Solar developer ReneSola Power has signed a joint venture agreement with Eiffel Investment Group to accelerate the development and financing of up to 700MW of photovoltaic projects across Europe.
With the signing of the joint venture agreements, ReneSola Power (51%) and Eiffel (49%) have created European Solar Energy Development JV.
The initial portfolio consists of 340MW advanced stage development projects located in Poland, Spain and France, which both partners will support and develop to reach ready-to-build stage.
The joint venture company intends to fund the development of up to 700MW of solar projects in the next three years across Europe.
Renesolar Power European region CEO Josef Kastner said: “Eiffel Investment Group has been our financial partner for several years and proven leader in business financing, and we are thrilled to strengthen this relationship further and execute the long-term strategic joint venture agreement with them.
“This marks an important milestone for us, and we expect the joint venture company to help facilitate the development of our pipeline of project opportunities in front of us.”
Eiffel Investment Group managing director Pierre-Antoine Machelon said: “We are delighted to join forces with our trusted partner ReneSola Power to accelerate the development of its attractive and diversified portfolio of PV projects in the European Union.
“We are confident that the flexibility of this innovative JV vehicle and the quality of the ReneSola Power development teams will result in a strong value creation and help meet the ambitious decarbonation goals of our continent.”