Premier Power Renewable Energy, Inc., solar power systems manufacturer for the U.S. and Europe, and Umpqua Bank have entered into a credit and finance agreement. Premier Power is now able to borrow a $7 million line of credit for general working capital needs, which may increase to up to $12 million depending upon Premier Power’s acquisitions.
“We are pleased to be partnering with Premier Power, a leader in the clean-tech industry,” said Ray Davis, CEO of Umpqua Bank. “Our lending commitment to Premier Power allows us to continue to expand our eco-banking initiatives … and this relationship demonstrates our ongoing commitment to support environmentally sustainable projects.”
“We are very pleased to begin a new relationship with Umpqua Bank and establish this new credit facility, which will provide additional liquidity to support the significant growth opportunities we see ahead,” said Dean Marks, chief executive officer of Premier Power.
In June alone, Premier gained contracts for 1MW of commercial rooftop installations, using crystalline modules provided by General Electric and cylindrical thin-film modules provided by Solyndra. In addition to capitalizing on the remaining 40% solar energy targets in the Spanish market, Premier Power has acquired Arco Energy and is continuing to expand throughout Europe.