Emeren Group and Eiffel Investment Group’s Joint Venture Signs an Agreement to Sell 29 MWp Solar Portfolio in Spain

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Nov 14, 2023
Emeren Group and Eiffel Investment Group’s Joint Venture Signs an Agreement to Sell 29 MWp Solar Portfolio in Spain

Stamford, CT, November 14, 2023 -- 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.”

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

For investor and media inquiries, please contact:

Emeren Group Ltd

Suzanne Wilson
+1 (510) 631 6550

The Blueshirt Group
Gary Dvorchak
+1 (323) 240-5796

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