Ex-Im Bank Approves $200 Million to Support Renewable Energy Exports in FY 2014
November 6, 2014
(Ex-Im Bank)
Washington, D.C. – The Export-Import Bank
announced today that it authorized
approximately $200 million to finance U.S.
renewable energy exports in FY 2014, bringing
its total support to nearly $2 billion since
2009. Backed by a congressional mandate to
support environmentally beneficial U.S.
exports, Ex-Im is committed to empowering
American companies to sell their renewable
energy goods and services in overseas markets,
which results in more highly skilled jobs for
U.S. workers.
"American businesses have the innovation,
technologies, and skilled workers needed to
seize the unprecedented opportunities emerging
in the global renewable energy sector," said
Ex-Im Chairman and President Fred P. Hochberg.
"Our goal at Ex-Im is to fill the gap when
private lenders can't offer support, so that
U.S. companies can compete on a level playing
field in this growing market."
Last year alone, the Bank's nearly $336 million
in financing authorizations enabled U.S.
companies to ship approximately $550 million
worth of environmentally-beneficial and
renewable energy exports to the global
marketplace in support of electric vehicle
sales, clean water, wind, solar, hydropower,
and geothermal projects, among others.* Private
sector lenders generally are unable to offer
longer financing terms on renewable energy
projects, so the Bank's support is especially
important in a sector where capital needs and
fuel costs are spread across the lives of
projects in very different ways as compared
with traditional energy projects.
* Updated on Nov. 12, 2014.
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