SHANGHAI, June 18, 2018 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL),
a leading fully integrated solar project developer and operator,
today announced today that Sequoia Economic Infrastructure Income
Fund ("Sequoia") had agreed to extend senior debt facility to
36 million euro for ReneSola's 55MW
of projects in Poland, each with a
capacity of 1MW. In December 2017,
Sequoia, which invests in a diversified portfolio of senior and
subordinated economic infrastructure debt investments, provided a
senior loan of 15 million euro for
all of ReneSola's 55MW projects in the region.
All of these 55MW projects are under Poland's Contract for Difference (CFD) regime
and eligible for a 15-year guaranteed tariff. These projects
will be completed in three phases. The first 14MW are under
construction and are expected to reach commercial operation by the
end of the second quarter of 2018. The remaining 41MW of projects
are expected to be constructed in the second half of 2018 and
connected to the grid in late 2018.
Dolf Kohnhorst, partner of
Sequoia, commented: "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."
Xianshou Li, Chairman and Chief Executive Officer of ReneSola,
commented: "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."
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer and operator. Leveraging its global
presence and solid experience in the industry, ReneSola is well
positioned to develop green energy projects with attractive return
around the world. For more information, please visit
www.renesolapower.com.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Mr. Johnny Pan
+86 (21) 6280-9180 x131
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
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SOURCE ReneSola Ltd.