STAMFORD, Conn., Jan. 9, 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 acquisition of a 10.76 MWh energy storage power portfolio from Kunneng Smart Energy Service Group Co. LTD ("Kunneng Group"), which specializes in renewable energy industry, offering comprehensive solutions in solar, energy storage, power sales, and carbon asset management in China. Located in Zhejiang Province, the 10.76 MWh portfolio comprises six energy storage power stations, operates under the Energy Management Services agreements providing benefits to the customers based on energy arbitrage.

Emeren will realize its return on investment mainly from the energy arbitrage with additional revenue coming from various Virtual Power Plant ("VPP") scenarios. As of today, all six storage facilities are connected to VPP platform owned and operated by Huaneng Power International (0902.HK), one of the largest IPP operators in China.

Yumin Liu, CEO of Emeren Group, commented, "We aim to meet the escalating energy demand and contribute to the energy storage industry. This acquisition is conducive to strengthening Emeren's prominent position in the Chinese energy storage investment market, thereby enhancing the advantages of clean energy, further strengthening our global storage expansion strategies. It also positions us strategically in the growing VPP market in China, allowing us to tap into new opportunities and contribute to the development of smarter and more efficient energy solutions."

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 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