STAMFORD, Conn., Jan. 5, 2021 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it signed a Memorandum of Understanding (MOU) with Eiffel Investment Group ("Eiffel"), a leading asset management firm with 3 billion euros under management, to establish a joint venture that will provide financing for ReneSola Power's current and future solar projects across Europe.
Under the terms of the MOU, ReneSola Power and Eiffel Investment Group will create a 51/49 joint venture company with ReneSola Power having a 51 percent ownership stake and Eiffel injecting new capital into the joint venture for a 49 percent ownership. The JV intends to develop up to 1 GW of solar projects in the next several years across Europe.
Mr. Josef Kastner, CEO of ReneSola European Region, commented, "We are excited to form a joint venture with Eiffel Investment Group, a long-term strategic partner and proven leader in business financing. Our industry requires efficient and scalable financing models to meet demand. We expect the joint venture to help facilitate the development of our existing pipeline of project opportunities and prospective projects that meet our development criteria."
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, added, "We received a handful of offers across Europe and ultimately selected Eiffel for this partnership. The new joint venture clearly demonstrates Eiffel Investment Group's confidence in our ability to successfully develop and build projects in various target markets. Importantly, the joint venture fits well with our growth strategy, enabling us to further expand our project development activities across Europe and set a high standard for the sustainable development of the solar industry. "
Mr. Pierre-Antoine Machelon, Managing Director at Eiffel Investment Group, said, "We are very excited by this promising expansion of our partnership with ReneSola Power. This innovative transaction leverages their strong experience of PV development in Europe and our capacity to bring financial resources at the most critical stages of the projects' life cycles."
Eiffel Investment Group will make capital contributions to the joint venture as qualifying projects are constructed in the targeted markets of Europe. ReneSola Power will lead the project identification and development process. Both partners will then determine the best methodology to value the projects. Once constructed, the projects will be sold by the joint venture.
Germany-based Capcora served as financial advisor to ReneSola Power for the fundraising process, managing a structured bidding process, evaluating the pipeline and developing a suitable joint venture structure.
About ReneSola Power
ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.
About Eiffel Investment Group
Eiffel Investment Group is an asset management firm specializing in corporate finance. The group now manages more than three billion euros and offers companies a wide range of private and listed debt and equity financing solutions. The group, which has significant equity capital, has established an institutional infrastructure and ensures a very strong alignment of interest with the fund's institutional investor clients. Eiffel Investment Group is an independent company owned by its team alongside Impala.
Capcora is a consulting firm, specialized on real assets. Capcora procures equity, mezzanine and debt financing for energy and infrastructure projects, real estate, and medium sized companies. The focus is especially on mezzanine financing for the recapitalization of tied-up liquidity in operating assets as well as for bridge financing of developments and construction measures in the area of renewable energies (photovoltaics, onshore wind, green gas) and real estate through alternative financing sources.