In addition, the approval of the U.S. Investment Tax Credit or ITC
extension by President Obama and the U.S. Congress is another critical
and positive development for the Solar Industry
PALO ALTO, Calif.--(BUSINESS WIRE)--
Technology Growth Capital, Inc. (NYSE: HTGC), the leading specialty
financing provider to innovative venture growth stage companies backed
by leading venture capital firms, congratulates Sungevity, a leader in
the global solar market, on the completion of its recent equity and
project financing transaction that totaled $650 million. Hercules
participated in this latest round and continues to maintain a senior
secured structured loan to the company.
The funding includes $50 million in equity financing by existing
investors including GE Ventures, and new investors including Apollo
Investment Corporation, along with Hercules Technology Growth Capital.
The transaction also includes up to $600 million in new project
financing from a consortium led by Apollo Investment Corporation,
subject to certain terms and conditions, to further support the
development of solar projects across the company's growing U.S.
footprint of service areas. Sungevity also services the Netherlands,
Germany and the United Kingdom.
"This is an extremely important milestone and achievement for Sungevity,
as this funding will allow them to extend their technology platform
while also widening their reach into new markets and customers. This
achievement coupled with President Obama's recent signed legislation
passed by U.S. Congress to extend the U.S. Investment Tax Credit or ITC,
certainly bolsters our belief and confidence in the company and our
outlook for the solar industry," said Hercules' Chief Executive Officer
Manuel A. Henriquez.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. is the leading specialty
finance company focused on providing senior secured venture growth loans
to high-growth, innovative venture capital-backed companies in the
technology, biotechnology, life sciences, healthcare, and energy &
renewable technology industries. Since inception (December 2003),
Hercules has committed more than $5.6 billion to over 325 companies and
is the lender of choice for entrepreneurs and venture capital firms
seeking growth capital financing. Companies interested in learning more
about financing opportunities should contact firstname.lastname@example.org,
or call 650.289.3060.
Hercules' common stock trades on the New York Stock Exchange under the
ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of 7.00%
Notes due April 2019, 7.00% Notes due September 2019, and 6.25% Notes
due July 2024, which trade on the NYSE under the symbols "HTGZ," "HTGY,"
and "HTGX," respectively.
The information disclosed in this press release is made as of the date
hereof and reflects Hercules most current assessment of its historical
financial performance. Actual financial results filed with the
Securities and Exchange Commission may differ from those contained
herein due to timing delays between the date of this release and
confirmation of final audit results. These forward-looking statements
are not guarantees of future performance and are subject to
uncertainties and other factors that could cause actual results to
differ materially from those expressed in the forward-looking statements
including, without limitation, the risks, uncertainties, including the
uncertainties surrounding the current market volatility, and other
factors the Company identifies from time to time in its filings with the
Securities and Exchange Commission. Although Hercules believes that the
assumptions on which these forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate and,
as a result, the forward-looking statements based on those assumptions
also could be incorrect. You should not place undue reliance on these
forward-looking statements. The forward-looking statements contained in
this release are made as of the date hereof, and Hercules assumes no
obligation to update the forward-looking statements for subsequent
View source version on businesswire.com: http://www.businesswire.com/news/home/20151222005633/en/
Hercules Technology Growth Capital, Inc.
Michael Hara, 650-433-5578
Investor Relations and Corporate Communications
Source: Hercules Technology Growth Capital, Inc.
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