The new credit facility will be used to spur SunLink's expansion. Image: SunLink
Solar power company SunLink announced Wednesday that it has agreed to a financial deal with Heritage Bank of Commerce to provide an expanded line of credit and other financial services in an effort to spur expansion.
As part of the deal, Heritage Bank of Commerce will provide US$10 million to SunLink.
Michael Maulick, CEO of SunLink, noted: “SunLink’s business is accelerating on every front, and we needed a financial partner able to support that sort of rapid, multi-faceted growth. We’re simultaneously delivering hundreds more MWs of tracker and other mounting systems for utility-scale solar projects worldwide, scaling our PowerCare services division to better serve the needs of the C&I market, and continuing to invest in the development of our VERTEX software as the platform with the potential to transform the economics of the entire energy industry. Heritage Bank of Commerce is a financial institution that understands the needs of a high-growth company and sees the potential of the energy future toward which we are driving.”
Mike Hansen, senior vice president of corporate finance at Heritage Bank of Commerce, noted: “We are very pleased to be working with SunLink. We feel our line of credit will assist with their capital needs as they continue to grow and we look forward to a successful partnership."