ReneSola Ltd announced that in Budapest it closed on long-term project financing to develop an approximately 8MW KAT-licensed solar project in Hungary. KAT is the Hungarian feed-in tariff scheme. The project is comprised of 14 individual KAT-licensed solar plants, each with a capacity of 0.5 MWAC. All 14 projects are expected to be grid-connected by October, 2018.
Financing is being provided by K&H Bank. ReneSola has two more KAT-licensed project portfolios seeking project financing from K&H Bank.
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "Hungary is an important market for solar power in the EU, and Renesola is an established and growing developer in the country. This financing demonstrates the quality of our projects, and strengthens our partnership with K&H Bank. We look forward to continued growth in Hungary as we finance and build more portfolios of projects in the months ahead."
