Emeren Group has entered a co-development agreement with Glennmont Partners to advance 155MW of battery energy storage system (BESS) projects in Italy.
Glennmont and Emeren will create two independent battery storage projects in southern Italy's Campania region.
The partners will jointly construct a portfolio of projects in Campania and Puglia with a combined capacity exceeding 150MW.
Construction will commence by the end of 2025 and the projects will become operational in early 2027.
Emeren Group CEO Yumin Liu stated: “Teaming up with Glennmont Partners represents a significant move in expanding our project portfolio in Italy, especially in the realm of battery storage capacity.
“Collaborating with one of Europe’s largest specialist renewable energy fund managers aligns well with Emeren’s long-term strategy, as we trust their expertise to drive successful project development, thus advancing our shared goal of a greener future.”
Glennmont Partners partner and chief financial officer Francesco Cacciabue stated: “We are delighted to partner with Emeren Group in developing battery storage capacity in southern Italy. These projects have the potential to make a significant impact on renewable energy investment goals in the region and beyond.
“With advancements in battery storage technology, we believe this new portfolio will not only generate strong returns for investors but also enhance the resilience of the renewable energy sector on a larger scale.”
In January 2024, Emeren completed the sale of two Italian BESS projects with a total capacity of 293MW to Matrix Renewables.
The transaction was part of a broader development services agreement signed with Matrix in June 2023, which outlined the development of a 1.5GW BESS portfolio.
In December 2023, Danish energy company Ørsted agreed to divest a 50% interest in the 253MW Gode Wind 3 offshore wind farm in Germany to Glennmont Partners.
The transaction, valued at €473m ($498m), encompasses both the acquisition cost and a pledge to cover half of the project's construction expenses.
