Renewable

May 11 (Renewables Now) - Polish PV equipment wholesaler Menlo Electric SA announced that it has secured EUR 6 million (USD 6.3m) in financing from Warsaw-based lender mBank SA (WSE:MBK) to fund its expansion plans to markets outside Europe.

With mBank’s support and funding obtained earlier this year, Menlo Electric reached 60% progress on its 2022 goal of raising EUR 20 million of growth financing. The company said that the new funds will enable it to serve new markets, adding that its first deliveries to Lebanon are scheduled for later this month.

“We already serve clients in almost 20 countries from our 7 logistic hubs across Europe. To fuel company’s further growth, we have set up a 2022 Growth Funding Program worth more than EUR 20m, encompassing loans, letters of credit and factoring. The agreement with mBank is an important milestone in completing the program,” said Menlo Electric CFO Marta Walendzewicz.

Menlo Electric, part of Polish solar PV projects developer R.Power Group, is a distributor of solar PV equipment made by the sector’s majors such as Jinko, JA Solar, Risen, SolarEdge, FoxESS and Sungrow.

(EUR 1.0 = USD 1.056)

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