Akeena Solar will grow with its credit
Los Gatos, Calif., June 29, 2007
Source: United Press International
http://www.upi.com/Energy/Briefing/2007/06/29/6660/
Akeena Solar Inc. has announced an increase in its line of credit with Comerica Bank. Akeena is a designer and installer of solar power systems and is one of the largest national integrators of residential and small commercial solar power systems in the United States. The announcement states Comerica has increased Akeena’s accounts receivable and inventory-based line of credit from $2.0 million to $7.5 million.
“The increased line of credit provides us with greater financial flexibility to fund our growth plans,” said Lad Wallace, chief financial officer of Akeena. “We believe we have significant opportunity to take advantage of the rapidly growing demand for solar power. We are excited to have Comerica as a business partner and look forward to continued successful collaboration.”
The company entered into the initial credit facility on Jan. 29. The new facility provides for up to $7.5 million in financing to be used to fund working capital and has an initial term through August of 2008. The credit facility is subject to customary terms and conditions and covenants, including several reporting and non-financial covenants. Akeena operates in California, New Jersey, New York, Connecticut and Pennsylvania.