Export-Import Bank of the U.S. securing loans

Alexander Richter 18 Nis 2009

While not completely related to geothermal, this article might be interesting for U.S. players. “The Export-Import Bank of the United States wants more renewable energy companies to know that it could help them close sales with international buyers who have a hard time securing loans.” The bank focuses on promoting export of technology to strengthen the economy in the U.S. and therefore applies mostly for suppliers, but that even might be of use for some players in the geothermal sector.

“There is one institution that is eager to lend, and it bemoans the fact that hardly anyone know about it.

“Our biggest challenge is people haven’t heard of us,” said Craig O’Connor, director of the Office of Renewable Energy and Environmental Exports at the Export-Import Bank of the United States. “If we can provide attractive financing, then we are achieving our Congressional mandate.”

The bank provides low-interest loans as working capital for companies that export their goods and services. It also offers loan guarantees to companies that buy American products, and can be more willing to support what private lenders would consider risky deals in developing countries. If the borrowers default, the U.S. government will pay off the loans.

Last week, it announced the approval of $61 million in loan guarantees to Seoul-based Gochang Solar Park Co. for buying solar panels from SolarWorld Industries America in Hillsboro, Ore., and installing those panels for five power plants in Korea.”

… “Other renewable energy deals have involved wind and geothermal companies and projects, O’Connor said, adding that the bank has provided $400 million in loan guarantees and other financing to renewable energy companies in the past five years.”  Website of the Environmental Exports Division

Source: Greentech Media