Ex-Im Bank Guarantees PNC Loan to Finance Solar Project
Published October 2, 2012
The Ex-Im Bank announced it has provided a $6.4 million loan guarantee to finance the export of solar modules from West Coast-based SolarWorld Americas to Williams Industries-Williams evergreen Ltd. of St. Thomas, Barbados. This project, one of the largest in the Caribbean, includes engineering services and solar-system racking exported from two American companies.
The bank said it partnered with PNC Bank to provide the $6.4 million, 10-year loan guarantee. Barbados accounted for approximately $3.8 million of the bank’s worldwide credit exposure as of the end of FY 2011. The bank’s Environmental Export Program offers enhancements such as repayment terms of up to 18 years for eligible U.S. exports to renewable energy and water-related projects.
“Ex-Im export financing for this deal supports several American businesses and helps support jobs in five states, including California, Oregon, Arizona, Colorado, and Washington,” said Ex-Im Bank chairman and president Fred P. Hochberg. “Our financing is good for American jobs, boosts American manufacturing and supplies clean, renewable energy to Barbados.”
Williams Industries controls 13 wholly owned and 17 joint venture companies in Barbados, St. Lucia and other Caribbean islands. These companies are active in manufacturing, electrical engineering, construction, agriculture, tourism waste recycling, real estate development, and water desalination.