Emeren Group and Arpinge Partner to Develop 300 MW Battery Storage Portfolio in Italy

Rhea-AI Summary

Emeren Group (NYSE: SOL) has announced a co-development agreement with Arpinge to develop a 300 MW Battery Energy Storage System portfolio in Southern Italy. This partnership marks Emeren's fourth collaboration with an Italian ESG-aligned investment leader and adds to their existing 1.37 GW BESS permitting pipeline in Italy. The project aims to support Italy's clean energy transition goals by accelerating the permitting and development process. The partnership demonstrates Emeren's strategic focus on high-value battery storage opportunities and their ability to secure partnerships with top-tier investors through their Development Service Agreement model.

Positive

• Secured partnership for 300 MW BESS development in Southern Italy
• Strong existing BESS pipeline of 1.37 GW in permitting phase
• Fourth strategic partnership with Italian ESG-aligned investors

Negative

• None.

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On the day this news was published, SOL gained 6.48%, reflecting a notable positive market reaction.

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NORWALK, Conn., Nov. 5, 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 a co-development agreement with Arpinge, a permanent capital vehicle focused on sustainable infrastructure in Italy, to jointly develop a 300 MW Battery Energy Storage System (BESS) portfolio in Southern Italy.

This partnership strengthens Emeren's growing presence in Italy's BESS market, where the Company has already achieved approximately 1.37 GW in the permitting pipeline. As Emeren's fourth partnership with an Italian leader in ESG-aligned investments, this collaboration aligns with Italy's clean energy goals, accelerating the permitting and development process in support of the country's energy transition. This partnership also reflects Emeren's focus on high-value opportunities in battery storage as a key part of its growth strategy.

Yumin Liu, CEO of Emeren Group, commented, "This partnership with Arpinge marks a promising step forward in our strategic expansion within Italy's energy storage industry. Our success in securing partnerships with top-tier investors like Arpinge reflects Emeren's capability to capture market opportunities early and drive significant value through our proven Development Service Agreement (DSA) model. With the support of our skilled Italian team, we look forward to delivering robust results as we advance toward a successful close to the year."

Federico Merola, CEO of Arpinge Group, commented, "Collaborating with Emeren on this significant battery storage portfolio underscores our commitment to sustainable infrastructure investments that align with Italy's energy transition objectives. This partnership leverages our combined expertise to accelerate the development of critical energy storage solutions, enhancing grid stability and supporting the integration of renewable energy sources."

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.

About Arpinge

Arpinge is a permanent capital vehicle set up as a joint-stock company by three institutional investors – the Italian pension funds of Cassa Geometri, Eppi and Inarcassa – to invest in infrastructure, taking into account the portfolio resilience and sustainability, and to act as a promoter of greenfield projects. The Group operates in full compliance with the ESG principles and is currently active in all three main energy transition segments: Renewables, especially in the wind and photovoltaic sectors; Energy Efficiency and Mobility, where the company is the leading Italian investor in the parking sector and fourth by number of parking spaces operated in Italy.

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

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SOURCE Emeren Group Ltd

FAQ

What is the size of Emeren Group's (SOL) new battery storage project in Italy?

Emeren Group's new battery storage project in Italy comprises a 300 MW Battery Energy Storage System (BESS) portfolio to be developed in Southern Italy.

What is Emeren Group's (SOL) total BESS pipeline in Italy as of November 2024?

Emeren Group has approximately 1.37 GW in the BESS permitting pipeline in Italy.

Who is Emeren Group's (SOL) partner for the new 300 MW BESS project in Italy?

Emeren Group is partnering with Arpinge, a permanent capital vehicle focused on sustainable infrastructure in Italy.