Applications & Installations

ReneSola secures €36 million loan for Polish PV projects

The Sequoia Economic Infrastructure Income Fund has extended a loan to ReneSola Ltd to €36 million for the implementation of 55 MW of solar PV projects in Poland.
Becky Beetz
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Becky Beetz
Poland has an installed PV capacity of just over 281 MW, as of the end of December 2017. | Image: Flickr/Grzegorz Bednarczyk

The Guernsey-based fund has agreed to extend a senior debt facility to the Chinese solar company to aid in the roll out of the latter’s Polish PV pipeline.

A total of €36 million will be made available to ReneSola, up from the previous loan of €15 million, which will help it to develop 55 PV plants, each with a capacity of 1 MW.

Currently, construction work is said to be underway on the first 14 MW, with operations scheduled for the second quarter of 2018. All 55 MW are set to be online by the end of the year.

All the projects fall under Poland’s Contracts for Difference (CFD) scheme and, as such, are eligible for a 15-year guaranteed tariff.

At the start of March, the Polish Government announced it was planning to tender around 750 MW of solar capacity in auctions for PV projects up to 1 MW in 2018. In 2017, the country installed 81 MW, this taking cumulative capacity to just over 281 MW.

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