The Export-Import Bank of the U.S. (Ex-Im Bank) has approved a total of $61 million in long-term financing to support exports of photovoltaic solar modules by SolarWorld Industries America to Gochang Solar Park Co. Ltd. of Seoul, Korea.
The exports were used in five solar power-generation projects and helped to sustain jobs at the company's manufacturing plants in Camarillo, Calif., and Hillsboro, Ore., Ex-Im Bank says. The five separate Ex-Im Bank loan guarantees are supporting loans provided by the Private Export Funding Corp. Ex-Im Bank's financing also covers $10.2 million of local costs for installation. The repayment term for each of the loans is 13.5 years.
All five solar energy projects, completed and in operation since September 2008, are located on a 97-acre site near the city of Gochang in southwestern Korea. The projects collectively are generating and transmitting 15 MW of renewable energy per hour. The power is sold to the Korean electric utility company, Korea Electric Power Corp., for its grid under a 15-year agreement that includes a subsidized feed-in tariff program from the Korean government.
The transactions were originally financed in the Korean market to expedite the construction of the projects and ensure completion by the deadline to receive a favorable subsidized feed-in tariff rate, the bank adds. The initial Korean financing has been converted to Ex-Im Bank's long-term loan guarantees.
SOURCE: Export-Import Bank of the U.S.