Santander Bank closed a $345 million asset-based revolving credit facility for WTEC, providing additional working capital to support the New Jersey-based manufacturer’s continued growth across the renewable energy, grid modernization, data center and AI infrastructure sectors.
Santander’s commercial bank served as administrative agent, joint lead arranger and joint bookrunner, partnering with a group of four banks to structure the financing.
“We’re proud to deepen our partnership with WTEC as the company continues to expand its manufacturing footprint and meet growing demand,” Ellen Marshall, head of corporate and middle market banking at Santander, said. “Supporting ambitious middle-market companies like WTEC is central to our strategy, and we’re excited to help position them for their next chapter of growth.”
Anthony Selvaggio, head of New York and New Jersey corporate and middle market banking at Santander, added, “As lead bank, we’re honored by the long-term relationship we’ve built with the WTEC team. We look forward to continuing our partnership as the company executes on its strategic objectives and expands its market share across the energy and infrastructure sectors.”
Bonita Singh, chief financial officer of WTEC, said, “The expansion of our credit facility reflects the strength of WTEC LLC’s business platform and the trust we have built with Santander over many years. This additional financial flexibility supports our continued investment in U.S. manufacturing, innovation, and customer service across the renewable energy, utility, infrastructure, and rapidly growing data center markets. We appreciate Santander’s partnership and confidence in WTEC’s future.”
