Ex-Im Bank Approves $34 Million to Finance the Export of U.S. Solar-Related Products to Spain and South Africa
September 19, 2013
(Ex-Im Bank)
Transaction Supports White House Power Africa Initiative
Washington, D.C. – As part of its renewable-energy push, the Export-Import Bank
of the United States (Ex-Im Bank) has authorized a pair of direct loans totaling
$33.6 million to Abengoa of Seville, Spain, that will facilitate the export of
American heat-transfer fluid produced by The Dow Chemical Company for use in
solar projects in Spain and South Africa.
Ex-Im Bank's financing will support approximately 200 U.S. jobs, according to
bank estimates derived from Departments of Commerce and Labor data and
methodology.
"Ex-Im Bank's consistent support of renewable-energy projects demonstrates our
commitment to supporting high-skilled jobs in an important homegrown industry
and improving the environment," said Ex-Im Bank Chairman and President Fred P.
Hochberg. "In addition to contributing to cleaner sources of energy and
supporting U.S. jobs, these two transactions will support President Obama's goal
of doubling access to power in sub-Saharan Africa."
Power Africa is a new initiative to double access to power in sub-Saharan
Africa. In its initial phase, the United States has already committed more than
$7 billion in financial support to this effort.
DOWTHERMTM A heat-transfer fluid from Dow is a key component of the
steam-heating process in concentrated solar power plants and replaces
conventional fossil-fuel boilers.
Headquartered in Midland, Mich., The Dow Chemical Company, and its consolidated
subsidiaries (Dow), delivers a broad range of technology-based products and
solutions through the production, marketing, and sales of specialty chemicals
and advanced materials and plastics. Dow operates manufacturing sites in 36
countries and employs approximately 54,000 people.
"The Ex-Im Bank is enabling growth in the U.S. and beyond," said Carolina
Barrios, market development manager for Dow Heat Transfer Fluids. "By supporting
the use of high quality, U.S.-made exports, this transaction advances the
competitiveness of Dow manufacturing and operations jobs locally, while helping
to meet clean energy demands around the world."
Abengoa is an international company that applies technology solutions for
sustainability in the energy and environment sectors. The company operates two
parabolic-trough solar plants in Logrosan, Spain, and is currently building two
plants in the Northern Cape Province of South Africa with the Industrial
Development Corporation. The two plants in Spain and one of the two in South
Africa will rely upon DOWTHERM A.
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