PETALUMA, CA--(Marketwired - February 16, 2017) - Enphase Energy, Inc. (ENPH), a global energy technology company, today announced that it has refinanced and extended its term loan facility with certain funds managed by Tennenbaum Capital Partners ("TCP") from $25 million to $50 million. In connection with this refinancing, Enphase will consolidate its lender relationships by repaying amounts currently drawn under its existing line of credit facility with Wells Fargo Capital Finance and close that facility. Net proceeds from the refinancing and extension will be used to support the growing global demand for the Enphase Home Energy Solution.
"With our recent market share gains, product launches and restructuring initiatives, we believe we are making great progress toward our goal of achieving profitability," said Paul Nahi, president and CEO of Enphase Energy. "Working constructively with TCP, we were able to add additional capital that provides us with improved financial flexibility and further positions us to capitalize on the opportunities in front of us."
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, delivers simple, innovative and reliable energy management solutions that advance the worldwide potential of renewable energy. Enphase has shipped over 13 million microinverters, and over 540,000 Enphase residential and commercial systems have been deployed in more than 100 countries. For more information, visit www.enphase.com.
Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.
Forward Looking Statements
This press release may contain forward-looking statements, including statements related to Enphase Energy's future financial performance and flexibility, demand for its products, and ability to capitalize on the advantages of its technology and market trends. These forward-looking statements are based on the company's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the "Risk Factors" and elsewhere in Enphase Energy's latest Securities and Exchange Commission filings and reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.