ReneSola secures financing from Sequoia for 55MW PV pipeline in Poland

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Back in December 2017, Sequoia provided a senior loan of US$17.3 million for all of ReneSola’s 55MW PV projects in the region. Image: Renesola

PV project developer and operator ReneSola announced that Sequoia Economic Infrastructure Income Fund has agreed to extend senior debt facility to US$41.6 million for ReneSola’s 55MW pipeline of PV plants in Poland.

Each project has a generation capacity of 1MW.

Back in December 2017, Sequoia provided a senior loan of US$17.3 million for all of ReneSola’s 55MW PV projects in the region.

All 55 projects are under Poland's Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff. These sites will be completed in three phases, with the first 14MW phase already under construction and expected to reach commercial operation by the end of the second quarter of 2018.

The remaining 41MW of projects are expected to be constructed in the second half of 2018 and connected to the grid in late 2018.

Xianshou Li, chairman and chief executive officer of ReneSola, said: “We are very pleased to secure additional financing for our projects, and appreciate the confidence Sequoia continues to show through their increased financial support. This new financing facility also further reinforces our confidence in the potential of the downstream project development market in Poland.

“Furthermore, it demonstrates that the capital markets continue to believe in our ability to successfully develop projects in the region.  Securing this financing is a meaningful step towards further supporting solar deployment in Poland, and I look forward to expanding our opportunity there.”

Read Next

May 16, 2022
Perovskite-based PV manufacturer Saule Technologies is partnering with Google Cloud and renewables company Columbus Energy to advance its technology.
April 1, 2022
EDP is to acquire Polish distributed solar company Soon Energy, enabling its presence in Poland to grow fivefold, the company has claimed, as it targets distributed generation as a key growth area in the country.
March 24, 2022
Solar developer ReneSola Power more than doubled its project pipeline in 2021 and expects to maintain growth this year amid increasing demand for renewables generation as European markets look to achieve more energy independence.
March 9, 2022
Eastern European solar markets face a familiar foe in grid constraints, especially with high voltage network capacity, but high energy prices are creating potential for merchant projects in the region.
March 8, 2022
Independent power producer (IPP) Sonnedix has entered Poland’s solar market with the acquisition of Warsaw-based PV project developer Sun Power Energy.
PV Tech Premium
March 4, 2022
Swiss fund manager SUSI Partners is exploring PV-plus-storage investment opportunities, building on a string of announcements in recent months that have seen it bolster its utility-scale solar position in markets such as Poland and Italy.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA