MUNICH--(BUSINESS WIRE)--An international group of banks led by BayernLB has provided a financing framework totaling €85 million to Gehrlicher Solar AG, including €30 million for avals (guarantees), for another two years. The mezzanine capital of €6 million was also extended by Bayern Mezzaninekapital GmbH & Co. KG for the same period.
The consortium agreement was signed on April 11, 2013 with an unchanged banking syndicate, securing finance for the international solar project developer and system integrator until February 28, 2015. "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," says founder and CEO Klaus Gehrlicher.
In 2012 the U.S. business was especially successful, making a significant contribution to group turnover and earnings. To further expand the international project business, on May 2, 2013 Stefan Parhofer was appointed to the Board of Directors as Chief Strategy/Sales Officer (CSO). He has spent the last two years building up the U.S. business as CEO of the American subsidiary, a position he will continue to hold in addition to his new role.
Richard von Hehn has also been appointed to the Board as Chief Operating Officer (COO), and will concentrate on the European business. Since joining the company in 2009 he has held various executive positions, including Head of Corporate Strategy and Development and most recently Head of Purchasing and Wholesale.
About Gehrlicher Solar AG
Gehrlicher Solar AG is an internationally operating photovoltaics company based in Germany with subsidiaries and joint ventures in Brazil, the Czech Republic, France, Great Britain, India, Italy, Romania, Spain, South Africa, Turkey and the USA. Gehrlicher Solar employs around 250 staff worldwide and generated a total of EUR 323 million in sales in fiscal year 2011. The company, which was founded in 1994, develops, plans, builds, finances, and operates solar power systems to be mounted on the ground and on roofs – from private homes to multi-megawatt systems. In addition, it distributes solar modules and inverters as well as components from its own GehrTec product range. Gehrlicher Solar also plans, sets up and manages profit-oriented photovoltaic funds and private placement systems for private and institutional investors. Additional information at www.gehrlicher.com