Ex-Im Bank Provides $10.3 Million in Renewable Express Financing for California-Based Solyndra's Solar Exports to Belgium
June 10, 2011
(Ex-Im Bank)
WASHINGTON, D.C. -- 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 providing $10.3 million in Renewable Express project financing to
support the sale of solar panels by Solyndra LLC in Fremont, Calif., to a
private-sector buyer in Belgium for rooftop use on a supermarket distribution
center in Zellik, a suburb of Brussels.
Ex-Im Bank is providing $10.3 million in Renewable Express project financing to
support the sale of solar panels by Solyndra LLC in Fremont, Calif., to a
private-sector buyer in Belgium for rooftop use on a supermarket distribution
center in Zellik, a suburb of Brussels.
Ex-Im Bank is guaranteeing an 18-year ?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.
For more information go to www.exim.gov
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