Menlo Electric has achieved €20 million growth financing target for the year 2022 a quarter earlier to 'open up new opportunities outside of Europe' thanks to financing from Bank Pekao of Poland.
A Poland based solar module and inverter distributor for projects all over Europe, Menlo had achieved 70% of the targeted €20 million in June 2022 through a €4 million trade financing agreement with KUKE and KUKE Finance.
Bank Pekao's financing is in the form of an account loan and an overdraft facility, according to the company. This financing from the largest corporate bank of Poland, explains Menlo, will support its plans to increase solar module turnover in foreign markets, even as the company operates in over 25 European and Middle Eastern nations.
"The 2022 Growth Financing Program amounted to a total of EUR 20 million. Thanks to the agreement with Pekao Bank, we secured the whole amount before the end of September. The previous financing agreements under the program came from, among others, mBank (€6 million) or KUKE and KUKE Finance (€3 million)," said Menlo's CFO Marta Walendzewicz.
Official distributor of brands like Risen Energy, JinkoSolar, JA Solar, SolarEdge, Growatt and FoxESS among others, Poland based Menlo Electric aims to report over €150 million in revenue in 2022. The company recently set up shop in Romania where it targets to extend its portfolio to over 100 companies by 2022-end to satisfy growing demand here (see Europe PV News Snippets).
In October 2022, Menlo Electric launched a procurement call for 240 MW solar modules to be installed in various projects in Europe within H1/2023 (see Solar Module Procurement Tender For 240 MW Capacity).