In a groundbreaking development, Emeren Group Ltd (Emeren or the Company) (NYSE: SOL), a renowned global solar project developer, owner, and operator, has announced the successful sale of two additional Battery Energy Storage Systems (BESS) in Italy to Matrix Renewables (Matrix). This accomplishment underscores Emeren’s exceptional commitment to its proprietary Development Service Agreement (DSA), signed jointly with Matrix in June. Within an impressive six-month timeframe, Emeren has reached a significant milestone, delivering approximately 1 GW in development, positioning itself close to its ambitious 1.5 GW BESS portfolio target. This remarkable achievement solidifies Emeren’s standing as a leading player in the battery storage market.
The successful venture, known as Gravel A, is a collaboration between Emeren Limited, Enerpoint, a major participant in the development and construction of utility-scale solar power plants, and Kaizen Invest Holding, a private investment company specializing in energy, real estate, and infrastructure. By pooling resources through this joint venture, Emeren, along with Matrix, can capitalize on its extensive expertise in the rapidly evolving Italian solar + battery industry.
The newly announced projects showcase cutting-edge standalone storage systems with a combined capacity of 293 MW and a discharge duration of 4-8 hours for each project. Positioned in Apulia and Lazio, the latter strategically addresses crucial grid nodes for balancing purposes, providing an essential contribution to the energy landscape. The projects are on track to achieve Ready-To-Build status by early 2025.
Yumin Liu, CEO of Emeren Group, expressed enthusiasm, stating, “We are excited to be part of the ever-growing partnership and joint venture with Matrix Renewables, Enerpoint, and Kaizen, as it shows we are dedicated to the solar plus storage strategy and mission within Emeren. While making strides and progress within our storage pipeline execution, we have now successfully sold over 975 MW of battery storage projects in Italy. We are proud of our accomplishments and look forward to new developments as we move into 2024.”
Paolo Rocco Viscontini, shareholder of the JV Gravel A and CEO of Enerpoint, shared his thoughts, saying, “Such a result is proof that the joint venture with Emeren and Kaizen, dedicated to providing the best storage projects to Matrix, is successfully working. The energy transition requires significant storage targets, and Gravel A has all the experience and capability to play a relevant role in this exciting sector.”
Mauro Moroni, another shareholder of the JV Gravel A, added, “This operation enables our joint venture to reach the threshold of 1GW of authorized power in just one year, positioning Matrix as a leader in the Italian BESS market, ready to participate in the first auctions to be organized between the end of 2024 and the beginning of 2025.”
