Aix-en-Provence (France) – May 16, 2017. GEP (Alternext - FR0011289198 - ALGEP) announces the setting up by Bpifrance Financement of a medium-term loan, for an amount of € 1.2 million and a 7 years maturity.
Consecutively to the recent strengthening of its equity, following the entry of MCA Finance into its capital for an amount of € 1.2 million, GEP announces it has obtained from Bpifrance Financement a specific loan for international growth (Prêt Croissance International - PCI) in the amount of € 1.204 M, with 7 years maturity and a two-year grace period on repayment of principal. This loan will contribute to the financing of the Group's international deployment.
The only guarantee associated with this financing consists of a cash collateral for an amount of € 60 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 financing conditions, since the loan will bear a fixed interest rate of 2.29% per annum.
This is the second financing carried directly by GEP. For the record, GEP had already obtained in April 2016 a first financing of Bpifrance Financement for an amount of € 1 million.
This new loan thus brings the total amount of the Group's bank debt to € 2.2 million, compared with a level of equity of € 8.2 million at 31/12/2016 (not including the € 1.2 million capital increase subscribed by MCA Finance in 2017).
PHILIPPE PERRET, EXECUTIVE VICE PRESIDENT OF GEP:
« The setting up of this loan by Bpifrance Financement demonstrates the renewed 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. »
Global EcoPower is an Aix-en-Provence based company and a “turnkey” constructor of power plants using renewable energies, wind and solar power. GEP is listed on the Alternext Paris Market of Euronext (ISIN code: FR0011289198 - mnemo: ALGEP). GEP is eligible for PEA-PME.