Emeren Group and Nuveen Infrastructure Finalize 354 MWp Battery Storage Portfolio in Italy with 2.83 GWh Capacity

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Emeren Group and Nuveen Infrastructure have finalized a 354 MWp Battery Storage Portfolio in Italy with a 2.83 GWh capacity. The agreement includes the development of 199 MW of Battery Storage Projects in Southern Italy, with plans for additional projects in the Apulia region. The partnership aims to enhance Southern Italy's battery storage capacity and support the clean energy transition in Europe.

Positive

• Emeren Group and Nuveen Infrastructure have successfully co-developed 199 MW of Battery Storage Projects in Southern Italy.
• The partnership achieved a total power capacity of 354 MWp with up to 2.83GWh capacity.
• The agreement includes plans for two additional stand-alone Battery Storage Projects in the Apulia region of Southern Italy.
• The projects are scheduled to enter the construction stage in mid-2025 and begin operations in early 2026.
• Italy is identified as one of Emeren's fastest-growing markets in Europe with a significant solar and storage project pipeline.
• The partnership aims to contribute to the clean energy transition in Apulia and Europe by adding flexibility to the renewables sector.

Negative

• None.

Energy Sector Analyst

The completion of the Battery Storage Portfolio by Emeren Group in collaboration with Nuveen Infrastructure is a substantial development in the energy sector. The project emphasis on expanding Southern Italy's battery storage capacity integrates well with the growing demand for renewable energy sources. The expected operational date of early 2026 projects a strategic timeline when considering the European Union's aggressive renewable energy targets. Stakeholders should monitor the progress of these developments closely as they can influence energy supply dynamics and potentially lead to a reduction in energy volatility. It's worth noting Italy's increasing efforts in boosting solar energy, which could make it a significant player in Europe's energy transition.

Financial Market Analyst

From a financial perspective, the battery storage portfolio of 354 MWp represents a considerable asset under management for both Emeren and Nuveen. The alignment with Nuveen, a substantial fund manager in the clean energy investment space, may provide Emeren with enhanced credibility and access to capital. The scale of the project could also be seen as a positive signal to investors about Emeren's growth trajectory and its ability to secure strategic partnerships. This development is likely to be priced into Emeren's stock as the market generally responds well to renewable energy investments due to their long-term yield potential and stability.

Sustainable Investment Advisor

The partnership between Emeren and Nuveen Infrastructure is indicative of a larger trend in sustainable investing. The integration of a 354 MWp battery storage project not only addresses the need for energy storage solutions in the context of increasing renewable energy production but also aligns with ESG (Environmental, Social, Governance) investing principles. Investors with an interest in sustainable and impact investments may view this as a forward-looking initiative that meets the dual criteria of environmental innovation and potential for consistent returns. The key takeaway for retail investors in this context is the potential long-term value creation through sustainability-focused infrastructure projects.

STAMFORD, Conn., April 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 successful co-development agreement of 199 MW (up to 1.59GWh of capacity) of Battery Storage Projects in two regions of Southern Italy with Nuveen Infrastructure, rebranded from Glennmont Partners ("Nuveen"), one of the world's largest fund managers investing in clean energy. As previously announced, this agreement marks the final stage in the portfolio collaboration between Emeren and Nuveen, achieving a total power capacity of 354 MWp (up to 2.83GWh). 

The partnership will involve Nuveen and Emeren jointly developing two additional stand-alone Battery Storage Projects in the Apulia region of Southern Italy. These projects are scheduled to enter the construction stage in mid 2025 and begin operations in early 2026. 

Yumin Liu, Chief Executive Officer at Emeren Group, commented, "It has been a pleasure partnering with Nuveen Infrastructure in developing battery storage projects in Southern Italy totaling 354 MWp capacity of projects. This agreement demonstrates the recognition of our capability to develop and build projects to the highest standards, partnering with one of the world's largest fund managers investing in clean energy. Italy is one of Emeren's fastest growing markets in Europe, with a total solar project pipeline exceeding 750 MWp and a storage pipeline exceeding 17.1 GWh. 

Francesco Cacciabue, Global Head of Clean Energy Investments at Nuveen Infrastructure, commented, "It's been fantastic to work on this project with Emeren, which stands to significantly boost Southern Italy's battery storage capacity. As the clean energy transition continues at pace in Apulia and in Europe more widely, projects such as these will be critical to adding flexibility to the renewables sector whilst providing clear and consistent returns for investors."

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 Nuveen Infrastructure

Nuveen Infrastructure, rebranded from Glennmont Partners, is the infrastructure investment arm of Nuveen, the investment manager of TIAA with $1.2 trillion in assets under management as of 31 Mar 2024. Nuveen Infrastructure aims to invest in middle market opportunities across multiple strategies and sectors, including clean energy, agribusiness, telecommunications, transportation, and social infrastructure. Our platform offers a diverse set of vehicles and customized strategies as well as deep expertise through an extensive operating partner network.

 

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SOURCE Emeren

FAQ

What is the capacity of the Battery Storage Portfolio finalized by Emeren Group and Nuveen Infrastructure in Italy?

The Battery Storage Portfolio in Italy has a capacity of 354 MWp with a 2.83 GWh capacity.

Where are the Battery Storage Projects developed by Emeren Group and Nuveen Infrastructure located?

The Battery Storage Projects are developed in two regions of Southern Italy.

When are the additional stand-alone Battery Storage Projects in the Apulia region scheduled to begin operations?

The additional projects in the Apulia region are set to begin operations in early 2026.

Who is the Chief Executive Officer at Emeren Group?

Yumin Liu is the Chief Executive Officer at Emeren Group.

Who is the Global Head of Clean Energy Investments at Nuveen Infrastructure?

Francesco Cacciabue is the Global Head of Clean Energy Investments at Nuveen Infrastructure.