NORWALK, Conn., Dec. 23, 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 closing of the second round of its Battery Energy Storage System (BESS) portfolio under the Development Service Agreement (DSA) with Arpinge, a permanent capital vehicle focused on sustainable infrastructure in Italy. This round includes two standalone BESS projects located in Sicily, Italy, with a total capacity of 162 MW or approximately 1.4 GWh.

With this addition, the portfolio now totals 462 MW, combining the newly announced 162 MW with the 300 MW tranche initially announced in November 2024. These projects collectively complete the portfolio under the DSA framework.

These projects are part of Emeren's DSA portfolio, a cornerstone of the Company's growth strategy. The DSA structure enables Emeren to monetize its development expertise through partnerships with top-tier investors. As of September 30, Emeren has secured DSA contracts with nine partners, encompassing 28 projects totaling over 2.1 GW-84% BESS and 16% PV. These agreements are projected to generate contracted revenue exceeding $69 million within the next 2-3 years, with an additional 2.0 GW of projects currently under negotiation^[1].

Yumin Liu, CEO of Emeren Group, commented, "These significant BESS projects in Sicily reflect the continued success of our partnership with Arpinge and the strength of our DSA model. This closing highlights our ability to capture high-value opportunities and reinforce our leadership in Italy's energy storage market. I commend our team for their exceptional work, which has enabled us to deliver on our strategic goals and further advance Italy's clean energy transition."

For additional information on the initial partnership announcement, please refer to the press release: Emeren Group and Arpinge Partner to Develop 300 MW Battery Storage Portfolio.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle - from development through construction to financing - we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com.

For investor and media inquiries, please contact:

Emeren Group Ltd - Investor Relations

+1 (925) 425-7335

ir@emeren.com

The Blueshirt Group

Gary Dvorchak

+1 (323) 240-5796

gary@blueshirtgroup.co

^[1] Q3 2024 Letter to Shareholder at https://ir.emeren.com/static-files/e755cb70-398a-4052-899c-c283e77eeb4b.