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ReneSola Secures Financing for Projects in Hungary and Poland

ReneSola Secures Financing for Projects in Hungary and Poland

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SHANGHAI: ReneSola Ltd (“ReneSola” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today 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.”

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

About Eiffel Energy Transition

Eiffel Energy Transition Fund S.L.P. is a specialized €350m investment vehicle, strictly reserved for institutional investors, with a 10 years life span. The fund meets the financing needs of energy transition players, both in terms of renewable energy production and energy efficiency solutions. It offers short-term debt to developers while they await long term funding for their projects. Eiffel Energy Transition is managed by Eiffel Investment Group and is sponsored by the European Investment Bank, the French environmental agency (ADEME) as well as mutual insurance companies and first rank banks.

About Eiffel Investment Group

Eiffel Investment Group is an asset manager specialized in businesses financing. Eiffel Investment Group invests in European corporate credit through listed markets, private debt and online lending platforms. The group manages around € 2 billion and offers companies a wide range of financing solutions. The group ensures a strong alignment of interest with its institutional investors. Eiffel Investment Group is an independent company, owned by its team alongside IMPALA, the holding of French entrepreneur Jacques Veyrat.

Source: ReneSola Ltd.

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Anand Gupta Editor - EQ Int'l Media Network