May 11 (Renewables Now) — Polish photovoltaic equipment wholesaler Menlo Electric SA announced that it had secured €6 million ($6.3 million) in financing from Warsaw-based lender mBank SA (WSE :MBK) to fund its expansion plans to markets outside of Europe.

With support and funding from mBank secured earlier this year, Menlo Electric has achieved 60% progress on its 2022 goal of raising €20 million in growth funding. The company said the new funds will allow it to serve new markets, adding that its first deliveries to Lebanon are scheduled for later this month.

“We already serve customers in nearly 20 countries from our 7 logistics hubs across Europe. To fuel the future growth of the business, we have put in place a 2022 growth financing program worth more than 20 million euros, including loans, letters of credit and factoring. The agreement with mBank is an important step in completing the program,” said Marta Walendzewicz, Chief Financial Officer of Menlo Electric.

Menlo Electric, part of Polish solar PV project developer R.Power Group, is a distributor of solar PV equipment manufactured by industry majors such as Jinko, JA Solar, Risen, SolarEdge, FoxESS and Sungrow.

(1.0 EUR = 1.056 USD)

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