European Solar JV acquires first solar portfolio of 200 MW

European Solar

European Solar Energy Development joint venture (JV) announced this Friday it has acquired its first solar portfolio. It is comprised of 200-megawatts of capacity deployed in multiple countries, including Spain, France, and Poland.

The joint venture is a 51/49 company between ReneSola Power and Eiffel Investment Group. Together, they established the JV back in May 2021. Indeed, the intent of the company is to develop up to 700 MW of solar projects. It would do so in the next three years across Europe.

Consequently, the acquisition of this first portfolio positions European Solar on its way to achieve such a goal. In addition, Eiffel provided the capital to fund the development of those projects.

Furthermore, Mr. Pierre-Antoine Machelon, Managing Director and CIO Energy Transition at Eiffel Investment Group said. “We are glad to have achieved the closing of this first attractive and diverse portfolio of projects located in multiple European countries.” He also remarked. “We look forward to developing this JV vehicle with our trusted partner, ReneSola Power.”

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European Solar committed to high-margin opportunities of development

On the other hand, Mr. Josef Kastner, CEO of ReneSola Power European Region, also commented. “We are excited by today’s announcement, as this portfolio is a first significant step for the JV to develop up to 700MW of solar projects over the next several years.”

He further stated. “ReneSola Power is committed to accelerating solar development in Europe, and with the joint venture company created with Eiffel, we expect to develop high-quality projects in Europe, propelling growth in the region.”

In addition, Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said. “I am very pleased with the progress the joint venture company is making. Additionally, the joint venture aligns with our growth strategy, enabling us to accelerate our project development activities across Europe.” To conclude, he also said. “We are positive on our pipeline of project opportunities in front of us.”

Finally, although European Solar did not reveal any further details on the portfolio, besides its total capacity, most likely, the projects will be top-notch and with high-margin opportunities. ReneSola has specifically devoted to such projects in the U.S. and Europe, where the company has a market-leading position in several geographies, including Poland, Hungary, Minnesota, and New York.

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