ReneSola and Eiffel Investment Group create JV to develop up to 1GW European solar

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: ReneSola.

ReneSola Power is to double down on its European solar ambitions through a new joint venture (JV) with France-headquartered asset management firm Eiffel Investment Group.

The two companies have signed a memorandum of understanding to establish the entity that will provide financing for ReneSola's current and future PV projects across Europe.

The agreement will see ReneSola hold a 51% stake in the venture, while Eiffel will inject new capital for a 49% interest. The JV intends to develop and then sell up to 1GW of solar projects in the next several years. 

“We expect the joint venture to help facilitate the development of our existing pipeline of project opportunities and prospective projects that meet our development criteria,” said Josef Kastner, CEO of ReneSola European region.

Having moved its headquarters from Shanghai to Stamford, Connecticut, in 2019, ReneSola revealed plans last year to focus on markets such as the US, the UK, Spain, Poland, France and Germany. This strategy has seen the company establish a JV in Germany with local developer Vodasun and another in the UK with Novergy, in a move to expand its reach in Europe.

Renesola was also among the successful bidders in a Polish auction last month for small-scale renewable projects, securing 38MW of solar capacity that is expected to be connected to the grid within the next two years.

The deal with Eiffel Investment Group will see the asset management firm make capital contributions to the JV as qualifying projects are constructed, while ReneSola Power will lead the project identification and development process.

Pierre-Antoine Machelon, managing director at Eiffel Investment Group, said the transaction leverages ReneSola’s experience of PV development in Europe and Eiffel’s “capacity to bring financial resources at the most critical stages of the projects' life cycles”. 

Read Next

PV Tech Premium
July 9, 2021
Solar’s dominance in recent renewables auctions in Poland has further reinforced the promising outlook for the market, with developers and analysts welcoming support provided for the construction of smaller projects.
July 7, 2021
The proven ability to install large-scale floating PV plants on water bodies across Southeast Asia means financing should be readily available for new projects, it was suggested during a panel discussion today.
July 2, 2021
Renewables developer Mainstream Renewable Power has achieved financial close for a solar and wind platform in Chile consisting of ten projects with a total capacity of 1.35GW.
June 3, 2021
Lightsource BP has secured AU$330 million (US$255 million) to fund the development of two utility-scale solar projects in Australia.
June 1, 2021
Financial commitments for utility-scale renewables projects in Australia have slowed to the lowest level in the past five years, according to the Clean Energy Council (CEC), which revealed investment in large-scale batteries in the country is booming.
May 26, 2021
ReneSola Power is aiming to build on its solid first quarter financial performance to reach a 2GW PV project pipeline by the end of the year, as it prepares to enter at least two new Europen markets.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021