ReneSola Power and Eiffel IG Sign MOU for JV to Fund Solar Development in Europe
- ReneSola Ltd (" ReneSola Power" or the "Company"), a leading completely integrated solar project designer, today announced that it signed a Memorandum of Understanding (MOU) with Eiffel Investment Group (" Eiffel"), a leading possession administration firm with 3 billion euros under administration, to develop a joint endeavor that will provide financing for ReneSola Power's present and also future solar projects throughout Europe.
Under the terms of the MOU, ReneSola Power and also Eiffel Investment Group will produce a 51/49 joint venture business with ReneSola Power having a 51 percent ownership stake and Eiffel injecting new resources into the joint venture for a 49 percent possession. The JV means to develop as much as 1 GW of solar projects in the following several years across Europe.
Mr. Josef Kastner, CEO of ReneSola European Region, commented, "We are thrilled to create a joint endeavor with Eiffel Investment Group, a long-term tactical companion and proven leader in service financing. Our industry requires efficient as well as scalable funding designs to satisfy demand. We expect the joint endeavor to aid promote the development of our existing pipeline of project opportunities as well as prospective projects that fulfill our advancement standards."
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, included, "We received a handful of deals throughout Europe and also ultimately selected Eiffel for this collaboration. The new joint endeavor plainly demonstrates Eiffel Investment Group's self-confidence in our ability to effectively develop as well as build projects in numerous target audience. Notably, the joint endeavor fits well with our development approach, allowing us to more increase our project development tasks throughout Europe as well as established a high requirement for the sustainable advancement of the solar sector. "
Mr. Pierre-Antoine Machelon, Managing Director at Eiffel Investment Group, stated, "We are very delighted by this encouraging expansion of our partnership with ReneSola Power. This innovative purchase leverages their strong experience of PV development in Europe and our ability to bring financial resources at one of the most critical stages of the projects' life cycles."
Eiffel Investment Group will make capital contributions to the joint endeavor as qualifying projects are built in the target audience of Europe. ReneSola Power will lead the project recognition and development procedure. Both partners will certainly after that figure out the very best methodology to value the projects. When built, the projects will be offered by the joint venture.
Germany-based Capcora served as economic consultant to ReneSola Power for the fundraising process, handling an organized bidding process, evaluating the pipeline as well as establishing an appropriate joint endeavor structure.