SCOTTSDALE, AZ. – September 26, 2014– DEPCOM Power, a partner in Utility Scale Solar, today announced it has established a strategic banking relationship with The Biltmore Bank of Arizona, a division of Grandpoint Bank. Grandpoint Bank has nearly $2.5B in assets and is one of largest community banks in the Southwest.
DEPCOM has established a working capital credit line with Biltmore Bank participating in the Arizona Innovation Accelerator Fund (AIAF), a program of Arizona Commerce Authority (ACA). The goal of the AIAF program is to stimulate financing of Arizona businesses while fostering business expansion and job creation. “We are pleased that we were able to put this credit facility in place for DEPCOM,” said Rich Endicott, President of Biltmore Bank. “DEPCOM has a great business plan and is in an industry poised for growth. We look forward to being a part of their long-term success.”
T.J. Jennings, Vice President of Capital Strategies at the ACA, added: “DEPCOM is an ideal company that fits the AIAF program criteria; expanding business and employment creation for Arizonians.”
“DEPCOM is pleased to have the support and confidence of Biltmore Bank and the ACA,” said Steve Chun, Chief Administrative Officer at DEPCOM Power. “We are delighted to have a strong credit facility with an institution such as Biltmore Bank. The financing will assist in our forthcoming strategic initiatives and with securing contracts which require credit facilities for our Utility Scale Solar Power Plants.”
About DEPCOM Power
DEPCOM Power is a partner in utility scale solar for: Project Development (D) Support, Engineering, Procurement & Construction (EPC) and Operations and Maintenance (O&M) services for utilities, independent power producers and project development companies. DEPCOM Power leverages a highly-experienced solar team, technology agnostic top-tier solar modules, and cost-effective balance of system components to provide optimum levels of agility, price and quality for utility scale solar. For more information about DEPCOM Power, please visitwww.depcompower.com