ReneSola Power, a leading fully integrated solar project developer, has signed a Memorandum of Understanding with the asset management firm Eiffel Investment Group with 3 billion Euros under management. As part of this agreement, the two companies will form a joint venture that will provide financing for ReneSola Power’s current and future solar projects across Europe.
The parties will establish a 51/49 joint venture company in which ReneSola Power will have a 51 percent ownership stake with Eiffel having the remaining share for injecting new capital into the joint venture. This joint venture aims to develop up to 1 GW of solar power projects across Europe in the next several years.
Under the terms of the agreement, Eiffel Investment Group will inject capital into the joint venture for construction of the identified projects in the targeted markets of Europe. Meanwhile, ReneSola Power will identify and develop these projects. After both the partners determine the best methodology to value the projects and these projects are constructed, they will be sold by the joint venture to interested parties.
Germany-based Capcora served as financial advisor to ReneSola Power for this transaction providing guidance on the fundraising process, managing a structured bidding process, evaluating the pipeline and developing a suitable joint venture structure.