• Banks show active support for new growth phase
• New financing volume of €101 million allows for continued international expansion of differentiated solar EPC services
Sulzemoos, March 24th, 2016 / Phoenix Solar AG (ISIN DE000A0BVU93), a leading international photovoltaic system integrator, listed in the Prime Standard of the Frankfurt Stock Exchange, concluded an agreement on March 18th, 2016 with its banking syndicate. The finance package extends the company’s existing facility through September 30th, 2018. The new financing package now totals some € 101 million, consisting of a syndicated loan of € 85.4 million as well as other bilateral cash and guarantee lines.
After successfully completing its restructuring in 2014 and owing to strong growth in the operating business in 2015, Phoenix Solar’s finance needs are slightly down due to the amortization of loans as well as less credit need in the now much smaller German market. The new facility will finance the more than 50 percent organic growth foreseen for the 2016 financial year as well as further geographic expansion.
