Eltek ASA (OSE: ELT) is advancing handily for the second day in a row as the company announced this morning that it has secured a 1.3 billion NOK refinancing plan from Nordea subject to the signing of final Loan Agreement. According to the company the refinancing substantially improves financing structure and financial flexibility. Eltek says it will be in compliance with the covenants (equity ratio > 25% and a leverage ratio covenant for future development) from the get go
The upward momentum started yesterday as Eltek Valere said it had secured two contracts in Italy for solar inverter system Theia PV Power Stations. The contracts were the first of their kind for the product designed to convert energy from large solar arrays to medium voltage electricity grid.
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