German photovoltaic corporation Gehrlicher Solar has procured credit facility of €85m for additional two years to fuel its US expansion plans.
The funds were allotted by a consortium of international group of banks led by BayernLB, and also included €30m for guarantees.
The company entered into consortium agreement on 11 April 2013 securing finance for with maturity date of 28 February 2015.
In addition, the €6m mezzanine capital was also extended by Bayern Mezzaninekapital for two more years.
Gehrlicher Solar founder and CEO Klaus Gehrlicher stated: “In spite of a very tough industry environment, we believe more than ever in the long-term potential of photovoltaic and that ultimately convinced our finance partners too.”
Further, the funds are in line with company’s plan for expanding its US business, which in the country returned considerable value to group turnover and earnings in 2012.
Gehrlicher, meanwhile, appointed Richard von Hehn as chief operating officer (COO) to oversee group’s European business.