Renesola Secures USD 12 Million Financing for 19 MW Solar Project

ReneSola has successfully closed a bridge financing with Eiffel Energy Transition Fund to finance the construction of its 19 MW solar project in Poland.

ReneSola Ltd, a leading fully-integrated solar project developer has announced that it has successfully closed a bridge financing with Eiffel Energy Transition Fund to finance the construction of ReneSola Power’s 19 MW solar project in Poland.

This new facility provides an injection of 10.64 million euros (USD12.1 million) of new capital. It is the second bridge financing that Eiffel Energy Transition Fund has provided to ReneSola Power to support its project development and execution efforts in Poland and Hungary.

Yumin Liu, ReneSola Power Chief Executive Officer, said the firm is excited to once again partner with Eiffel Energy Transition Fund. This new facility demonstrates their confidence in its ability to successfully develop and build projects in various target markets.

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“Despite ongoing challenging macro conditions related to COVID-19, we have begun construction of the 19 MW solar projects in Poland. We are very pleased with our progress, and look forward to further supporting solar deployment in the years ahead.”

Pierre-Antoine Machelon, fund manager of Eiffel Energy Transition said that the firm is happy to build on its initial partnership with ReneSola Power to help expedite growth in the Polish market and contribute to the acceleration of the renewable energy transition across the region.

“The strong engagement of ReneSola Power, coupled with the quality of the processes being put in place locally, were key in the selection of these projects.”

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Josef Kastner, CEO of ReneSola Power Europe, commented, “we have successfully developed solar projects in Poland and have sold over 81 MW of projects in the last four years. Poland remains a key market for ReneSola Power, and we are committed to our strategy to further expand our business and become a major player in Poland and other European markets.”

In June, the firm had announced that it will participate in a consortium to develop a large-scale ground-mounted solar plant in the south of France. The plant is expected to produce 46 GWh, and supply electricity to approximately 10,000 households per year. The consortium is led by Tenergie, the second-largest independent power producer in France.