WASHINGTON, June 10, 2011 /PRNewswire/ -- Solyndra LLC, a manufacturer of photovoltaic systems headquartered in Fremont, Calif., is using Renewable Express project financing from the Export-Import Bank of the United States (Ex-Im Bank) to facilitate the sale of its solar panels to a private-sector project in Belgium.
Ex-Im Bank is guaranteeing an 18-year euro 7.7 million loan (U.S. $10.3 million) provided by KBC Bank NV in Belgium to finance the sale of Solyndra's solar panels for a three-megawatt rooftop photovoltaic project. This is the company's first transaction with Ex-Im Bank and its largest rooftop solar project globally to date.
The project integrator is U/S/E AG based in Reutlingen, Germany, through its Belgian subsidiary, Enerdeal. The solar panels are being used to provide energy for a distribution center of Delhaize, an international supermarket chain. The distribution center is in Zellik, a suburb of Brussels.
"Ex-Im Bank can make all the difference for U.S. companies, particularly small businesses, seeking to export to smaller green-energy projects. Through our streamlined Renewable Express financing, we can help foreign project sponsors obtain the loans they need to purchase top-quality U.S. renewable-energy products and services," said Ex-Im Bank Chairman Fred P. Hochberg.
"This project benefited from the fast due-diligence process made possible by Ex-Im's Renewable Express program, and it is just the first of several of such projects that we anticipate this year," said John Scott, Solyndra's vice president of Global Project Finance and Business Development. "For U.S. companies, Ex-Im Bank support is a valuable advantage that levels the playing field with other global financing incentives."
Ex-Im Bank's guarantee is facilitating a longer loan term and a cost-effective interest rate that improved the project's commercial viability and significantly accelerated the project-finance timeline. The Bank processed this Renewable Express transaction in just 41 days from the receipt of the completed application to approval.
Solyndra LLC designs and manufactures photovoltaic systems, comprised of panels and mounting hardware, for the commercial rooftop market. Founded in 2005 and headquartered in Fremont, Calif., Solyndra operates a state-of-the-art manufacturing complex and has approximately 1,000 employees.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. goods and services.
In the first seven months of fiscal year 2011, Ex-Im Bank approved $14.8 billion in total financing authorizations, supporting $17.8 billion in U.S. export sales. These sales will support more than 129,000 American jobs in communities across the country. This seven-month authorizations figure is the highest in the Bank's history.
For more information, visit Ex-Im Bank's Web site at www.exim.gov.
SOURCE Export-Import Bank of the United States