STAMFORD, Conn., Jan. 9, 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 the successful
acquisition of a 10.76 MWh energy storage power portfolio from
Kunneng Smart Energy Service Group Co. LTD ("Kunneng Group"), which
specializes in renewable energy industry, offering comprehensive
solutions in solar, energy storage, power sales, and carbon asset
management in China. Located in
Zhejiang Province, the 10.76 MWh
portfolio comprises six energy storage power stations, operates
under the Energy Management Services agreements providing benefits
to the customers based on energy arbitrage.
Emeren will realize its return on investment mainly from the
energy arbitrage with additional revenue coming from various
Virtual Power Plant ("VPP") scenarios. As of today, all six storage
facilities are connected to VPP platform owned and operated by
Huaneng Power International (0902.HK), one of the largest IPP
operators in China.
Yumin Liu, CEO of Emeren Group,
commented, "We aim to meet the escalating energy demand and
contribute to the energy storage industry. This acquisition is
conducive to strengthening Emeren's prominent position in the
Chinese energy storage investment market, thereby enhancing the
advantages of clean energy, further strengthening our global
storage expansion strategies. It also positions us strategically in
the growing VPP market in China,
allowing us to tap into new opportunities and contribute to the
development of smarter and more efficient 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 totalling 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
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SOURCE Emeren