The Emeren Group, a US-based solar developer and operator, has purchased a development portfolio of solar projects in Spain from Negratin Global Services (NGS), with a combined capacity of 86MWp.
NGS is an industrial service group based in Spain, and its former portfolio consists of 13 utility-scale solar projects with a range of capacities, from 6-14MW. Emeren noted that the projects are located in “central Spain” and are at the ready-to-build stage, and the company expects to start construction late this year, ahead of commissioning in early 2025.
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Emeren also announced that it would build battery energy storage systems at the solar projects, but specified neither the technological specifications of these facilities, nor when it expects the storage systems to begin operation.
“We are excited to acquire the portfolio of projects from NGS as they fit well with Emeren’s strategic vision for advancing renewable energy in Spain and globally,” said Emeren CEO Yumin Liu. “Partnering with Negratin reinforces our dedication to expanding our renewable energy portfolio and showcasing our successful track record in acquiring and selling utility-scale projects.”
The news follows Emeren’s publication of its latest financial results in November 2023, which saw revenues fall 59% from the previous quarter. While the second quarter of 2023 saw the company generate impressive revenues of US$33.8 million, making its more recent figures more of a return to business-as-normal than a herald of significant struggles, the growth of its European portfolio will be a positive development for Emeren.
The company has a development portfolio of 1.3GW of capacity in the US alone, alongside a 1.5GW European development portfolio, and the acquisition of the NGS projects will only add to this capacity.
The end of 2023 also saw a number of new solar developments in Spain, with both domestic companies such as X-Elio and pan-European organisation the MET Group announcing or commissioning new projects. This follows significant growth in the Spanish solar sector, with SolarPower Europe reporting that Spain added 8.2GW of new capacity in 2023, behind Germany’s 14.1GW capacity additions in 2023.
This helped drive European solar installations to a record 56GW in 2023, a 40% growth from the previous year and a third consecutive year with at least a 40% increase year-on-year.