Aix-en-Provence (France) – April 11, 2016. GEP (Alternext - FR0011289198 - ALGEP) announces the setting up by Bpifrance Financement of a loan for an amount of € 1 million and 7 years maturity.
Following the recent strengthening of its equity, GEP has obtained from Bpifrance Financement a specific loan for international growth in the amount of € 1 million, with 7 years maturity and a two-year grace period on repayment of principal.
The only guarantee associated with this financing consists of a cash collateral for an amount of € 50 K, as a pledge during the whole credit life. Thanks to the quality of its rating with the Banque de France (E3), GEP was able to obtain very attractive conditions, since the loan will bear a fixed interest rate of 2.43% per annum.
This is the first financing carried directly by GEP. This loan will therefore permanently stay in the Group accounts, unlike almost all of the current FINANCIAL debts carried by the SPV and set to disappear from the consolidated accounts at the sale of each project.
This loan will allow GEP to help finance its international deployment as of the fiscal year 2016. As a reminder, GEP is currently working on several international projects:
- A solar power plant of 29 MWp in Puerto Rico;
- A wind farm (nearshore) of 20 turbines (between 60 and 100 MW) in Sweden;
- A solar power plant of 12 MWp in Spain;
- A wind farm of 50 MW, expandable to 75 MW in Serbia;
- Several wind farms in Greece.
PHILIPPE PERRET, EXECUTIVE VICE PRESIDENT OF GEP:
"The setting up of this loan by Bpifrance Financement demonstrates the confidence of a major player in the French banking sector in the development potential of our company. We can thus finance a part of our international growth without dilutive impact for our shareholders."