Photo voltaic developer ReneSola Energy has established a three way partnership with asset administration agency Eiffel Funding Group to finance its present European undertaking pipeline.
The portfolio contains tasks in Poland, Spain, and France with a possible energy era capability of 340MW, however the firm will search to fund as much as 700MW of latest photo voltaic tasks over the following three years. The JV can be used to carry these developments to a ready-to-build stage.
ReneSola, which returned to internet revenue in its full-year outcomes regardless of combating declining revenues all through 2020, can have a 51% stake within the JV, whereas Eiffel Funding will maintain the remaining 49%. The 2 corporations introduced their plan to kind a brand new entity in January, which is able to see the asset supervisor make capital contributions to the JV as qualifying tasks are constructed. ReneSola will then lead the undertaking identification and growth course of.
Pierre-Antoine Machelon, managing director at Eiffel Funding, stated the three way partnership will lead to “a robust worth creation and assist meet the formidable decarbonation objectives of our continent.”
It isn’t the one JV ReneSola has sought to strengthen its presence in Europe. It beforehand shaped a partnership with subsidy-free solar platform Novergy final October to develop an present 100MW photo voltaic undertaking pipeline within the UK.