solar systems would qualify for this financing.
US Ex-Im Bank trumpets renewables support
December 23, 2011 - The US Export-Import bank achieved its third consecutive
record year in 2011, exceeding $32B of financing in support of $41.3B of
exports, for 3600 US companies and creating nearly 300,000 "export-related
American jobs." (For skeptical taxpayers who immediately cringe at the
mention of big government investments in business, the Ex-Im Bank notes that
over the past five years it has earned for US taxpayers $1.9B above the cost
of operations.)
In summarizing its efforts, Ex-Im calls out its support for renewable energy
initiatives. Out of a record $889M support for $1.3B in US exports "of
environmentally beneficial goods and services," $721M of that was for
renewable energy production, vs. $332M in 2010 and $101M in 2009. (Note
that's only about 2% of the Ex-Im Bank's total 2011 financing; to add
further perspective, it also handed out $4.8B -- seven times more -- for
fossil-fuel plants and oil/gas development and refining projects.)
Specific Ex-Im solar projects include being the first international
financing institution to finance a solar power project under India's
National Solar Mission (20GW by 2022), and approving $180M for seven Indian
solar projects using products from First Solar, Abound Solar, and SolarWorld
among others (and multiple hundreds of US$M in Indian projects in the
pipeline). A bit closer to home, it also authorized two transactions
totaling $430M to support Canadian solar projects with ties to First Solar.
US Export-Import Bank's 2011 funding for solar energy-related projects.
(Source: US Ex-Im Bank)
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