Emeren Group Sells 42 MWp Spanish Solar Projects

Jul 10, 2024 02:06 PM ET
  • Emeren Group Ltd sells 42 MWp solar projects in Spain to CVE, boosting local clean energy production and expanding CVE's presence in the Spanish market.

Emeren Group Ltd has sold a portfolio of eight shovel-ready solar projects in Spain with a total capacity of 42 MWp to a local unit of French renewable energy company CVE. The projects, ranging from 5 MW to 6 MW, were developed by Emeren in 2021 and are located in Castilla-y-Leon, Comunidad Valenciana, and Andalucia. Once operational, the sites are expected to generate nearly 93,800 MWh of clean electricity annually, enough to power 28,360 local homes.

Pierre de Froidefond, managing partner at CVE, stated that the transaction will allow the company to triple its installed capacity in Spain to 65 MWp by late 2025. He emphasized that Spain is an active market aligned with CVE's strategic goals of producing distributed solar energy and selling it through Power Purchase Agreements (PPAs).

How will CVE's acquisition of Emeren's solar projects in Spain impact their growth?

  • The acquisition of Emeren's solar projects in Spain will significantly increase CVE's installed capacity in the country, allowing them to triple it to 65 MWp by late 2025.
  • This growth will help CVE further establish itself in the Spanish renewable energy market and align with their strategic goals of producing distributed solar energy and selling it through Power Purchase Agreements (PPAs).
  • The addition of these shovel-ready solar projects will also contribute to CVE's overall clean energy portfolio, helping them meet their sustainability targets and support the transition to renewable energy in Spain.
  • With nearly 93,800 MWh of clean electricity expected to be generated annually from these projects, CVE will be able to power approximately 28,360 local homes, further contributing to the reduction of carbon emissions and reliance on fossil fuels in the region.

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