Solar Integrated Signs Credit Line with GE Affiliate

Solar Integrated Technologies, provider of commercial building integrated photovoltaic roofs, signed a revolving line of credit with an affiliate of GE Energy Financial Services for up to US$20 million. The credit facility is for a term of up to five years, and will be used for working capital and other general corporate purposes.

Solar Integrated granted GE Energy Financial Services five-year warrants to purchase up to 2,000,000 shares of common stock of Solar Integrated at a strike price of US$3.392 per share, subject to adjustment in certain circumstances. “This US$20 million credit facility with an affiliate of GE Energy Financial Services, coupled with our recent US$37 million private placement of convertible notes, will support our growth,” said Jon W. Slangerup, Solar Integrated CEO. “We are very pleased that we are able to deepen our relationship with GE.” In April 2005, Solar Integrated announced that GE Energy Financial Services had invested in an innovative solar roofing project with the San Diego Unified School District. After that initial investment, GE Energy Financial Services has a right of first refusal to finance up to US$500 million of existing and prospective solar roofing projects.
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