Polish PV distributor Menlo Electric secures over EUR 20 Million financing to support its international expansion
Menlo Electric announced it has signed a financing agreement with Poland’s largest corporate bank, Bank Pekao S.A., which has enabled the company to exceed its 2022 funding target of EUR 20 Million before the end of September.
This latest financing agreement is part of Menlo Electric’s financing program, led by Marta Walendzewicz, the company’s CFO. Previous financing agreements were secured, among others, with mBank and KUKE Finance.
The funds raised, including an account loan and an overdraft facility, will be used to increase Menlo Electric’s sales in markets outside of Europe.
Menlo Electric is one of the top 5 distributors of global leaders in solar PV module manufacturing such as Risen Energy and Jinko Solar in Europe, and it is also the official distributor of JA Solar, Sungrow, SolarEdge, Growatt and FoxESS brands.
The company expects to exceed EUR 150 million in revenues this year. Currently, more than 70% of the Menlo Electric’s sales come from markets outside of Poland, spanning from Spain to Estonia and from Norway to Lebanon.
Headquartered in Poland, Menlo Electric operates in more than 25 markets across Europe and the Middle East, supporting customers from 7 logistics centers in major transportation hubs, and it has recently opened another overseas office in the heart of Bucharest, Romania.
Agnieszka Chruściel, director of the Corporate Clients Department at Bank Pekao, said:
“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. 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.”
Source: Press release provided by Menlo Electric.
