By CEP Staff • 3 November 2022 in News

Polish PV equipment distributor Menlo Electric has closed financing from Bank Pekao SA, Poland’s largest corporate bank, as part of plans to increase solar module turnover in foreign markets. Menlo Electric is a top five distributor of Risen Energy and Jinko Solar in Europe, and also an official distributor of JA Solar, Sungrow, SolarEdge, Growatt, and FoxESS branded modules. Founded in 2020 and headquartered in Warsaw, Menlo Electric has established logistics centres in seven major transport hubs and operates in more than 27 countries across Europe and the Middle East. The company recently opened a new office in Bucharest, Romania, and is set to exceed €150 million in revenue this year. The financing from Bank Pekao, comprising an account loan and an overdraft facility, will help Menlo Electric open up new opportunities outside of Europe. “We are pleased to be able to finance the development of companies that operate in the strategic and extremely fast-growing field of renewable energy,” said Agnieszka Chruściel, Director of the Corporate Clients Department at Bank Pekao. “In line with the bank's ESG strategy, we are committed to supporting clients in their transition to a low-carbon economy and sharing best practices for the benefit of the environment. “We sign the agreement with Menlo Electric with all the more satisfaction, as we are enabling a company with Polish capital to enter foreign markets more firmly.” With this financing, Menlo Electric has now exceeded its €20 million funding target for 2022. “The 2022 Growth Financing Programme amounted to a total of €20 million,” explained Menlo Electric CFO Marta Walendzewicz, who led the financing programme. “Thanks to the agreement with Pekao Bank, we secured the whole amount before the end of September. “The previous financing agreements under the program came from, among others, mBank (€6 million) or KUKE and KUKE Finance (€3 million).” Module supply tender Menlo Electric launched a 240 MW tender last month to secure supplies of PV modules ranging from 395W to 620W. Menlo Electric has requested that half of the modules be mono-facial black frame models in the power range of 410W to 470W. The tender for Q1 and Q2 2023 runs until 20 November 2022. Interested manufacturers can submit their bids to [email protected] “We are looking to supplement our current portfolio,” explained Marcin Zienkiewicz, Head of Procurement and Trading at Menlo Electric. “A number of manufacturers is interested in partnering with Menlo, mainly due to our geographical reach. “We already operate in over 25 markets in Europe and the Middle East – so once we start cooperating with a certain brand, its geographical footprint increases significantly.” Polish IPP R.Power Group acquired Menlo Electric from Edison Energia in November 2021 to further integrate the solar lifecycle into its platform and support both companies’ international growth plans.