Emeren Group Sells 57 MWp Solar Project Portfolio to Trina Solar ISBU in France

Rhea-AI Summary

Emeren Group (NYSE: SOL) has announced the sale of a 57 MWp solar project portfolio to Trina Solar (France) Systems, a subsidiary of Trina Solar International System Business Unit (ISBU). The portfolio comprises five projects in France, including one early-stage and one late-stage project sold in Q3 2024, and three mid-stage projects to be monetized in milestones. There is also potential to incorporate Battery Energy Storage Systems (BESS) to increase the portfolio's flexibility and value.

Yumin Liu, CEO of Emeren Group, highlighted the successful delivery of a high-value portfolio despite the complexities of the French permitting process. Leonardo Lotti, Head of EMEA for Trina, expressed excitement about the collaboration, noting that it accelerates their pipeline in France and the EMEA region, supporting their transition towards becoming a long-term asset owner and IPP.

Positive

• Successful sale of a 57 MWp solar project portfolio in France
• Potential for incorporating Battery Energy Storage Systems (BESS) to increase portfolio value
• Strengthens Emeren's position in the European renewable energy market
• Demonstrates ability to navigate complex permitting processes in France

Negative

• None.

News Market Reaction – SOL

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In the trading session that priced this news, SOL gained 12.97%, reflecting a significant positive market reaction.

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NORWALK, Conn., Sept. 30, 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 a 57 MWp solar project portfolio to Trina Solar (France) Systems ("Trina"), the French subsidiary of Trina Solar International System Business Unit (ISBU), the downstream project development arm of Trina Solar dedicated to the development, EPC, O&M, and asset management of solar and battery storage utility-scale projects worldwide,

The portfolio includes five projects — one early-stage and one late-stage — both sold in Q3 2024, along with three mid-stage projects to be monetized in milestones and sold to Trina. Additionally, there is potential to incorporate Battery Energy Storage Systems (BESS), which could further increase the portfolio's flexibility and overall value.

Yumin Liu, CEO of Emeren Group, commented, "We are proud to finalize this transaction with Trina Solar. Despite the complexities of the permitting process in France, our team successfully delivered a high-value portfolio that aligns with market demands. This sale highlights the strength of our development efforts and reinforces our commitment to advancing renewable energy in Europe. These projects reflect our shared dedication to sustainable energy and a cleaner future."

Leonardo Lotti, Head of EMEA for Trina, commented, "We are excited to collaborate with Emeren on these projects, which expedites and enhances our pipeline in France and in the whole EMEA region towards transitioning our business model from a primarily project development and sales approach to more of a long term asset owner and IPP. Emeren's ability to deliver this portfolio, despite the challenging French market, has been exceptional, and we look forward to building on this momentum."

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 Trina Solar (France) Systems

Trina Solar (France) Systems (TSFS) was established in Toulouse, France in 2019 and is the French subsidiary of Trina Solar International System Business Unit (ISBU), the downstream project development arm of Trina Solar (SHA: 688599) dedicated to the development, EPC, O&M, and asset management of solar and battery storage utility-scale projects with presence in 15 countries across Asia, Europe, North America, and Latin America regions.

For investor and media inquiries, please contact:

Emeren Group Ltd - Investor Relations
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 solar project portfolio Emeren Group (SOL) sold to Trina Solar in France?

Emeren Group (SOL) sold a 57 MWp solar project portfolio to Trina Solar in France.

How many projects are included in the portfolio Emeren Group (SOL) sold to Trina Solar?

The portfolio includes five projects - one early-stage, one late-stage, and three mid-stage projects.

When were the early-stage and late-stage projects sold by Emeren Group (SOL)?

The early-stage and late-stage projects were sold in Q3 2024.

What additional technology could be incorporated into the solar project portfolio sold by Emeren Group (SOL)?

There is potential to incorporate Battery Energy Storage Systems (BESS) into the portfolio, which could increase its flexibility and overall value.