Solar developer ReneSola Power has established a joint venture with asset management firm Eiffel Investment Group to finance its current European project pipeline.
The portfolio includes projects in Poland, Spain, and France with a potential power generation capacity of 340MW, but the company will seek to fund up to 700MW of new solar projects over the next three years. The JV will be used to bring those developments to a ready-to-build stage.
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ReneSola, which returned to net profit in its full-year results despite struggling with declining revenues throughout 2020, will have a 51% stake in the JV, while Eiffel Investment will hold the remaining 49%. The two companies announced their plan to form a new entity in January, which will see the asset manager make capital contributions to the JV as qualifying projects are constructed. ReneSola will then lead the project identification and development process.
Pierre-Antoine Machelon, managing director at Eiffel Investment, said the joint venture will result in “a strong value creation and help meet the ambitious decarbonation goals of our continent.”
It is not the only JV ReneSola has sought to strengthen its presence in Europe. It previously formed a partnership with subsidy-free solar platform Novergy last October to develop an existing 100MW solar project pipeline in the UK.