Enphase Energy signs asset-based credit facility with Wells Fargo Capital Finance
Written By: Stratton Report
December 22, 2015
On December 22, Enphase Energy, Inc., an energy technology company, announced it has signed an extended asset-based credit facility with Wells Fargo Capital Finance. The new facility provides $50 million in committed working capital financing, and further provides for an uncommitted $25 million accordion feature pursuant to which Enphase may be able to extend the credit facility to provide for up to $75 million of borrowing capacity.
This new credit facility replaces a $50 million facility with Wells Fargo Capital Finance, extending the commitment period through November 7, 2019 to provide borrowing capacity and financial flexibility to support Enphase’s growth objectives.
Kris Sennesael, CFO of Enphase commented:
“This extended working capital facility with Wells Fargo will provide us with the financial flexibility to execute on our growth strategy. We appreciate the commitment and support from Wells Fargo to be a strategic partner with Enphase by providing us with an extended credit facility with lower interest rates and more attractive terms.”