August 30 (Renewables Now) - China’s ReneSola Ltd (NYSE:SOL) said today it has closed on long-term project financing for the development of an 8-MW solar project in Hungary, licensed under the local feed-in tariff (FiT) scheme called KAT.
The Chinese company has secured financing from local lender K&H Bank. It said in a statement that it has two more KAT-licensed project portfolios that are looking to get funds from the bank.
“We look forward to continued growth in Hungary as we finance and build more portfolios of projects in the months ahead,” said Xianshou Li, chairman and CEO of ReneSola.
The current project includes 14 individual KAT-licensed installations, each with a capacity of 0.5 MW. They are all expected to enter into service by October 2018.