Hercules Congratulates Portfolio Company Sungevity on Its $650M Financing, the Largest Private Financing Round in Solar in 2015
December 22 2015 - 10:30AM
Business Wire
In addition, the approval of the U.S.
Investment Tax Credit or ITC extension by President Obama and the
U.S. Congress is another critical and positive development for the
Solar Industry
Hercules Technology Growth Capital, Inc. (NYSE: HTGC), the
leading specialty financing provider to innovative venture growth
stage companies backed by leading venture capital firms,
congratulates Sungevity, a leader in the global solar market, on
the completion of its recent equity and project financing
transaction that totaled $650 million. Hercules participated in
this latest round and continues to maintain a senior secured
structured loan to the company.
The funding includes $50 million in equity financing by existing
investors including GE Ventures, and new investors including Apollo
Investment Corporation, along with Hercules Technology Growth
Capital. The transaction also includes up to $600 million in new
project financing from a consortium led by Apollo Investment
Corporation, subject to certain terms and conditions, to further
support the development of solar projects across the company’s
growing U.S. footprint of service areas. Sungevity also services
the Netherlands, Germany and the United Kingdom.
“This is an extremely important milestone and achievement for
Sungevity, as this funding will allow them to extend their
technology platform while also widening their reach into new
markets and customers. This achievement coupled with President
Obama’s recent signed legislation passed by U.S. Congress to extend
the U.S. Investment Tax Credit or ITC, certainly bolsters our
belief and confidence in the company and our outlook for the solar
industry,” said Hercules’ Chief Executive Officer Manuel A.
Henriquez.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. is the leading
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in the technology, biotechnology, life
sciences, healthcare, and energy & renewable technology
industries. Since inception (December 2003), Hercules has committed
more than $5.6 billion to over 325 companies and is the lender of
choice for entrepreneurs and venture capital firms seeking growth
capital financing. Companies interested in learning more about
financing opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of
7.00% Notes due April 2019, 7.00% Notes due September 2019, and
6.25% Notes due July 2024, which trade on the NYSE under the
symbols “HTGZ,” “HTGY,” and “HTGX,” respectively.
Forward-Looking Statements
The information disclosed in this press release is made as of
the date hereof and reflects Hercules most current assessment of
its historical financial performance. Actual financial results
filed with the Securities and Exchange Commission may differ from
those contained herein due to timing delays between the date of
this release and confirmation of final audit results. These
forward-looking statements are not guarantees of future performance
and are subject to uncertainties and other factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements including, without limitation, the
risks, uncertainties, including the uncertainties surrounding the
current market volatility, and other factors the Company identifies
from time to time in its filings with the Securities and Exchange
Commission. Although Hercules believes that the assumptions on
which these forward-looking statements are based are reasonable,
any of those assumptions could prove to be inaccurate and, as a
result, the forward-looking statements based on those assumptions
also could be incorrect. You should not place undue reliance on
these forward-looking statements. The forward-looking statements
contained in this release are made as of the date hereof, and
Hercules assumes no obligation to update the forward-looking
statements for subsequent events.
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version on businesswire.com: http://www.businesswire.com/news/home/20151222005633/en/
Hercules Technology Growth Capital, Inc.Michael Hara,
650-433-5578 HT-HNInvestor Relations and Corporate
Communicationsmhara@htgc.com
Hercules Capital (NYSE:HTGC)
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