Emeren Group Purchases an 86 MWp Solar Portfolio in Spain

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Dec 28, 2023, 06:00 ET

STAMFORD, Conn., Dec. 28, 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 purchase of an 86 MWp utility-scale solar project portfolio in Spain from Negratin Global Services, an industrial and service group that operates in energy, industry and installations within the renewable energy space.

This various state-of-the art portfolio comprises 13 utility-scale solar projects ranging from 6MW DC to 14 MW DC. They are classified as Ready-to-Build ("RTB") projects and are expected to produce 166,471,371 kWh/year of energy. The portfolio of projects is expected to begin construction late 2024, with the final projects to be built and connected to the grid by early 2025. All 13 projects are located in the center of Spain and will have the capacity to provide enough energy to 51,380 households in the local region, along with the saving of 19,544 vehicle emission every year.

Emeren plans to develop and build Battery Energy Storage Systems ("BESS") on the already permitted site for solar projects, as part of the transition to a low-carbon future, resulting in the saving of 35,903.9 tons of CO₂ per year. Emeren Spain has an advanced-stage portfolio of over 300MW in solar and 100 MWh of storage, with a 2024/2025 pipeline of over 4 GWs.

Yumin Liu, CEO of Emeren Group, commented, "We are excited to acquire the portfolio of projects from Negratin Global Services as they fit well with Emeren's strategic vision for advancing renewable energy in Spain and globally. Partnering with Negratin reinforces our dedication to expanding our renewable energy portfolio and showcasing our successful track record in acquiring and selling utility-scale projects."

Enrique Diaz Hinojosa, CEO of Negratin Global Services, added, "This aligns with Negratin's commitment to renewable energy and contributes to sustainable practices. We trust Emeren's expertise for successful project development, supporting our shared vision for a greener future."

Negratin Global Services selected ATZ Investments, a renewable and infrastructure financial advisory boutique specializing in mergers and acquisitions, to support on the project transaction.

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 10 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 Negratin Global Services

Negratin Global Services, S.L., a Spanish business group with more than 25 years of history, carries out its activity through various business areas, such as promotion, construction of energy infrastructure and facilities, operation and maintenance, being a reference worldwide as EPC contractor in the photovoltaic sector. With headquarters in Granada and delegations in Madrid, Córdoba, and Malaga, in Spain, and international delegations in Mexico, Panama, Honduras, Colombia, Chile, and Japan.

Safe Harbor Statement

This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

For investor and media inquiries, please contact:

Emeren Group Ltd
Suzanne Wilson
+1 (510) 631 6550
[email protected]

Emeren Group Ltd - Investor Relations
[email protected]

The Blueshirt Group
Gary Dvorchak
+1 (323) 240-5796
[email protected]

SOURCE Emeren