Emeren Group Sells 2.8 MW Maine Solar Project to Altus Power

Rhea-AI Summary

Emeren Group (NYSE: SOL) has announced the sale of its 2.8 MWdc solar project in Maine to Altus Power (NYSE: AMPS). The project, which has reached full commercial operation, is the final asset from Emeren's Maine pipeline. Altus Power, the largest commercial scale provider of clean electric power, will take over ownership and long-term management of the facility to deliver sustainable energy to local communities and support Maine's renewable energy objectives.

The transaction demonstrates Emeren's ability to efficiently deliver COD projects and strengthens its presence in the U.S. market while supporting Maine's growing demand for renewable energy. The project will contribute to Altus Power's expanding portfolio and support Community Solar subscribers.

Positive

• Successfully completed and sold 2.8 MWdc solar project in Maine
• Project achieved full commercial operation status
• Completed divestment of Maine pipeline assets

Negative

• None.

NORWALK, Conn., Dec. 20, 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 sale of its 2.8 MWdc solar project located in Maine to Altus Power, Inc. ("Altus Power") (NYSE: AMPS), the largest commercial scale provider of clean electric power. This transaction underscores Emeren's commitment to advancing clean energy solutions and its active role in supporting renewable energy goals nationwide.

The project is the final asset to be sold from Emeren's Maine pipeline. The Company has brought the project to full commercial operation, achieving a significant milestone in its development. With this sale, Altus Power will assume ownership and long-term management, utilizing the project to deliver clean, sustainable energy to local communities and support Maine's renewable energy objectives.

Yumin Liu, CEO of Emeren Group, commented, "We are excited to partner with Altus Power on this project. This sale not only strengthens our presence in the U.S. market but also supports the growing demand for renewable energy in Maine. The project demonstrates Emeren's capacity to efficiently deliver COD projects without compromising quality. We look forward to Altus Power's continued success as they integrate high-quality solar assets like ours to their expanding portfolio."

"We're proud to expand our footprint in Maine through this acquisition. Emeren is a leader in renewable energy and we appreciate their collaboration and expertise in bringing this project to fruition," said Matt Marlow, co-Head of Investment and Structured Finance, Altus Power. "This acquisition reinforces our commitment to delivering clean energy to the communities we serve and supporting the growing number of Community Solar subscribers, driving the transition to a more sustainable future."

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

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SOURCE Emeren Group Ltd

FAQ

What is the size of the Maine solar project Emeren Group (SOL) sold to Altus Power?

Emeren Group sold a 2.8 MWdc solar project in Maine to Altus Power.

Has the Emeren Group (SOL) Maine solar project reached commercial operation?

Yes, the project has reached full commercial operation before being sold to Altus Power.

Are there any remaining Emeren Group (SOL) solar projects in Maine?

No, this was the final asset to be sold from Emeren's Maine pipeline.

Who will manage the long-term operations of the 2.8 MWdc Maine solar project?

Altus Power will assume ownership and long-term management of the solar project.