Solar developer ReneSola Power announced that it had raised €10.64 million (~$12 million) through bridge funding from Eiffel Energy Transition Fund to construct 19 MW of solar projects in Poland.

ReneSola Power said that this was the second bridge financing that Eiffel Energy Transition Fund had provided the company. The funds would be used to expand its project development and execution efforts in Hungary and Poland, according to the company’s statement.

“Despite ongoing challenging macro conditions related to COVID-19, we have begun the construction of the 19 MW solar projects in Poland. We are very pleased with our progress and look forward to further supporting solar development in the years ahead,” said Yumin Liu, ReneSola Power Chief Executive Officer.

ReneSola Power has pipeline projects with a total capacity of 29 MW and 26.7 MW in Poland and Hungary, respectively. The company set the target to have pipeline capacities of 150 MW in Poland and 100 MW in Hungary by the end of 2020.

“We have successfully developed solar projects in Poland and have sold over 81 MW of projects in the last four years. Poland remains a key market for ReneSola Power, and we are committed to our strategy to expand our business further and become a major player in Poland and other European markets,” said Josef Kastner, CEO of ReneSola Power Europe.

Eiffel Energy Transition Fund is a dedicated fund that grants flexible bridge financing for renewable energy projects across Europe. The European Union Bank sponsored the fund, which was managed by France-based asset management firm Eiffel Investment Group.

In April 2020, ReneSola had announced that it signed a $100 million strategic investment agreement with the Zhongnan Industry, a subsidiary of Zhongnan Holding Group. Both companies are headquartered in China. According to the agreement, Zhongnan Industry would invest $100 million to strengthen ReneSola’s solar module manufacturing supply chain.

Notably, total corporate funding for solar – including venture capital funding, public market, and debt financing – dipped 25% to $4.5 billion (~₹336.1 billion) in the first half of 2020 from $6 billion (~₹448.1 billion) in the same period last year. The findings were revealed in Mercom Capital Group’s recently released 1H and Q2 2020 Solar Funding and M&A Report. The report explained that even though there was a considerable fall in funding activity, things were not as bad as it could have been given the ongoing coronavirus crisis, which has put the global economy in turmoil. The report covered 203 companies and investors from around the world.