German project developer and integrator Belectric has secured a 30% increase in its credit line after signing a new funding deal with its existing banking consortium, led by UniCredit Bank.
The company, based in the state of Bavaria, said it was able to increase its funding agreement despite the challenging economic climate currently facing the industry.
A number of new banks have recently joined Belectrics banking consortium, including HSH Nordbank, IKB Deutsche Industriebank and Bayerische Landesbank, which joined UniCredit and Commerzbank.
The participation of the additional banks has meant funding for Belectric could be spread across a broader base.
"Crucial to the successful outcome of the negotiations were the extremely positive business development and the company's market position," Belectric said in a statement, adding that the agreement provided the company "the sound financial footing it requires to continue pursuing its sustainable and efficient strategy for growth."
Belectric Chief Financial Officer Michael Belschak said the new credit agreement "means we have not only improved our funding structure, but have also adapted it to provide the perfect solution for our business model."
Belschak added that the credit facility would strengthen Belectrics global competitiveness, allowing it to respond even more quickly and flexibly to new growth markets."
Belectrics international activities, which cover more than 20 countries, include the development and construction of utility-scale ground-mounted solar power plants and roof-top photovoltaic systems.
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