NORWALK,
Conn., Dec. 23, 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 closing of the second round of its Battery Energy
Storage System (BESS) portfolio under the Development Service
Agreement (DSA) with Arpinge, a permanent capital vehicle focused
on sustainable infrastructure in Italy. This round includes two standalone BESS
projects located in Sicily, Italy,
with a total capacity of 162 MW or approximately 1.4 GWh.
With this addition, the portfolio now totals 462 MW, combining
the newly announced 162 MW with the 300 MW tranche initially
announced in November 2024. These
projects collectively complete the portfolio under the DSA
framework.
These projects are part of Emeren's DSA portfolio, a cornerstone
of the Company's growth strategy. The DSA structure enables Emeren
to monetize its development expertise through partnerships with
top-tier investors. As of September
30, Emeren has secured DSA contracts with nine partners,
encompassing 28 projects totaling over 2.1 GW—84% BESS and 16% PV.
These agreements are projected to generate contracted revenue
exceeding $69 million within the next
2-3 years, with an additional 2.0 GW of projects currently under
negotiation[1].
Yumin Liu, CEO of Emeren Group,
commented, "These significant BESS projects in Sicily reflect the continued success of our
partnership with Arpinge and the strength of our DSA model. This
closing highlights our ability to capture high-value opportunities
and reinforce our leadership in Italy's energy storage market. I commend our
team for their exceptional work, which has enabled us to deliver on
our strategic goals and further advance Italy's clean energy transition."
For additional information on the initial partnership
announcement, please refer to the press release: Emeren Group and
Arpinge Partner to Develop 300 MW Battery Storage Portfolio.
About Emeren Group Ltd
Emeren Group Ltd (NYSE: SOL), a renewable energy leader,
showcases a comprehensive portfolio of solar projects and
Independent Power Producer (IPP) assets, complemented by a
significant global Battery Energy Storage System (BESS) capacity.
Specializing in the entire solar project lifecycle — from
development through construction to financing — we excel by
leveraging local talent in each market, ensuring our sustainable
energy solutions are at the forefront of efficiency and impact. Our
commitment to enhancing solar power and energy storage underlines
our dedication to innovation, excellence, and environmental
responsibility. For more information, go to www.emeren.com.
For investor and media inquiries, please contact:
Emeren Group Ltd - Investor Relations
+1 (925) 425-7335
ir@emeren.com
The Blueshirt Group
Gary Dvorchak
+1 (323) 240-5796
gary@blueshirtgroup.co
[1] Q3 2024 Letter to Shareholder at
https://ir.emeren.com/static-files/e755cb70-398a-4052-899c-c283e77eeb4b.
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SOURCE Emeren Group Ltd