Emeren Group Sells a 42 MWp RTB Solar Project Portfolio in Spain

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Jul 09, 2024, 09:00 ET

STAMFORD, Conn., July 9, 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 sale of a 42 MWp RTB solar project portfolio in Spain to CVE España, part of CVE, a French IPP.

This diverse portfolio comprises eight Greenfield projects developed by Emeren since 2021, with project sizes ranging from 5MW to 6MW. One project has been already closed while the rest of the projects will be closed during Q3, classified as Ready to Build ("RTB"). Six of the eight projects are located in Castilla-y-Leon, another one in Comunidad Valenciana and the last one in Andalucia. These eight project will generate a total of 92,792.936 MWh/year of energy, i.e. the equivalent consumption of 28,360 households in a local region. The carbon emissions avoided will be of the order of 20,093.73 tons of CO2 per year.

Yumin Liu, CEO of Emeren Group, commented, "We are pleased to partner with CVE Group on the portfolio of eight solar power plants. This is a great achievement and an important milestone for our business in Spain, and it reinforces our commitment to expanding our solar and battery storage portfolio. We began the development of this portfolio in 2021 and managed to grow quickly in a competitive and promising Spanish PV market. The long-term outlook for solar PV in Spain and Europe remains positive, driven by strong policy support, technological advancements, and a growing emphasis on renewable energy. Given the favorable environment, we are particularly excited about this partnership with CVE Group and the synergies and opportunities it will bring. We look forward to a successful and productive relationship."

Pierre de Froidefond, Managing partner of CVE, "We're thrilled that Emeren partnered with CVE and we look forward to continuing to develop our relationship. This transaction accelerates our development as it will allow us to triplicate our installed capacity by late 2025 (up to 65MWp) in Spain, an active market aligned with our strategic goals: produce distributed solar energy and sell it through PPAs. It will thus give us the ability to further address the needs of corporate consumers in Spain."

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 CVE Group

A mission-driven company, CVE is a French independent producer of renewable energies, multi-country and multi-energy (solar, biogas and hydrogen). The group develops, finances and builds solar power plants, biogas plants and hydrogen production facilities, and operates them over the long term. CVE's aim is to promote new business models based on direct energy sales by producing renewable energy locally and meet the needs of industrial consumers, local authorities, businesses and farmers. It is through its Respeer green energy offer that CVE is deploying this approach to the market. CVE is ISO 9001 and ISO 14001 certified. Headquartered in Marseille, the Group is present in France, Chile, the United States, South Africa and Spain. CVE currently employs 450 people and plans to reach a renewable installed capacity of 3,6 GWp by 2028. The company is also certified "B Corp", a prestigious CSR label, and thus joins a community of international companies respecting very high social and environmental standards. For further information: IPP | CVE (cvegroup.com)

SOURCE Emeren