Gehrlicher secures €85 million in financing as it seeks to expand international operations

The credit lines come at a time when the solar project developer and system integrator is expanding operations in the U.S., which the company said was especially successful in 2012 and "making a significant contribution to group turnover and earnings."

The company’s €85 million financing framework includes €30 million in bank guarantees as well as €6 million in mezzanine capital, which was extended by Bayern Mezzaninekapital GmbH & Co. KG.

"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," said founder and CEO Klaus Gehrlicher.

As it seeks to further expand its international project business, Gehrlicher has appointed Stefan Parhofer to its board of directors as chief strategy/sales officer. Parhofer has spent the last two years building up the U.S. business as CEO of Gehrlicher’s New Jersey-based U.S. subsidiary, Gehrlicher Solar America Corporation, a position he will continue to hold in addition to his new role.

Gehrlicher also tapped Richard von Hehn for the board as chief operating officer. Von Hehn, who has held various executive positions since joining the company in 2009, will concentrate on the European business.