Ex-Im Bank offers æSolar ExpressÆ financing
The U.S. Export-Import Bank has announced its new 'Solar Express' product that will provide more efficient financing for U.S. exports to small solar energy projects that could be approved in less than 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,' said Fred P. Hochberg, the bank's chairman and president, in a statement. '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 Ex-Im 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 up to 30 percent 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, the bank said.