Chinese solar power company with US headquarters ReneSola Ltd. has once again announced a strategic joint venture to grab opportunities in the European solar market. This time it has joined hands with asset manager Eiffel Investment Group to co-develop up to 1 GW solar projects over the next several years in Europe.
Last year it struck several such strategic partnerships in the UK, Germany and the US eyeing global pipeline growth (see ReneSola Announces Another PV Joint Venture In UK).
ReneSola believes this joint venture will enable the company to further expand its project development activities across Europe.
Under the memorandum of understanding (MoU) signed with Eiffel, ReneSola said the joint venture will be owned by both with the latter holding 51% stake. Eiffel will inject new capital for a 49% ownership. Eiffel claims to have €3 billion under management.
To this joint venture, ReneSola will identify projects and undertake the development process while Eiffel will make capital contributions to the venture for projects in targeted European markets, which were not identified. Once constructed, the projects will be sold.
"We received a handful of offers across Europe and ultimately selected Eiffel for this partnership," said ReneSola Power CEO Yumin Liu. "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."
This isn't the first collaboration for RenSola and Eiffel as in 2019, Eiffel's Energy Transition Fund along with the European Investment Bank (EIB) agreed to finance ReneSola's solar power projects in Hungary and Poland offering a total bridge financing of €13.43 million (see ReneSola Secures Financing For 96 MW PV Capacity).