ReneSola Secures Project Financing from Sequoia Economic Infrastructure Income Fund for 55MW of Projects in Poland

ReneSola Ltd, a leading fully integrated solar project developer and operator, announced today that Sequoia Economic Infrastructure Income Fund, which invests in a diversified portfolio of senior and subordinated economic infrastructure debt investments, had agreed to provide senior debt facility for ReneSola's 55MW of projects in Poland, each with a capacity of 1MW. All of these 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 in the first quarter of 2018. The construction for the remaining 41MW of projects is expected to be completed in the third quarter 2018.

Xianshou Li, Chairman and Chief Executive Officer of ReneSola, commented: "We are excited to partner with Sequoia Economic Infrastructure Income Fund. This financing facility reinforces our confidence in the potential of the downstream project development market in Poland.  It also demonstrates the confidence that the capital markets put in our ability to successfully develop projects in the region.  We look forward to further supporting solar deployment in Poland and other emerging markets."