Coupled with financing obtained earlier this year, this brings Menlo Electric to over 70% of its EUR 20m target in growth financing for 2022.
As Marcin Ślęzak, Menlo Electric’s Chief Commercial Officer explains: We have already built a strong presence across Europe’s 20+ fastest-growing renewable markets. Many of them are countries in Central and Eastern Europe or outside of the EU. Trade financing is instrumental in allowing emerging installers and distributors in these markets to grow their businesses.
Cooperation with Menlo Electric fits well with KUKE’s mission to support companies in expanding their international footprint. We are delighted to partner with Menlo Electric, which is playing an increasingly important role in enabling energy transition across Europe. – elaborated Janusz Władyczak, KUKE’s President.
Financing under domestic and export factoring will be provided by KUKE Finance, a subsidiary of KUKE. We see the progressive concentration of companies operating on the PV market, and Menlo Electric is one of the most important beneficiaries of this process. We hope to finance the company itself on an increasing scale, and through it, smaller distributors and installers from Poland and other countries– emphasized Konrad Klimek, KUKE Finance’s President.
The agreement is part of a broader financing program for Menlo Electric, led by the company’s CFO Marta Walendzewicz. In a world of supply chain disruptions, making sure we have constant availability of top-quality equipment requires appropriate working capital funding. This is why we have set up a
2022 Growth Funding Program worth more than EUR 20m, encompassing loans, letters of credit and factoring. – said Ms Walendzewicz. The agreement with KUKE is an important milestone in completing the program. We are also in discussions regarding broader cooperation with Polish Development Fund Group, of which KUKE is a member company.
