ReneSola Ltd. announced that it signed a Memorandum of Understanding (MOU) with Eiffel Investment Group to establish a joint venture that will provide financing for ReneSola Power's current and future solar projects across Europe. Under the terms of the MOU, ReneSola Power and Eiffel Investment Group will create a 51/49 joint venture company with ReneSola Power having a 51% ownership stake and Eiffel injecting new capital into the joint venture for a 49% ownership. The JV intends to develop up to 1 GW of solar projects in the next several years across Europe.