ReneSola Gets EUR 36 Mn Addl Funding for 55 MW Poland Projects

All these 55 MW projects are under Poland’s Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff.

Chinese solar company ReneSola said that Sequoia Economic Infrastructure Income Fund (Sequoia) had agreed to extend senior debt facility to EUR 36 million for ReneSola’s 55 MW Poland projects, with 1MW capacity each.

In December 2017, Sequoia provided a senior loan of EUR 15 million for all of the company’s 55 MW projects in the region.

Further, all these 55 MW projects are under Poland’s Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff.

Moreover, these projects will be completed in three phases. The first 14 MW are under construction and are expected to reach commercial operation by the end of the second quarter of 2018.

While, the remaining 41 MW of projects are expected to be constructed in the 2nd half of 2018. These projects are likely to be connected to the grid in late 2018.

Commenting on the development, partner of Sequoia, Dolf Kohnhorst said, “We are delighted to support ReneSola on its continued growth in Poland. Sequoia focuses on backing strong infrastructure projects with best-in-class management and we look forward to more opportunities to finance ReneSola in the future.”

“We are very pleased to secure additional financing for our projects, and appreciate the confidence Sequoia continues to show through their increased financial support. This new financing facility also further reinforces our confidence in the potential of the downstream project development market in Poland. Furthermore, it demonstrates that the capital markets continue to believe in our ability to successfully develop projects in the region.  Securing this financing is a meaningful step towards further supporting solar deployment in Poland, and I look forward to expanding our opportunity there,” said Xianshou Li, Chairman and Chief Executive Officer, ReneSola.