ReneSola (NYSE: SOL) announced that the Company entered into a bridge financing agreement with Eiffel Energy Transition Fund for its photovoltaic projects in Hungary and Poland.
Under the terms of the agreement, Eiffel Energy Transition Fund will finance ReneSola's 41.3 MW projects in Hungary and 55MW projects in Poland in the amount of 13,428,000 Euro.
Mr. Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented, "We are excited to partner with Eiffel Energy Transition Fund. This facility demonstrates the confidence that the capital markets put in our ability to successfully develop projects in international markets. We continue to expect both Hungary and Poland to be growth markets in the years ahead, and we look forward to further supporting solar deployment in these geographies."
Mr Pierre-Antoine Machelon, fund manager of Eiffel Energy Transition, said, "We are happy to contribute to the acceleration of ReneSola's investments in Poland and Hungary. We look forward to supporting ReneSola in these promising geographies for the solar industry."
Mr. Josef Kastner, Vice President of Renesola Projects Europe commented: "Our new cooperation with Eiffel will bring benefits to the growth of our European solar projects business, enabling us to further expand our project development activities. We are confident this partnership will strengthen our position in Europe."