Los Gatos, Calif.-based Akeena Solar Inc., a designer and installer of solar power systems, has secured a $2 million line of credit with Comerica Bank to expand the company.
Akeena Solar will use the financing to fund business operations, including entering the Orange County and Fresno, Calif., markets. According to the company, the line of credit is subject to customary terms and conditions and covenants, including several reporting and non-financial covenants. It has an initial term through January of 2008.
‘This credit facility increases our working capital and provides additional financial flexibility to take advantage of opportunities in the rapidly growing solar power industry,’ adds Barry Cinnamon, Akeena Solar's president and chief executive officer.