ReneSola Power Secures US$12 Million Bridge Financing

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) announced the successful closure of a €10.64 million (US$12.1 million) bridge financing with Eiffel Energy Transition Fund to support the construction of its 19 MW solar projects in Poland. This marks the second financing provided by the fund to ReneSola, reinforcing confidence in the company's capacity to execute projects amid challenging macroeconomic conditions. CEO Yumin Liu emphasized ongoing construction progress and commitment to solar deployment, while COO Josef Kastner highlighted over 81 MW of developed solar projects in Poland over the past four years.

Positive

• Secured €10.64 million (US$12.1 million) bridge financing for 19 MW solar projects in Poland.
• Demonstrates confidence from Eiffel Energy Transition Fund in ReneSola Power's project execution abilities.
• Successful development of over 81 MW of solar projects in Poland over the last four years.

Negative

• None.

STAMFORD, Conn., July 24, 2020 /PRNewswire/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola Power" or the "Company"), a leading fully-integrated solar project developer today announced that it successfully closed a bridge financing with Eiffel Energy Transition Fund to finance the construction of ReneSola Power's 19 MW solar projects in Poland.

This new facility provides an injection of 10.64 million euros (US$12.1 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.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, "We are excited to once again partner with Eiffel Energy Transition Fund. This new facility demonstrates their confidence in our ability to successfully develop and build projects in various target markets.  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."

Mr. Pierre-Antoine Machelon, fund manager of Eiffel Energy Transition, said, "We are very pleased to build on our 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."

Mr. 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."

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

About Eiffel Energy Transition

Eiffel Energy Transition Fund S.L.P. is a specialized €350m fund reserved for professional investors. It provides flexible bridge financing for renewable energy and energy efficiency projects across Europe. The fund has already financed over 1,000 projects, representing more than 1GW of green energy capacity. Eiffel Energy Transition is managed by Eiffel Investment Group and is sponsored by the European Investment Bank, the French environmental agency (ADEME) as well as mutual insurance companies and first rank banks.

About Eiffel Investment Group

Eiffel Investment Group is an asset management firm and a leader in business financing. The group addresses the funding needs of European SMEs and midcaps across their entire capital structure: credit (liquid credit, private debt), equity (listed shares, private equity, convertible bonds). Eiffel Investment Group manages more than 2 billion euros for major European institutional investors and 25,000 private clients.

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SOURCE ReneSola Ltd.

FAQ

What recent financing did ReneSola Ltd secure?

ReneSola Ltd secured €10.64 million (US$12.1 million) in bridge financing from Eiffel Energy Transition Fund.

What projects will the new financing support?

The financing will support the construction of ReneSola's 19 MW solar projects in Poland.

How much total capacity has ReneSola developed in Poland?

ReneSola has developed over 81 MW of solar projects in Poland over the past four years.

Which fund is financing ReneSola's projects?

Eiffel Energy Transition Fund is providing the financing for ReneSola's projects.

What are the implications of the financing for ReneSola's growth?

The financing reflects confidence in ReneSola's ability to develop and build projects, aiding the company's growth in Europe.