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ReneSola secures financing for projects in Hungary, Poland

China-based solar project developer ReneSola Ltd. has announced it has closed a bridge finance deal with the Eiffel Energy Transition Fund for 96.3 megawatts (MW) of solar projects to be located in Hungary and Poland, according to a PR Newswire report. 

Under the agreement, Eiffel Energy will finance 41.3 MW of photovoltaic (PV) projects in Hungary and 55 MW of PV schemes in Poland, with a package for EUR 13.43 million (USD 15.4 mln) in total, the Chinese firm said in a statement released via prnewswire.com.

The solar company will continue to develop projects in the region as it expects the Hungarian and Polish markets to grow significantly in the years ahead, noted ReneSola Chairman and CEO Xianshou Li.

The fund is promoted by Eiffel Investment Group, a French asset management company established in 2008 as a division of the Louis Dreyfus group and spun off as an independent firm in 2011, according to the website of the European Investment Bank (EIB), among the investors backing the fund.