The Export-Import Bank of the United States has approved an 11 million euro loan guarantee to support the financing of exports of solar-cell manufacturing tools and equipment by Applied Materials Inc. of Santa Clara, Calif., to Signet Solar LLC of Dresden, Germany. The Ex-Im Bank financing in U.S. dollars is $14.4 million under current exchange rates.
Ex-Im Bank is providing a five-year facility guaranteeing a limited-recourse loan denominated in euros to Signet Solar LLC from the Bank of America in San Francisco. Ex-Im Bank's five-year loan guarantee is also supporting $5.2 million in local costs for installation and construction that were financed under the loan.
The Applied Materials exports were used to design and construct the Signet Solar Project, a manufacturing facility in Dresden that was completed in late 2008 and produces amorphous thin-film silicon photovoltaic modules. The PV modules are used in end applications of Signet Solar's customers in Germany, Italy and Spain.
SOURCE: The Export-Import Bank of the United States