Poland’s Menlo Electrical baggage EUR 6m in funds for intl enlargement

Could 11 (Renewables Now) – Polish PV gear wholesaler Menlo Electrical SA introduced that it has secured EUR 6 million (USD 6.3m) in financing from Warsaw-based lender mBank SA (WSE:MBK) to fund its enlargement plans to markets exterior Europe.

With mBank’s assist and funding obtained earlier this 12 months, Menlo Electrical reached 60% progress on its 2022 aim of elevating EUR 20 million of progress financing. The corporate stated that the brand new funds will allow it to serve new markets, including that its first deliveries to Lebanon are scheduled for later this month.

“We already serve shoppers in nearly 20 international locations from our 7 logistic hubs throughout Europe. To gasoline firm’s additional progress, we’ve arrange a 2022 Progress Funding Program price greater than EUR 20m, encompassing loans, letters of credit score and factoring. The settlement with mBank is a vital milestone in finishing this system,” stated Menlo Electrical CFO Marta Walendzewicz.

Menlo Electrical, a part of Polish photo voltaic PV tasks developer R.Energy Group, is a distributor of photo voltaic PV gear made by the sector’s majors equivalent to Jinko, JA Photo voltaic, Risen, SolarEdge, FoxESS and Sungrow.

(EUR 1.0 = USD 1.056)

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