Emeren and Arpinge Close Final 162 MW of 462 MW Battery Storage Portfolio Under Development Service Agreement in Italy

Rhea-AI Summary

Emeren Group (NYSE: SOL) has completed the second round of its Battery Energy Storage System (BESS) portfolio development with Arpinge in Italy. The new round adds 162 MW (1.4 GWh) of standalone BESS projects in Sicily, bringing the total portfolio to 462 MW when combined with the previously announced 300 MW tranche from November 2024.

The projects are part of Emeren's Development Service Agreement (DSA) strategy, through which the company has secured contracts with nine partners for 28 projects totaling over 2.1 GW (84% BESS, 16% PV). These agreements are expected to generate over $69 million in contracted revenue within 2-3 years, with an additional 2.0 GW of projects under negotiation.

Positive

• Secured contracts for 2.1 GW of projects with nine partners
• Expected revenue of $69 million within 2-3 years from DSA contracts
• Additional 2.0 GW of projects under negotiation
• Successful completion of 462 MW BESS portfolio in Italy

Negative

• None.

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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

FAQ

What is the total capacity of Emeren's (SOL) latest BESS portfolio in Italy?

Emeren's total BESS portfolio in Italy amounts to 462 MW, combining the newly announced 162 MW with the previously announced 300 MW tranche from November 2024.

How much revenue is Emeren (SOL) expecting from its DSA contracts?

Emeren expects to generate over $69 million in contracted revenue within the next 2-3 years from its DSA contracts.

What is the breakdown of Emeren's (SOL) 2.1 GW project portfolio?

The 2.1 GW portfolio consists of 84% BESS (Battery Energy Storage System) projects and 16% PV (photovoltaic) projects.

How many partners does Emeren (SOL) have under its DSA contracts?

Emeren has secured DSA contracts with nine partners, encompassing 28 projects totaling over 2.1 GW.

What is the storage capacity of Emeren's (SOL) new BESS projects in Sicily?

The new BESS projects in Sicily have a capacity of 162 MW or approximately 1.4 GWh.