Emeren also announced that it would build battery energy storage systems at its solar power projects, but did not disclose the technical specifications of these facilities or when the storage systems would start operating.
“We are excited to acquire from NGS a portfolio of projects that fit well with Emeren’s strategic vision to advance renewable energy in Spain and globally,” said Yuming Liu, CEO of Emeren. ” he said. “Our partnership with Negratin strengthens our commitment to expanding our renewable energy portfolio and demonstrating a successful track record in acquiring and selling utility-scale projects.”
The news follows Emeren’s latest financial results released in November 2023, where revenue fell 59% from the previous quarter. In the second quarter of 2023, the company generated an impressive revenue of USD 33.8 million, and while recent figures indicate a return to business as usual rather than a harbinger of serious struggles, the European portfolio growth will be a positive development. For Emelen.
The company has a 1.3GW development portfolio in the US alone, alongside a 1.5GW development portfolio in Europe, and the acquisition of NGS projects will further expand this capability.
The end of 2023 will also see many new solar developments in Spain, with both domestic companies such as X-Elio and the pan-European organization MET Group announcing or commissioning new projects. This follows significant growth in Spain’s solar power sector, with SolarPower Europe reporting that Spain will add 8.2GW of new capacity in 2023, second only to Germany’s 14.1GW of capacity additions in 2023. It has been added.
This will take European solar installations to a record 56GW in 2023, an increase of 40% year-on-year and the third consecutive year of at least 40% year-on-year growth.