ReneSola Ltd ("ReneSola Power" or the "Company") (NYSE: SOL), a leading fully integrated solar project developer, announced the signing of JV agreement with Eiffel Investment Group ("Eiffel") that aims to accelerate the development and financing of ReneSola Power's current and future solar projects across Europe.
With the signing of the joint venture agreements, ReneSola Power and Eiffel Investment Group have 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 initial portfolio will consist in 340 MW advanced stage development projects located in Poland, Spain, and France, which both partners will support and develop to reach ready-to-build stage. The joint venture company intends to fund the development of up to 700 MW of solar projects in the next 3 years across Europe.
Mr. Josef Kastner, CEO of ReneSola European Region, commented, "Eiffel Investment Group has been our financial partner for several years and proven leader in business financing, and we are thrilled to strengthen this relationship further and execute the long-term strategic joint venture agreement with them. This marks an important milestone for us, and we expect the joint venture company to help facilitate the development of our pipeline of project opportunities in front of us."
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, added, "The injection of new capital into the joint venture company demonstrates Eiffel Investment Group's confidence in our ability to successfully develop and build projects in various target markets. Importantly, the joint venture aligns with our growth strategy, enabling us to further expand our project development activities across Europe. We are committed to making this joint venture a success."
Mr. Pierre-Antoine Machelon, Managing Director and CIO Energy Transition at Eiffel Investment Group, said, "We are delighted to join forces with our trusted partner ReneSola Power to accelerate the development of its attractive and diversified portfolio of PV projects in the European Union. We are confident that the flexibility of this innovative JV vehicle and the quality of the ReneSola Power development teams will result in a strong value creation and help meet the ambitious decarbonation goals of our continent."
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