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