The joint venture aspires to develop up to 1GW of solar projects across Europe. Credit: StockSnap from Pixabay.

ReneSola Power and asset management firm Eiffel Investment Group have announced their intent to jointly develop 1GW of solar projects in Europe.

The companies have signed a memorandum of understanding (MoU) to establish a joint venture solar developer. ReneSola’s existing and future solar projects in Europe will secure financing from the venture.

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Under the terms of the MoU, ReneSola will take a 51% ownership interest in the venture, and Eiffel would take a 49% stake by injecting new capital into it.

ReneSola European Region CEO Josef Kastner said: “Our industry requires efficient and scalable financing models to meet demand.

“We expect the joint venture to help facilitate the development of our existing pipeline of project opportunities and prospective projects that meet our development criteria.”

ReneSola would lead the project identification and development process. Eiffel Investment Group will contribute to the venture as qualifying projects in Europe’s targeted markets undergo construction.

The companies will then determine the best methodology to value the projects that will be sold by the JV once construction concludes.

German company Capcora served as financial advisor to ReneSola.

ReneSola Power CEO Yumin Liu said: “The new joint venture clearly demonstrates Eiffel Investment Group’s confidence in our ability to successfully develop and build projects in various target markets.

“Importantly, the venture fits well with our growth strategy, enabling us to further expand our project development activities across Europe and set a high standard for the sustainable development of the solar industry.”

Last November, ReneSola entered into a strategic partnership agreement with Innova to develop utility-scale projects in the UK.