Northern Power Systems Is Named Ex-Im Bank Renewable-Energy Exporter of the Year
April 10, 2012
(Ex-Im Bank)
Washington, D.C. – Northern Power Systems (NPS), a company that designs,
manufactures and sells wind turbines to the global marketplace from its
headquarters in Vermont, will receive the Renewable-Energy Exporter of the Year
award from the Export-Import Bank of the United States (Ex-Im Bank). The award
will be presented at the Bank's 37th Annual Conference, "Ex-Im –Your Competitive
Edge," on April 12 in Washington, D.C.
"Northern Power Systems is a great example of an innovative company that is
creating American jobs by helping other nations meet their energy needs," said
Fred P. Hochberg, chairman and president of the Ex-Im Bank. "Ex-Im's financing
for renewable energy projects exceeded $720 million last year, and the Bank
remains committed to supporting U.S. exports in this vital sector.
NPS exports its NPS 100 wind turbines for installation into European
Feed-in-Tariff (FIT) wind-farms and into hybrid power applications, where wind
energy offsets expensive diesel-generated electricity. Recently, NPS used Ex-Im
Bank's Renewable Express financing to export 55 of its 100 kW wind turbines for
FIT projects in Italy. These distributed wind turbines are installed in
independent wind farms to generate power for local commercial use and to supply
electricity to the power grid. The sale is the largest U.S. export of
community-scale wind turbines to any country, and it is the first time that
Ex-Im Bank has assisted in financing such a wind-power project on a
project-finance basis.
Ex-Im Bank guaranteed a total of $22.2 million in euro-denominated loans from RB
International (USA) LLC of New York. The financing helped NPS compete against
foreign suppliers backed by their governments’ export-credit agencies.
"Ex-Im Bank helps NPS successfully compete in global markets by allowing us to
offer customers very attractive project financing," said John P. Danner,
President and CEO of Northern Power Systems. "We are looking forward to
expanding our relationship with Ex-Im beyond Italy to the United Kingdom and
numerous other markets."
More than 15 jobs are being directly supported by these transactions at the
Vermont production facility and approximately 45 additional jobs in the
company's supply chain.
Ex-Im Bank has more than doubled authorizations for exports related to renewable
energy to $721 million in FY 2011 from $331 million in FY 2010. The Bank's
support for these exports had tripled between FY 2009 and FY 2010.
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