The Export-Import Bank of the U.S. has launched the new Solar Express product, which is designed to provide streamlined financing for U.S. exports to small solar energy projects that could be approved in as few as 60 days.
‘Smaller-scale solar projects traditionally have been at a disadvantage in obtaining project financing because of the high cost of advisory services associated with them,’ says Fred P. Hochberg, chairman and president of Ex-Im Bank. ‘Through our new Solar Express product, Ex-Im Bank can help U.S. solar industry exporters be more competitive and increase international sales.’
Export sales using Solar Express will enable the bank to consider project financing for small solar power producers seeking loans of $3 million to $10 million. The bank's Environmental Exports program offers enhancements for eligible U.S. exports, such as greater risk protection, capitalization of interest during construction, and financing of local costs of up to 30% of the U.S. contract price. Repayment terms of up to 18 years are available for U.S. exports to renewable energy- and water-related projects.
SOURCE: Export-Import Bank of the U.S.