July 14, 2009 (FinancialWire) — Premier Power Renewable Energy, Inc. (OTCBB: PPRW) (Current Market Cap: US$104.19 Mil.) said it has established a new banking relationship with Umpqua Bank and a new line of credit, enabling Premier Power to borrow up to $12 million.

The deal includes an initial $7 million line of credit, which may be increased to up to $12 million upon further mutual agreement by the parties following Premier Power’s acquisition of a new subsidiary. The new credit facility is for general working capital needs.

Dean Marks, Premier Power’s chief executive officer, said “We have a substantial project pipeline across our U.S. and European markets and recently further expanded our market leadership position in Europe with our acquisition of Arco Energy in Italy.”

El Dorado Hills, California-based Premier Power Renewable Energy is a provider of large and small-scale solar power systems to commercial, agricultural, utility, governmental and residential customers in North America and Europe.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.