STAMFORD, Conn., June 27,
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 its
collaboration with Matrix Renewables ("Matrix"), the TPG
Rise-backed global renewable energy platform. The partnership aims
to execute a proprietary Development Service Agreement (DSA) for
the development of up to 1.5 GW of a portfolio of Battery Energy
Storage Systems (BESS) in Italy.
The first portfolio of projects delivered and accepted by Matrix
includes over 260 MW of standalone BESS projects.
Under this DSA, Gravel A S.r.l., a joint venture consisting of
Emeren Limited, a subsidiary of Emeren Group Ltd, Enerpoint S.r.l.,
and Kaizen Invest Holding S.r.l., will join forces with Matrix
Renewables to leverage their collective expertise in the renewable
energy sector. The DSA structure consists of a series of
non-refundable payments that Matrix will grant to Emeren for every
onboarded project in the framework of the agreement as well as for
the achievement of each development target.
This new collaboration is of high strategic relevance as the
Italian electricity transmission system operator, Terna S.p.A., is
expected to open a new capacity market auction in late 2023 to
boost the solar storage output in the country. This incentive
scheme aims at structuring a more efficient deployment of the
increasing renewable energy production and supporting investments
in the storage technology.
Yumin Liu, CEO of Emeren Group,
commented, "We are pleased to announce significant progress in our
storage pipeline growth, reaffirming our commitment to solar plus
storage strategies. This underscores our focus on capitalizing on
storage sector growth globally, while prioritizing a reliable
electricity infrastructure. We believe storage technologies are
vital for the future of renewable energy and strive to be leaders
in this transformative market. The DSA structure based transaction
confirms our sizable standalone BESS pipeline in Italy, showcasing our team's confidence in
project development and early-stage monetization. We are confident
in our ability to deliver sustainable solutions that meet evolving
energy needs and contribute to a cleaner, more resilient energy
landscape."
Chris Matthews, MD for
Europe at Matrix Renewables,
commented, "This collaboration is a significant milestone in our
growing relationship with Emeren Group, and we cherish the
opportunity to work together on the development of these BESS
projects in Italy. We recognize
that Emeren's expertise and dedication to sustainable energy
solutions, reflect our own, and we see in that the seeds of a great
partnership. We are confident that our combined efforts will drive
meaningful advancements in the renewable energy sector in
Italy with both parties taking a
leading position in the Italian BESS market."
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