Emeren Group and Eiffel Investment Group's Joint Venture Signs an Agreement to Sell 29 MWp Solar Portfolio in Spain

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Nov 14, 2023, 06:00 ET

STAMFORD, Conn., Nov. 14, 2023 /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 signing SPA of a 29 MWp solar PV portfolio in Spain to Rubis Photosol, one of France's prominent photovoltaic electricity producers. This transaction was facilitated through the European Solar Energy Development JV (the "JV"), a collaborative venture established between Emeren and Eiffel Investment Group, a renowned French asset manager and Finergreen, Emeren's consultant partner who supported on the transaction.

The 29 MWp portfolio comprises three late-stage projects located in the Municipality of Algorfa, Alicante, Spain, in an advanced phase of obtaining the Administrative Authorisation for Construction (the "AAC"). These projects are expected to be operational during the second half of 2025 and equipped with PV solar trackers, projected to generate approximately 57,000 MWh of clean energy, capable of powering around 20,000 households.

The JV, inaugurated in early 2021, leverages Emeren Group's extensive experience in solar PV development in Europe and the financial resources of Eiffel Investment Group, which play a pivotal role throughout the project lifecycle.

Yumin Liu, CEO of Emeren Group, said, "We're delighted to announce the signing of these three utility-scale projects in Spain. Our partnership with Eiffel Investment Group not only strengthens our presence in Spain but also aligns seamlessly with our strategic expansion across Europe. These projects exemplify our commitment to delivering reliable and sustainable energy solutions, meeting the growing global demand for clean energy. This achievement underscores our role in the transition to greener, more environmentally responsible energy sources, benefiting both our communities and the planet as a whole."

Pierre-Antoine Machelon, Chief Investment Officer at Eiffel Investment Group, commented, "We are delighted to be part of this successful collaboration with Emeren Group, which underscores our commitment to advancing sustainable energy solutions. We are proud to contribute to the development of renewable energy projects that will benefit both the environment and local communities. This partnership showcases our dedication to green initiatives and our optimism for what lies ahead in our ongoing collaboration."

Advisors involved in this transaction include financial advisory from Finergreen, legal counsel provided by Squire Patton Boggs, and technical support from Everoze for Emeren Group and Eiffel Investment Group. Additionally, Photosol Group received legal counsel from Watson Farley Williams.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL) is a leading global solar project developer, owner, and operator with a pipeline of projects and IPP assets totalling over 3 GW, as well as a storage pipeline of over 6 GWh across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams across multiple countries. For more information, go to www.emeren.com

About Eiffel Investment Group

Eiffel Investment Group, managing €5 billion as of early 2023, is a well-established asset manager with a diverse investor base, including institutional investors and retail investors through intermediaries. The firm, supported by the Impala group founded by entrepreneur Jacques Veyrat, boasts robust industrial expertise, particularly in energy transition, life sciences, agri-food, and digital sectors. Eiffel Investment Group pursues its mission to invest in a sustainable world by financing companies and their assets through private debt, private equity, energy transition infrastructures, and listed equities and credit. With approximately 100 skilled professionals across locations in France, BeNeLux, and the United States, the firm aims to deliver strong financial performance alongside positive social and environmental impacts.

About Rubis Photosol

Established in 2008, Photosol stands as a prominent French photovoltaic electricity producer, boasting a remarkable portfolio of over 540 MW in operation and under construction, with an impressive 4 GW under development. As a European leader in solar energy, Photosol specializes in various installations, including ground-mounted, agrivoltaic, agricultural and tertiary rooftop projects, and parking lot shading. The company's commitment to long-term value creation extends to performance and sustainability, coupled with diligent operation and maintenance managed by its subsidiary, Photom. Dedicated to addressing decarbonization challenges and renewable energy grid integration, Photosol actively deploys solutions like self-consumption, long-term Power Purchase Agreements (PPAs), electricity storage, and green hydrogen production. Since becoming a subsidiary of the Rubis Group in 2022, Photosol benefits from the group's ambition and financial strength to further accelerate its operations, both domestically and internationally.

SOURCE Emeren Group Ltd