A Hasbrouck Heights-based maker of energy industry products has received a $75 million credit facility from Santander Bank, the bank announced recently.
Wind Turbine & Energy Cables Corp., which makes a range of wire, cable and steel products for wind turbines, solar panels, transmission lines and more, received the asset-based revolving credit facility that will support its long-term growth from the Boston-based U.S. arm of Banco Santander S.A., which has a major presence in New Jersey.
“WTEC has been successfully investing in and scaling its U.S. footprint by developing and enhancing its product offerings and capabilities, penetrating new market sectors and broadening its international operations and reach,” Ellen Marshall, market director for New York and New Jersey Middle Market Banking at Santander, said in a prepared statement. “We believe the company will benefit from our international expertise and experience in the clean energy space, and we appreciate the opportunity to continue our long-term support of WTEC in this dynamic industry.”
WTEC, which was founded in 2002, has its headquarters in New Jersey and a major manufacturing campus in Florida.
“Santander’s customized approach and global reach made it the perfect financial institution to partner with and support our aggressive growth strategy,” Sherie Singh-Cho, WTEC’s chief financial officer, said in a statement. “We are excited to work with the Santander team as we continue to grow our business.”
Santander acted as administrative agent, sole lead arranger and sole bookrunner on the facility, it noted.