Planet Lighting is a family-owned company based in Bellingen, NSW, which is a world-leading maker of architecturally designed lighting fixtures and glassware. It generates around 45 per cent of its revenue through exports, and is targeting 60 per cent within five years.
Planet Lighting secured three contracts, worth approximately A$8 million, to design, manufacture, supply and install lighting fixtures for the Dubai Metro project in the United Arab Emirates.
As part of the contract, Planet Lighting needed to supply three advance payment bonds, which would secure upfront payments and allow Planet Lighting to finance work on the contracts.
We provided guarantees to the company’s bank to enable the three advance payment bonds to be issued in favour of the buyer.
“We’ve done some work in Dubai in the past but this project is the beginning of a great deal of large-scale work in the region,” said Planet Lighting’s CEO Brett Iggulden.
“With Efic’s help we’re ready to enter this new stage of export growth. It ensured that we had the cash flow for an immediate start on the contracts.”