ReneSola Power, Eiffel Form 51:49 JV to Ramp up Solar Development in Europe

Solar project developer ReneSola signed a joint venture (JV) agreement with Eiffel Investment Group (Eiffel), to accelerate the development and financing of the company’s current and future solar projects across Europe.

May 06, 2021. By Manu Tayal

Solar project developer ReneSola signed a joint venture (JV) agreement with Eiffel Investment Group (Eiffel), to accelerate the development and financing of the company’s current and future solar projects across Europe.

With the signing of the JV pact, the two companies have created the European Solar Energy Development JV, a 51:49 JV company with ReneSola Power having a 51 percent ownership stake and Eiffel a 49 percent.

Further, the initial portfolio will consist of 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 JV company intends to fund the development of up to 700 MW of solar projects in the next 3 years across Europe.

Commenting on the partnership, Josef Kastner, CEO of ReneSola European Region, said, “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.”

“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,” Yumin Liu, Chief Executive Officer of ReneSola Power.

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