Menlo Electric, one of the fastest growing photovoltaic distributors in Europe, received limits in KUKE and KUKE Finance in the total amount of PLN 15 million, thanks to which it will be able to safely finance its recipients under insurance and factoring agreements. In combination with the funds obtained at the beginning of this year, Menlo Electric secured over 70 percent of the financing planned for this year, which in total amounts to PLN 90 million.
Marcin Ślęzak, Chief Commercial Officer at Menlo Electric
“We have significantly strengthened our presence in over 20 of the fastest growing renewable energy markets in Europe. Many of them are countries of Central and Eastern Europe or not belonging to the European Union. The use of the deferred payment option is crucial for the development of the activities of installation and distribution companies that are just entering the market”.
Financing under domestic and export factoring will be provided by KUKE Finance, a subsidiary of KUKE.
Konrad Klimek, President and CEO of KUKE Finance
“We see the progressive concentration of entities operating on the photovoltaic market, and Menlo Electric, due to its position, is one of the most important beneficiaries of this process. We hope to finance the company itself on an increasing scale, and through it, smaller distributors and installation companies from this industry in Poland and abroad, so that the market continues to grow despite various adversities, such as the recently rising costs of devices”.
Cooperation with Menlo Electric is in line with KUKE’s policy of supporting domestic companies in their foreign expansion, and at the same time contributing to the green transformation of the Polish and European economy.
Janusz Władyczak, President and CEO of KUKE:
“We are delighted to support Menlo Electric, which, thanks to its rapid development, is playing an increasingly important role in providing users across Europe with access to the latest and more efficient renewable energy technologies. KUKE enables Polish companies not only to safely offer deferred payment terms in relations with domestic and foreign buyers, but our insurance and bonding facilities also enable exporters to conduct investments, acquisitions and increase their payment credibility in the eyes of their suppliers”.
The agreement is part of a wider Menlo Electric financing program, led by the Company’s CFO Marta Walendzewicz.
Marta Walendzewicz, Chief Financial Officer at Menlo Electric:
“As we observe disruptions in international supply chains, ensuring that we have constant access to the highest quality goods requires an adequate level of working capital. That is why our goal this year is to secure financing worth over PLN 90 million. The agreement with KUKE and KUKE Finance is a milestone in the implementation of the program. We are also talking about wider cooperation with the Polish Development Fund Group, which KUKE and KUKE Finance are a part of”.
