An international group of banks led by BayernLB has provided a financing framework totaling €85 million to Gehrlicher Solar AG, including €30 million for guarantees for another two years. Additional 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 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,” said founder and ceo Klaus Gehrlicher.
The company has also added two new board members. Stefan Parhofer has been appointed as chief strategy/sales officer (CSO) and will continue in his role as ceo of Gehrlicher Solar’s American subsidiary whilst Richard von Hehn has been appointed chief operating officer to concentrate on European business.