Emeren Group and Glennmont to Develop 155 MW of Battery Storage Projects in Italy
STAMFORD, Conn., March 15, 2024 /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 co-development agreement of 155 MW (up to 1.24GWh of capacity) of Battery Storage Projects in two regions of Southern Italy with Glennmont Partners from Nuveen ("Glennmont"), one of the world's largest fund managers investing in clean energy.
The partnership will involve Glennmont and Emeren jointly developing two stand-alone Battery Storage Projects in the Campania region of Southern Italy. As part of the transaction, Glennmont and Emeren will co-develop a project portfolio in Campania and Puglia with a combined capacity exceeding 150 MWp. These projects are scheduled to enter the construction stage in late 2025 and begin operations in early 2027.
Yumin Liu, Chief Executive Officer at Emeren Group, commented, "Teaming up with Glennmont Partners represents a significant move in expanding our project portfolio in Italy, especially in the realm of battery storage capacity. Collaborating with one of Europe's largest specialist renewable energy fund managers aligns well with Emeren's long-term strategy, as we trust their expertise to drive successful project development, thus advancing our shared goal of a greener future."
Francesco Cacciabue, Partner and CFO at Glennmont Partners, commented, "We are delighted to partner with Emeren Group in developing battery storage capacity in Southern Italy. These projects have the potential to make a significant impact on renewable energy investment goals in the region and beyond. With advancements in battery storage technology, we believe this new portfolio will not only generate strong returns for investors but also enhance the resilience of the renewable energy sector on a larger scale."
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 totaling over 3 GW, as well as a storage pipeline of over 10 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 Glennmont Partners from Nuveen
Glennmont Partners from Nuveen is a leading infrastructure equity firm that has been at the forefront of clean energy investments for over a decade. It is owned by Nuveen, which manages $1.3 trillion in assets on behalf of institutions and individuals around the world. Glennmont is one of Europe's largest specialist renewable energy fund managers with over €4 billion AUM and over 113 clean power projects such as wind farms, solar photovoltaic that together produce a total of 6.7 GW of energy across the European Union.
Glennmont Partners is a trading name of Clean Energy Partners LLP and Glennmont Asset Management Limited, both of which are authorised and regulated by the Financial Conduct Authority. For further information, visit www.glennmont.com
About Nuveen Infrastructure
Nuveen Infrastructure is the infrastructure investment arm of Nuveen, the investment manager of TIAA with $1.1 trillion in assets under management as of 31 Mar 2023. Nuveen Infrastructure aims to invest in middle market opportunities across multiple strategies and sectors, including clean energy, agribusiness, telecommunications, transportation, and social infrastructure. Our platform offers a diverse set of vehicles and customized strategies as well as deep expertise through an extensive operating partner network.
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SOURCE Emeren
