The largestBESS supply agreementin Southeast Asia to date

HEFEI,China,Dec. 6,2024 -- Sungrow,the global leading PV inverter and energy storage system provider,announced the signing of a landmark agreement with Citicore Renewable Energy Corporation (CREC) for 1.5 GWh Battery Energy Storage (BESS). This collaboration marks the largest BESS supply agreementin SoutheastAsia to date. The cutting-edge energy storage solutions will be integrated into CREC's solar power projects,enhancing the efficiency and sustainability of renewable energy in the Philippines.

Under the agreement,CREC will procure 1.5 GWh of Sungrow's state-of-the-art BESS technology,which will also be supported by engineering and construction design services to ensure seamless integration with CREC's solar facilities.

Advancing Energy Efficiency and Grid Stability

The project features a photovoltaic installed capacity of 302MWp. During the peak period of the day,all the electricity cannot be fully transmitted to theNational Grid Corporation of the Philippines (NGCP),resulting in a large amount of abandoned light. Configuring Sungrow's advanced PowerTitan2.0 energy storage system will enable the surplus electricity to be stored during the day and dispatched to the grid at night. This innovative approach minimizes energy wastage,enhances renewable energy utilization,and maximizes project investment returns.

The energy storage solution also addresses critical challenges in grid stability:

Grid Congestion Relief: Due to the power limitation of the NGCP grid connection point,the photovoltaic power station cannot output at full capacity during peak periods. Configuring an energy storage system can alleviate grid congestion and improve grid stability.

Smoother Energy Output: As of now,the Philippine power grid coverage rate is about 91%,and some areas still have problems with no power coverage,insufficient power supply,and unstable power. By configuring energy storage in a photovoltaic power station,the randomness and volatility of the photovoltaic power station can be quickly adjusted to ensure the stable output of the photovoltaic power station's grid-connected point and support the stability of the power grid.

Unprecedented Delivery Timeline

Typical overseas projects usually take 6 months from signing to delivery. However,for this CREC project,the lead time is only 2 months from the agreement signing to the shipment of the 1st batch,which is almost impossible to achieve. Leveraging Sungrow's extensive expertise in delivering utility-scale projects,the PowerTitan 2.0 system,featuring an AC-DC integrated design,underwent pre-installation and pre-commissioning for immediate grid connection on-site. Furthermore,supported by the professional project management team and delivery team,Sungrow can achieve the delivery and satisfy the customer's demand in such a 'rush hour'.

"The immediate development of battery energy storage systems is a necessary step to fulfill the maximum potential of our renewable energy facilities. With these installed together with our solar facilities,we will be able to provide needed power at any point of day or night," said CREC President and CEO Oliver Tan.

"We are happy to support CREC in its goals to advance energy storage systems in the Philippines,and through our technology,we will be able to help CREC and the Philippines with its power needs," stated Sungrow VP of PV&ESS Shawn Shi.

About CREC

Citicore Renewable Energy Corporation (CREC) is a publicly listed,leading pure-play renewable energy company committed to the development and operation of solar,hydro and wind projects in the Philippines. CREC,directly and through its subsidiaries and joint venture,manages a diversified portfolio of renewable energy generation projects,engages in power project development operations,and participates in retail electricity supply. CREC is also the sponsor of the Philippine's first and largest renewable energy REIT,Citicore Energy REIT (CREIT). For more information,please visit www.crec.com.ph.

About Sungrow

Sungrow,a global leader in renewable energy technology,has pioneered sustainable power solutions for over 27 years. As of June 2024,Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world's No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries,supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow,we're committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information,please visit www.sungrowpower.com.