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.
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SOURCE Emeren Group Ltd