Emeren (SOL) Signs an Agreement to Develop Battery Energy Storage Systems in Italy
Emeren Group Ltd (“Emeren” or the “Company”) (www.emeren.com) (SOL), a leading global solar project developer, owner, and operator, today announced its collaboration with Matrix Renewables (“Matrix”), the TPG Rise-backed global renewable energy platform. The partnership aims to execute a proprietary Development Service Agreement (DSA) for the development of up to 1.5 GW of a portfolio of Battery Energy Storage Systems (BESS) in
Under this DSA, Gravel A S.r.l., a joint venture consisting of Emeren Limited, a subsidiary of Emeren Group Ltd, Enerpoint S.r.l., and Kaizen Invest Holding S.r.l., will join forces with Matrix Renewables to leverage their collective expertise in the renewable energy sector. The DSA structure consists of a series of non-refundable payments that Matrix will grant to Emeren for every onboarded project in the framework of the agreement as well as for the achievement of each development target.
This new collaboration is of high strategic relevance as the Italian electricity transmission system operator, Terna S.p.A., is expected to open a new capacity market auction in late 2023 to boost the solar storage output in the country. This incentive scheme aims at structuring a more efficient deployment of the increasing renewable energy production and supporting investments in the storage technology.
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