July 9 (Renewables Now) - US-based solar racking manufacturer GameChange Solar has secured an asset based working capital credit line of an undisclosed sum from Citi Commercial Banking.
The company will use the credit facility to fund its domestic and international growth over the next several years, it said. Just recently, it announced the addition of 6.4 GW of tracker and fixed tilt production capacity in China from where it will pursue growth into international markets such as the Middle East, Europe, Australia and Africa. The firm also plans growth in Latin America.
“As GameChange Solar continues its rapid expansion globally and in the US, we decided it was time to bring on a large financing partner,” commented Derick Botha, chief commercial officer at GameChange Solar.
The solar racking maker said it has been profitable every year since its creation in 2012 and expects this to continue in the coming years. The company hopes to become the global leader in this market by 2022, with sales substantially in excess of USD 1 billion (EUR 892m).
(USD 1.0 = EUR 0.892)