Boston, United States — Inverter manufacturer, Satcon Technology has entered into a US $12 million subordinated debt facility with Horizon Technology Finance. The company said that it plans to use the proceeds of this transaction as working capital as it plans for continued worldwide growth.
In April, Satcon received an order for 150 megawatts (MW) of its 500-kilowatt (kW) solar photovoltaic inverters from GCL Solar Limited, one of China’s largest utility solar power plant developers and suppliers.
“Over the past twelve months, the large scale solar market has passed an inflection point with extensive growth in the volume and scope of utility grade solar installations worldwide. This resulting increase in demand for our best in class utility ready solutions has positioned Satcon as the leader in large scale solar power conditioning solutions, as evidenced by our recently announced project wins in China, North America and Europe and our announcement of over $80 million in backlog as of early May,” said Donald Peck, Satcon’s CFO.
The company launched its Satcon Solstice, a utility-scale inverter for large solar farms last year. The company said that the product provides high efficiency, localized command and control and higher kilowatt hours per day. By converting power at each individual string, the solution helps to eliminate typical array losses from shading, soiling and panel mismatching.