ReneSola Ltd announced that Sequoia Economic Infrastructure Income Fund had agreed to extend senior debt facility to 36 million euro for ReneSola's 55MW of projects in Poland, each with a capacity of 1MW. In December 2017, Sequoia, which invests in a diversified portfolio of senior and subordinated economic infrastructure debt investments, provided a senior loan of 15 million euro for all of ReneSola's 55MW projects in the region.
All of these 55MW projects are under Poland's Contract for Difference (CFD) regime and eligible for a 15-year guaranteed tariff. These projects will be completed in three phases. The first 14MW are under construction and are expected to reach commercial operation by the end of the second quarter of 2018. The remaining 41MW of projects are expected to be constructed in the second half of 2018 and connected to the grid in late 2018.
Dolf Kohnhorst, partner of Sequoia, commented: "We are delighted to support ReneSola on its continued growth in Poland. Sequoia focuses on backing strong infrastructure projects with best-in-class management and we look forward to more opportunities to finance ReneSola in the future."
Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are very pleased to secure additional financing for our projects, and appreciate the confidence Sequoia continues to show through their increased financial support. This new financing facility also further reinforces our confidence in the potential of the downstream project development market in Poland. Furthermore, it demonstrates that the capital markets continue to believe in our ability to successfully develop projects in the region. Securing this financing is a meaningful step towards further supporting solar deployment in Poland, and I look forward to expanding our opportunity there."