Enphase Energy has signed an extended asset-based credit facility with Wells Fargo Capital Finance. This new credit facility replaces a $50 million facility with Wells Fargo Capital Finance, extending the commitment period through November 7, 2019 to provide borrowing capacity and financial flexibility to support Enphase’s growth objectives. The new facility provides $50 million in committed working capital financing, and further provides for an uncommitted $25 million accordion feature pursuant to which Enphase may elect to extend the credit facility to provide for up to $75 million of borrowing capacity subject to the satisfaction of certain conditions.
"This extended working capital facility with Wells Fargo will provide us with the financial flexibility to execute on our growth strategy,” said Kris Sennesael, CFO of Enphase. “We appreciate the commitment and support from Wells Fargo to be a strategic partner with Enphase by providing us with an extended credit facility with lower interest rates and more attractive terms."
Additional details regarding this transaction will be reported in a Form 8-K filed by Enphase Energy with the Security and Exchange Commission on December 22, 2015.