Emeren & Matrix to develop 1.5GW of Italian storage

June 29, 2023

Solar project developer Emeren Group is to collaborate with Matrix Renewables, the TPG Rise-backed global renewable energy platform, on the development of up to 1.5 GW of battery energy storage systems (BESS) in Italy. 

The first portfolio of projects delivered and accepted by Matrix includes over 260 MW of standalone BESS projects.

The development service agreement structure consists of a series of non-refundable payments that Matrix will grant to Emeren for every onboarded project in the framework of the agreement as well as for the “achievement of each development target”.

A statement said: “This new collaboration is of high strategic relevance as the Italian electricity transmission system operator, Terna S.p.A., is expected to open a new capacity market auction in late 2023 to boost the solar storage output in the country.”

Yumin Liu, CEO of Emeren Group, said: “We believe storage technologies are vital for the future of renewable energy and strive to be leaders in this transformative market. The DSA structure based transaction confirms our sizable standalone BESS pipeline in Italy, showcasing our team’s confidence in project development and early-stage monetization.”

Chris Matthews, MD for Europe at Matrix Renewables, added: “This collaboration is a significant milestone in our growing relationship with Emeren Group, and we cherish the opportunity to work together on the development of these BESS projects in Italy. We recognize that Emeren’s expertise and dedication to sustainable energy solutions, reflect our own, and we see in that the seeds of a great partnership. We are confident that our combined efforts will drive meaningful advancements in the renewable energy sector in Italy with both parties taking a leading position in the Italian BESS market.”