SHANGHAI: ReneSola Ltd (“ReneSola” or the “Company”) (www.renesolapower.com) (NYSE : SOL ), a leading fully integrated solar project developer and operator, today announced that in Budapest it closed on long-term project financing to develop an approximately 8 MW KAT-licensed solar project in Hungary. KAT is the Hungarian feed-in tariff scheme. The project is comprised of 14 individual KAT-licensed solar plants, each with a capacity of 0.5 MWAC. All 14 projects are expected to be grid-connected by October, 2018.
Financing is being provided by K&H Bank, one of Hungary’s largest banking and financial services firms, a leading player in project finance. ReneSola has two more KAT-licensed project portfolios seeking project financing from K&H Bank.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: “Hungary is an important market for solar power in the EU, and Renesola is an established and growing developer in the country. This financing demonstrates the quality of our projects, and strengthens our partnership with K&H Bank. We look forward to continued growth in Hungary as we finance and build more portfolios of projects in the months ahead.”
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 and operator. 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 K&H Group
As one of the leading financial institutions in Hungary and employing more than 4000 employees nationwide, the goal of K&H is to serve the needs of its customers at a high standard of quality at all times and to offer them the most comprehensive product range possible. K&H operates 206 retail branches throughout the country and offers financial services to around a million retail, SME and corporate customers. It supports the Hungarian economy with more than nearly HUF 2.1 trillion in credit and credit commitments granted, financing households, small businesses, large corporations and municipalities. Across its operations, the Group relies on around 4000 Hungarian suppliers and around 700 banking and insurance agents, guaranteeing them regular business.