Evergreen Solar Inc. says it is working with the Export-Import Bank of the U.S. (Ex-Im Bank) to provide low-interest financing for solar projects using Evergreen Solar panels outside of the U.S.
The program is intended to spur the export of U.S.-made renewable energy products and is part of a mandate in Ex-Im Bank's Congressional Charter. Currently, Evergreen Solar customers have almost 90 MW of projects in varying stages of the loan application process with Ex-Im Bank.
Ex-Im Bank will offer U.S. dollar-denominated loans directly to project developers or project owners that will cover 85% of the U.S.-made product cost and up to an additional 30% of the cost of the product to be applied to local installation costs. Remaining project costs can be financed with separate bank loans as needed. Ex-Im Bank currently offers a 4.9% fixed interest rate over an 18-year period for solar installations outside of the U.S.
SOURCE: Evergreen Solar Inc.