ReneSola Ltd [NYSE: SOL] disclosed that European Solar Energy Development JV has finalized the purchase of its first batch of solar projects with a combined capacity of 200MW in multiple European countries, including Spain, France, and Poland. European Solar Energy Development is the joint venture firm established between ReneSola Power and Eiffel Investment Group.
ReneSola Power and Eiffel established European Solar Energy Development JV in May 2021. JV is a 51/49 joint venture company. ReneSola Power owns 51 percent holdings and Eiffel holds a 49 percent stake in the joint venture. The joint venture firm aimed to develop more than 700 MW of solar projects in the next three years across Europe.
Furthermore, ReneSola Power is excited to see the positive performance of the joint venture. CEO of ReneSola believed that the joint venture is in line with the growth strategy of SOL. It is allowing ReneSola to speed up its project development activities across Europe. The firm is positive on its pipeline of project opportunities in front of the firm.
Additionally, Managing Director and CIO Energy Transition at Eiffel Investment Group revealed that it is excited to finalize the first attractive and diverse portfolio of projects situated in multiple European countries. Moreover, Eiffel is looking forward to developing this JV vehicle with its trusted partner, ReneSola Power.