ReneSola looks to Hungary and Poland

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With Spain, Germany, the Netherlands and Italy hogging the solar headlines in Europe, Chinese developer ReneSola has turned the spotlight onto central Europe by arranging finance to develop almost 100 MW of new PV capacity in Hungary and Poland.

In a deal announced on Sunday, the Shanghai-based company has borrowed €13.4 million to develop 41.3 MW of capacity in Hungary and 55 MW in Poland.

The finance will be supplied by the Eiffel Energy Transition Group, which supplies 10-year loans to fund renewable energy and energy efficiency projects and is backed by the European Investment Bank and France’s environmental agency ADEME.

With analysts predicting a solar renaissance for the EU countries which were among the early adopters of solar, central Europe is also experiencing rapid roll-out of the technology.

German developer SUNfarming secured a €20 million credit line last month to finance some 40 MW of PV capacity in Poland, following project procurement auctions in 2017 and 2018, and small-scale Tunisian panel maker Ifrisol signed deals to provide its products to Hungarian solar developers in December.

Poland is expected to have seen 120 MW of new solar capacity added last year and Korean manufacturer Hanwha Q Cells has already make extensive inroads into its promising PV market.