Ex-Im Bank Speeds Financing of Solar Exports for Small Projects
May 26, 2010
These metal shells are key components of the 2.5-megawatt Clipper Liberty wind turbines, which were exported to Mexico after Ex-Im Bank financing.
The Export-Import Bank of the United States (Ex-Im Bank) unveiled on April 22 its new "Solar Express" initiative, which will provide streamlined financing for U.S. exports to small solar-energy projects. Under the new initiative, financing could be approved in as few as 60 days. The Solar Express loans will be available for small solar-power producers seeking financing of $3-10 million. The initiative offers both direct loans and loan guarantees, and in most cases, the loan will be disbursed after completion of the project. The loans can include financing up to 30% of local costs, and repayment can be up to 18 years. See the Ex-Im Bank press release and fact sheet (PDF 673 KB). Download Adobe Reader.
The Ex-Im Bank, an independent, self-sustaining federal government agency, exists to fill gaps in export financing, strengthen U.S. export competitiveness, and create and maintain U.S. jobs. The bank's Environmental Exports Program, which includes the Solar Express initiative, offers enhanced financing for eligible U.S. exports, such as greater risk protection and capitalization of interest during construction. The program has yielded noteworthy results for U.S. renewable energy companies. For example, Suniva, Inc., a U.S. manufacturer of high-efficiency solar cells and modules, received Ex-Im Bank's 2010 Green Transaction of the Year award for using a $2 million, short-term, multi-buyer insurance policy from the bank to offer a $500,000 credit line to a customer in India, allowing the customer to buy Suniva's solar equipment. Likewise, Clipper Windpower Inc., a U.S. wind turbine producer, received the 2010 Ex-Im Deal of the Year award for breaking into the global marketplace by exporting 27 Liberty 2.5-megawatt wind turbines to Mexico, backed by a direct loan of $80.66 million from the bank. The wind turbines were installed in Oaxaca, Mexico, and are owned by Electrica del Valle de Mexico. See the Ex-Im Bank press releases on Suniva and Clipper Windpower.