"We are pleased to close this subordinated debt financing with Horizon," said Donald R. Peck, Satcon’s chief financial officer. "Over the past twelve months, the large scale solar market has passed an inflection point with extensive growth in the volume and scope of utility grade solar installations worldwide.
"This resulting increase in demand for our best in class utility ready solutions has positioned Satcon as the leader in large scale solar power conditioning solutions, as evidenced by our recently announced project wins in China, North America and Europe and our announcement of over USD$80 million in backlog as of early May."
Mr. Peck continued: "By bolstering our ongoing cash position with the proceeds of this debt offering, we are strengthening our balance sheet and can assure our customers and our investors that we have the financial resources available to satisfy the increasing demand for our solutions, to continue to develop and deliver the world’s most advanced and efficient power conditioning solutions, and to successfully execute on our growth plans."
Details of the terms of this subordinated debt transaction have been filed today with the Securities and Exchange Commission on Form 8-K.