Santander Bank announced that its Commercial Bank closed a $250 million asset-based revolving credit facility on behalf of Wind Turbine & Energy Cables Corp (WTEC). Santander acted as administrative agent, joint lead arranger and joint bookrunner on the credit facility and is one of eight international and U.S.-based banks providing financing to support WTEC’s production, logistics, fleet management and day-to-day operations. This deal builds on WTEC’s $60 million asset-based revolving credit facility led by Santander in 2019, which ultimately grew to $150 million by mid-2022.
WTEC is a leading, diversified manufacturer of electrical cables, wires and steel for use in the renewable energy industry. Founded in 2002 and globally headquartered in Hasbrouck Heights, New Jersey, WTEC has 11 national manufacturing sites, totaling 950,000 square feet of cable, wire and steel facilities that provide scalability and flexibility as the company expands its domestic and international operations.
“Powering wind and solar farms across the country, WTEC is a proven leader in the renewable energy market and is relentlessly focused on investing in new facilities, introducing new products, streamlining processes and enhancing capabilities while continuing to expand its international operations and reach,” said Ellen Marshall, Head of New York and New Jersey Middle Market Banking at Santander Bank.
“Santander is uniquely positioned to support WTEC and help them prosper by combining global expertise and advisory capabilities in renewable energy with local knowledge from a dedicated coverage team. We are excited to deepen our relationship with WTEC as they take this next step in their growth strategy and look forward to bringing them new value-add solutions, ideas and technology now and in the future.”
WTEC is labeled as “Green Finance” by Santander under the Sustainable Finance Classification System, which supports Santander Group’s global commitment to lend 220 billion Euro in green finance by 2030. Santander Group is a global leader in sustainability practices, and in the U.S., Santander remains committed to fostering inclusive communities, empowering people and businesses, and supporting the green economy.
“Santander’s passion for providing exceptional client service, experience in the renewable energy space and global resources make them an ideal long-term partner as we continue to develop our business in this dynamic industry,” said Sherie Singh-Cho, Chief Operating Officer of WTEC.
For more asset-based lending industry news, visit ABL Advisor.