Emeren Signs an Agreement to Develop Battery Energy Storage Systems in Italy By Investing.com

Emeren Group Ltd (“Emeren” or the “Company”) (www.emeren.com) (SOL), a leading worldwide solar task designer, owner, and operator, today revealed its partnership with Matrix Renewables (“Matrix”), the TPG Rise-backed worldwide renewable resource platform. The collaboration intends to perform a proprietary Development Service Agreement (DSA) for the advancement of as much as 1.5 GW of a portfolio of Battery Energy Storage Systems (BESS) in Italy. The very first portfolio of jobs provided and accepted by Matrix consists of over 260 MW of standalone BESS jobs.

Under this DSA, Gravel A S.r.l., a joint endeavor including Emeren Limited, a subsidiary of Emeren Group Ltd, Enerpoint S.r.l., and Kaizen Invest Holding S.r.l., will sign up with forces with Matrix Renewables to take advantage of their cumulative proficiency in the renewable resource sector. The DSA structure includes a series of non-refundable payments that Matrix will approve to Emeren for every single onboarded task in the structure of the contract in addition to for the accomplishment of each advancement target.

This brand-new partnership is of high tactical significance as the Italian electrical power transmission system operator, Terna S.p.A., is anticipated to open a brand-new capability market auction in late 2023 to increase the solar storage output in the nation. This reward plan targets at structuring a more effective implementation of the increasing renewable resource production and supporting financial investments in the storage innovation.

Yumin Liu, CEO of Emeren Group, commented, “We are pleased to announce significant progress in our storage pipeline growth, reaffirming our commitment to solar plus storage strategies. This underscores our focus on capitalizing on storage sector growth globally, while prioritizing a reliable electricity infrastructure. We believe storage technologies are vital for the future of renewable energy and strive to be leaders in this transformative market. The DSA structure based transaction confirms our sizable standalone BESS pipeline in Italy, showcasing our team’s confidence in project development and early-stage monetization. We are confident in our ability to deliver sustainable solutions that meet evolving energy needs and contribute to a cleaner, more resilient energy landscape.”

Chris Matthews, MD for Europe at Matrix Renewables, commented, “This collaboration is a significant milestone in our growing relationship with Emeren Group, and we cherish the opportunity to work together on the development of these BESS projects in Italy. We recognize that Emeren’s expertise and dedication to sustainable energy solutions, reflect our own, and we see in that the seeds of a great partnership. We are confident that our combined efforts will drive meaningful advancements in the renewable energy sector in Italy with both parties taking a leading position in the Italian BESS market.”