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Emeren Group Completed Sale of 58 MW of Solar Projects in Poland

prnewswire | June 05, 2023 | Read time : 01:49 min

emeren-group-completed-sale-of-58-mw

Emeren Group Ltd, a leading global solar project developer, owner, and operator, today announced that it completed the sale of 58 MW solar projects in Poland to Spectris Energy, a wholly-owned subsidiary of GoldenPeaks Capital, an energy producer focused on turnkey construction and operation of renewable solar energy. The projects are a portfolio of solar farms located in Voivodship Pomorskie, Poland. It was sold at the "Ready to Build" stage, and Spectris Energy will complete the construction and retain long-term ownership.

Yumin Liu, CEO of Emeren Group, commented, "We are delighted to announce this deal with Spectris Energy in Poland, which continues our successful track record in Europe. This achievement reinforces our commitment to expanding our renewable energy portfolio and advancing a sustainable future. With our expertise in solar project development, we have strengthened our position as a leading player in Poland."

Tomasz Stopyra, Chief Development & Acquisition Officer of Spectris Energy commented, "We are excited to have collaborated with Emeren Group on this transaction. The transaction aligns with our long-term strategy of developing and operating renewable energy projects throughout Europe. Through strategic investments and partnerships, we are determined to drive the adoption of sustainable energy solutions and create a cleaner, more sustainable future for generations to come."
 

About Emeren Group Ltd

Emeren Group Ltd is a leading global solar project developer, owner, and operator with a ~3 GW pipeline of projects and IPP assets across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams across multiple countries. For more information, go to www.emeren.com.    
 

About GoldenPeaks Capital

GoldenPeaks Capital is a clean energy producer focused on turnkey construction and operation of renewable solar energy. It has over 15 years of experience in structuring energy projects around the world, with a total capacity of over 6,000 MW completed and implemented through its 100% subsidiaries, such as Spectris Energy in Poland.

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PCRE has entered into a power purchase agreement with Google for a 14-year supply of 58 MW of solar energy to Google's facilities in Ireland. PCRE is investing €54 million to construct an 83 MW solar farm in County Wexford, connected to a dedicated 110kV substation for efficient energy distribution. Google demonstrates its commitment to renewable energy by partnering with PCRE and other clean energy projects in the United States. PCRE has ambitious plans for 5 GW of operational capacity from solar and energy storage installations in Ireland and the United States by 2030. Power Capital Renewable Energy (PCRE), an Irish firm specializing in solar power plant design, development, financing, construction, and operation, has entered into a significant power purchase agreement (PPA) with the tech giant Google. The essence of this agreement lies in its capacity to provide Google's data center and office facilities in Ireland with an impressive 58 MW of solar energy. Peter Duff and Justin Brown, Co-Chief Executives and Founders of Power Capital Renewable Energy said, We are very active in the corporate power purchase market and the opportunity to partner with Google on a transaction like this is a very significant milestone for us. [Source – Saur Energy International] Understanding the requirements and aligning the interests of both the companies to achieve the desired outcome had resulted in a further 83MW of solar energy being connected to the grid, reducing Ireland's carbon emissions, and helping to reach the 2030 targets, added Peter and Justin. This PPA is a substantial commitment spanning fourteen years, combined with a share of energy production from an impressive 83 MW solar farm, currently amid construction in County Wexford (Ireland). PCRE is committed to investing a substantial €54 million to develop and link this solar facility to a dedicated 110kV substation. This substation, exclusively established for this project, ensures the seamless integration of the solar farm into the Eirgrid-operated transmission system, facilitating efficient energy distribution. AIB and La Banque Postale provided funding for the project in the early part of 2023. It will be completed by early next year. Google's strategic involvement in this agreement symbolizes its unwavering dedication to bolstering its renewable energy portfolio. A prime example of this commitment is the company's recent partnership with Apex Clean Energy to secure a substantial 189 MW capacity from the Timbermill Wind project in North Carolina, USA. In addition, Google has demonstrated its environmental stewardship by collaborating with EDPR North America Distributed Generation LLC on over 80 distributed solar PV projects, collectively amassing an impressive 500 MW capacity, thus championing clean energy initiatives throughout the United States. Data Center Energy Senior Lead at Google Ainhoa Anda mentioned, Climate change is one of the biggest challenges of our time, but we feel that technology can be part of the solution. That’s a central motivation behind our goal to operate on carbon-free energy every hour of every day by 2030. Data center energy team of Google is excited about collaborating with Power Capital Renewable Energy for their first long-term renewable energy deal in Ireland. Ainhoa emphasized that such deals would take the company one step closer to a carbon-free future by contributing to the addition of new clean energy sources to Ireland's grid. By 2030, Power Capital Renewable Energy expects 5 GW of operational capacity from its Solar PV and BESS installations in Ireland and the United States. The company has adopted a comprehensive long-term strategic approach that spans the entire power plant life cycle, encompassing everything from initial planning to ongoing maintenance. As the project owner, PCRE plays an integral role in monitoring the development of power plants.

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