Emeren Group, an US-based solar developer and operator, has successfully acquired an 86MWp solar project development portfolio in Spain from Negratin Global Services (NGS). The industrial service group, NGS, previously owned a portfolio comprising 13 utility-scale solar projects with capacities ranging from 6-14MW. The projects, strategically located in central Spain, are in an advanced stage of readiness for construction, with Emeren aiming to commence building later this year and achieve commissioning by early 2025.
In an additional announcement, Emeren disclosed plans to integrate battery energy storage systems into the acquired solar projects. However, the company did not provide specific technological details about these facilities or a timeline for their operational commencement.
Yumin Liu, CEO of Emeren, expressed enthusiasm about the acquisition, highlighting its alignment with Emeren's strategic vision to advance renewable energy in Spain and globally. Liu emphasized that partnering with Negratin reinforces Emeren's commitment to expanding its renewable energy portfolio and showcasing a successful track record in acquiring and selling utility-scale projects.
The latest development follows Emeren's financial results publication in November 2023, indicating a 59% decline in revenues from the previous quarter. While the company experienced impressive revenues of US$33.8 million in the second quarter of 2023, the recent figures are perceived as a return to a more typical business performance rather than signaling significant struggles. The growth of Emeren's European portfolio through the acquisition of NGS projects is anticipated to contribute positively to the company's overall capacity.
With a substantial development portfolio of 1.3GW in the US and an additional 1.5GW in Europe, Emeren has positioned itself as a key player in the renewable energy sector. The expansion through the NGS project acquisition further strengthens Emeren's foothold in the dynamic European solar market.
The closing months of 2023 witnessed several solar developments in Spain, with companies like X-Elio and pan-European organization the MET Group announcing or commissioning new projects. Spain's robust solar sector reported the addition of 8.2GW of new capacity in 2023, trailing Germany's 14.1GW additions. The collective growth across European solar installations reached a record 56GW in 2023, marking a 40% increase from the previous year and the third consecutive year of substantial year-on-year growth, according to SolarPower Europe.