Opus Financing $25MM Solexel Financing
Opus Bank announced its Technology Banking division provided $25 million of senior debt financing to Solexel. The financing provided by Opus will be used for the completion of its production facility in Milpitas, CA and general corporate purposes.
Stephen H. Gordon, chairman, CEO, and president of Opus Bank stated, “Solexel is a great company that manufactures reliable, highly efficient, and aesthetically appealing solar modules for electricity generation at substantially reduced costs. The capital funding Opus Bank provided to Solexel is directly in accordance with our recently announced $1 billion commitment to back those companies that drive sustainable economic and job growth in California.” Gordon concluded, “At Opus Bank, we’re passionate about financially backing entrepreneurs who are committed to driving business growth. We are confident that Solexel is one of those companies that shares our vision to expand and grow and has the potential to be a catalyst for job creation and economic development in California.”
Kevin McBride, senior managing director and Head of Opus’ Technology Banking division, stated, “Solexel has developed differentiated photovoltaic technology that allows power generated by its solar arrays to be less expensive, without subsidies, than conventional electricity. Their product is aesthetically superior to conventional solar panels and a fraction of the weight, thereby allowing it to be deployed in areas and ways not previously receptive to solar. The senior debt solution provided by Opus Bank is an example of Opus’ technology experience and capability to deliver needed financing to venture-backed companies in their growth stage. Opus is pleased to have the opportunity to become Solexel’s lead commercial bank and to have joined such noted investors as Kleiner Perkins Caufield & Byers, Technology Partners, and The Westly Group in backing Solexel’s success.
Mark Kerstens, chief sales & marketing officer and acting CFO of Solexel commented, “It has been a pleasure working with Kevin McBride and his team at Opus Bank. They made an effort to understand Solexel’s specific needs, and together we developed a debt financing solution that addresses those needs. We look forward to a long-standing relationship with Opus Bank.”
Milpitas, CA-based Solexel holds the world-record for the efficiency of a production-format thin-crystalline-silicon solar cell.