The Joint Venture between ReneSola Power and Eiffel Investment Group Acquires Its First 200 MW Project Portfolio

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) announced the successful acquisition of its first batch of solar projects totaling 200 MW through its joint venture with Eiffel Investment Group. This joint venture, established in May 2021, aims to develop up to 700 MW of solar projects in Europe over the next three years. The projects span multiple countries, including Spain, France, and Poland. Both companies expressed optimism about the venture's potential to accelerate solar development and align with their growth strategies.

Positive

• Acquisition of 200 MW solar project portfolio enhances growth potential.
• Joint venture positions ReneSola for future development of up to 700 MW in Europe.
• Eiffel provides necessary capital, reducing financial strain on ReneSola.

Negative

• None.

STAMFORD, Conn., Sept. 17, 2021 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that European Solar Energy Development JV, the joint venture company established between ReneSola Power and Eiffel Investment Group ("Eiffel"), completed the acquisition of its first batch of solar projects with a combined capacity of 200MW in multiple European countries, including Spain, France and Poland.  Eiffel provided the capital to fund the development of those projects.

In May 2021, ReneSola Power and Eiffel created European Solar Energy Development JV, a 51/49 joint venture company with ReneSola Power having a 51 percent ownership stake and Eiffel a 49 percent. The joint venture company intends to develop up to 700 MW of solar projects in the next three years across Europe.

Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, "We are excited by today's announcement, as this portfolio is a first significant step for the JV to develop up to 700MW of solar projects over the next several years.  ReneSola Power is committed to accelerating solar development in Europe, and with the joint venture company created with Eiffel, we expect to develop high-quality projects in Europe, propelling growth in the region."  

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, "I am very pleased with the progress the joint venture company is making.  Additionally, the joint venture aligns with our growth strategy, enabling us to accelerate our project development activities across Europe.  We are positive on our pipeline of project opportunities in front of us."

Mr. Pierre-Antoine Machelon, Managing Director and CIO Energy Transition at Eiffel Investment Group, said, "We are glad to have achieved the closing of this first attractive and diverse portfolio of projects located in multiple European countries. We look forward to developing this JV vehicle with our trusted partner, ReneSola Power."

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 Investment Group

Eiffel Investment Group is an asset management firm specializing in corporate finance. The group now manages more than 3.5bn euros and offers companies a wide range of private and listed debt and equity financing solutions. The group is a leading financier of the energy transition, especially in Europe. The group, which has significant shareholders' equity capital, has established an institutional infrastructure and ensures a very strong alignment of interest with the fund's institutional investor clients. Eiffel Investment Group is an independent company owned by its team alongside Impala.

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SOURCE ReneSola Ltd.

FAQ

What is the significance of the 200 MW project acquisition by ReneSola (SOL)?

The acquisition marks a critical step for ReneSola in expanding its solar project portfolio, enabling the company to enhance its market position in Europe.

How does the joint venture with Eiffel Investment Group benefit ReneSola (SOL)?

The joint venture provides capital and shared expertise, allowing ReneSola to accelerate the development of solar projects across Europe.

What are the future plans for the joint venture between ReneSola (SOL) and Eiffel?

The joint venture aims to develop up to 700 MW of solar projects over the next three years in various European countries.

In which countries are the newly acquired solar projects located?

The solar projects are located in Spain, France, and Poland.

What is ReneSola's (SOL) strategy for growth in the solar market?

ReneSola aims to pursue high-margin project development opportunities, leveraging its market-leading position in rapidly growing regions, particularly in Europe.