KCE Monetizes Investment Tax Credits Under IRA for 120 MW BESS Projects

Emeren, a solar project developer, owner, and operator, announced the sale of a 410 MW energy storage portfolio comprising five Battery Energy Storage Systems (BESS) in Italy to Matrix Renewables.

The five projects consist of standalone storage systems with a cumulative capacity of 3,787 MWh. The entire portfolio is strategically located in the Italian southern region of Apulia. The Ready-To-Build status is expected to be achieved by late 2024.

Yumin Liu, CEO of Emeren Group, commented, “We are extremely proud of this transaction, which is also evidence of Emeren’s unwavering commitment and our ability to deliver on our growth promises. We are not only reinforcing our leadership in the European storage pipeline development, but we are also setting new industry benchmarks, particularly in Italy. We are also extremely glad that the partnership with Matrix is flourishing, bringing mutual success and expansion opportunities to both entities in this rapidly evolving sector.”

Chris Matthews, MD for Europe at Matrix Renewables, commented, “Our partnership with Emeren underscores our commitment to driving renewable energy expansion and sustainability in the vibrant Italian market. The acquisition of the 410 MW BESS portfolio significantly advances our mission to reshape the energy landscape and fortify the resilience of the power grid.”

According to Mercom’s 9M and Q3 2023 Energy Storage and Smart Grid Report, 11 Energy Storage companies were acquired, compared to 23 in 9M 2022.

In July, Corre Energy, a developer and operator of underground energy storage solutions, signed an agreement through its North American subsidiary, Corre Energy US Development Company, to acquire a 280 MW/ 4.2 GWh energy storage project from Contour Energy, an energy storage project developer. Following the completion of due diligence, the buyout transaction is expected to close before the end of this year.