Battery Energy Storage Systems ("BESS") in Italy to Matrix Renewables ("Matrix"). This transaction demonstrates the Company's remarkable capability to fulfill commitments outlined in the proprietary Development Service Agreement (DSA) signed jointly in June. Within just six months, Emeren has achieved a significant milestone, delivering around 1 GW in development, approaching its 1.5 GW BESS portfolio target. This achievement represents the execution capability within the frame of the partnership with Matrix, reinforcing Emeren's position as a leading entity in the battery storage market.
Gravel A is a successful joint venture between Emeren Limited and Enerpoint, active in development and construction of utility-scale solar power plants, and Kaizen Invest Holding, a private investment company in energy, real estate, and infrastructure. By forming a joint venture partnership, along with Matrix, Emeren can leverage its years of expertise and experience in the ever-growing and evolving state-of-the-art Italian solar + battery industry.
The projects feature cutting-edge standalone storage systems, with a cumulative capacity of 293MW and a discharge duration of 4-8 hours for each project. The new projects sites are in Apulia and Lazio, with the latter entering a strategically significant area that is not highly congested but addresses important grid nodes for balancing purposes. The Ready-To-Build status is expected to be achieved by early 2025.
Yumin Liu, CEO of Emeren Group, commented, "We are excited to be part of the ever-growing partnership and joint venture with Matrix Renewables, Enerpoint and Kaizen, as it shows we are dedicated to the solar plus storage strategy and mission within Emeren. While making strides and progress within our storage pipeline execution, we have now successfully sold over 975 MW of battery storage projects in Italy. We are proud of our accomplishments and look forward to new developments as we move into 2024."
Paolo Rocco Viscontini, shareholder of the JV Gravel A and CEO of Enerpoint, commented, "Such a result is proof that the joint venture with Emeren and Kaizen, dedicated to providing the best storage projects to Matrix, is successfully working. The energy transition requires significant storage targets, and Gravel A has all the experience and capability to play a relevant role in this exciting sector."
Mauro Moroni, shareholder of the JV Gravel A, commented, "This operation enables our joint venture to reach the threshold of 1GW of authorized power in just one year, positioning Matrix as a leader in the Italian BESS market, ready to participate in the first auctions to be organized between the end of 2024 and the beginning of 2025."
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 10 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.
For investor and media inquiries, please contact:
Emeren Group Ltd
Suzanne Wilson
+1 (510) 631 6550
Suzanne.wilson@emeren.com
Emeren Group Ltd - Investor Relations
ir@emeren.com
The Blueshirt Group
Gary Dvorchak
+1 (323) 240-5796
gary@blueshirtgroup.com
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SOURCE Emeren
