DGAP-News: Greencells GmbH / Key word(s): Financing
Greencells bolsters business with EUR 7.5 million credit line for projects from Euler Hermes, braves COVID-19 uncertainty
Saarbrücken, 31. May 2021 - Greencells GmbH, a globally active EPC and O&M service provider for utility-scale solar power plants, is amongst the companies to have secured a credit line by credit insurance giant Euler Hermes during the peak of the COVID-19 crisis in 2020.
Despite the uncertain outlook caused by the COVID-19 crisis which restrained new lending activities in the entire finance sector, a EUR 7.5 million credit line was agreed in 2020 and made available at the beginning of 2021. Cooperating with an established industry player such as Greencells gives Euler Hermes the opportunity to support the development of renewable energy generation despite the ongoing crisis. The agreement covers projects on global scale, with the first guarantee issued being a performance bond of MYR 5.4 million (EUR 1.2 million) in favor of the Malaysian grid authority.
Cyrill Reidelstürz, CFO of Greencells GmbH, comments: "In a time marked by economic shockwaves, Greencells GmbH was able to establish this new relationship with one of the credit insurance industry's key players. This is an indicator of the strong performance of our company as well as the overall resilience of photovoltaics throughout the COVID-19 crisis."
Anna-Katharina Wichmann, Head of MMCD of Euler Hermes Deutschland: "During the global pandemic, we not only protected our customers and their supply chains against the economic consequences of COVID-19, but also dealt intensively with important future issues such as the expansion of renewable energies. With Greencells, we are now supporting a renowned expert in the field of green energy in bringing more solar parks to the grid worldwide."
Both companies plan to continue their partnership over the growing Greencells project pipeline.
For more information, please visit www.eulerhermes.com.
Euler Hermes Deutschland
31.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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