Emeren Inks Deal For Battery Energy Storage Development In Italy

Emeren Group Ltd SOL has collaborated with Matrix Renewables, 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 Italy.

The first portfolio of projects delivered and accepted by Matrix includes over 260 MW of standalone BESS projects.

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.

The partnership is of 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 underscores our focus on capitalizing on storage sector growth globally, while prioritizing a reliable electricity infrastructure,” said Emeren Group CEO Yumin Liu.

Price Action: SOL shares closed higher by 3.26% at $3.80 on Monday.