ReneSola Lands $12 Million Financing for 19 MW Solar Park in Poland
The stock in ReneSola Ltd. (NYSE: SOL) was trading up 6% Friday afternoon on news that it has received $12.1 million financing for its solar power project in Poland.
The Chinese company, headquartered in Stamford, Connecticut, as of November, said in a statement today that has closed a bridge financing with Eiffel Energy Transition Fund, which supports energy efficiency projects across Europe. This injection marked the second time Eiffel Energy backs ReneSola.
The projects in Poland will have 19 MW of solar capacity. The construction of the parks, ReneSola's chief executive, Yumin Liu, said, has begun despite the challenges posed by the Covid-19 outbreak.
Josef Kastner, head of ReneSolar Power Europe, said in the statement, "We have successfully developed solar projects in Poland and have sold over 81 MW of projects in the last four years. Poland remains a key market for ReneSola Power, and we are committed to our strategy to further expand our business and become a major player in Poland and other European markets."
The announcement of the financing sent SOL shares to $1.61 per share intraday.
ReneSola undertook a significant restructuring in late 2019, which included the appointments of CEO Liu and CFO Ke Chen, as well as the shift of the company's base from Shanghai to the United States. The move closely followed an investment of $11 million in ReneSola by North Carolina's Shah Capital and the addition of new directors to the board.
Despite the changes, SOL stock has been treading mostly just above the required minimum from late February until this week. The Covid-19 outbreak halted its multinational solar park construction, though deals were still struck, such as the closing of 15 MW sale in Hungary in April and the sale of 6 MW of projects in Canada in March.
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