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

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Apr 23, 2024, 06:00 ET

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.

SOURCE Emeren