14 Nov 2023
Emeren Group Ltd ("Emeren" or the "Company") (NYSE: SOL), a leading global solar project developer, owner, and operator, 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 Europeand 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.
Emeren Group | www.emeren.com