First Solar Exports to Zacapa Solar-Energy Project in Guatemala is EXIM 2021 Deal of the Year
September 23, 2021
(Ex-Im Bank)
Ohio-based First Solar Wins Contract Over Competition from China to Export
Thin-Film Solar Panels to Distributed Solar-Energy Project in Central America,
Deal Financed by BankProv Backed by EXIM Loan Guarantee
WASHINGTON – The Export-Import Bank of the United States (EXIM) today gave the
Deal of the Year award to First Solar in Perrysburg, Ohio, for the export sale of its
thin-film solar panels to the Zacapa solar-energy project being built by
Montreal-based Kruger Energy (link is external) in Guatemala. The transaction
was financed by BankProv in
Amesbury, Massachusetts, and backed by an EXIM loan guarantee. EXIM’s
financing helped First Solar to win the contract over solar-panel competitors
from China. The award to First Solar was presented today during EXIM’s 2021
Annual Conference held virtually September 21-23.
For the transaction, EXIM approved an 18-year guarantee of a $8.7 million loan
from BankProv to finance the export of First Solar’s U.S.-manufactured,
thin-film solar panels to the Zacapa 9.5MW solar power project to supply power
to a paper mill in Rio Hondo, Guatemala. The project is one of EXIM’s first
transactions in support of distributed solar power, which can provide reliable,
direct, on-site power and significant energy cost savings of solar compared to
traditional energy sources.
“This project clearly demonstrates how EXIM Bank financing can make the
critical difference in financing climate-beneficial investments abroad that
support American jobs and economic growth,” said EXIM Renewable Energy Officer
Craig O’Connor, who presented the award to First Solar today. “Working with
our lending partners such as BankProv, EXIM can enable U.S. exporters of
clean-energy products and services like First Solar to compete successfully for
these projects against Chinese and other foreign competition.”
“EXIM financing can enable the clean-energy transition in emerging markets
such as Guatemala, where First Solar’s innovative American solar technology is
well-positioned to help power the expansion of renewable-energy projects. With
EXIM’s competitive terms, we can support the global transition to a
sustainable energy future with responsibly produced American clean-energy
innovation,” said Karl Brutsaert, Vice President of First Solar, Americas.
“This financing advantage is a crucial factor in strengthening American
competitiveness in sectors such as clean-energy technology that are dominated by
companies subsidized by other nations such as China.”
The Zacapa solar project in Guatemala represents a new project for Kruger
Energy, a leading developer, owner, and operator of renewable-energy power
projects in North America. Without EXIM’s long-term tenor and financing of 30
percent of local costs, Kruger Energy would have selected lower-cost solar
panels and balance-of-system equipment from Asia.
“BankProv is pleased to have worked with its valued partners at EXIM Bank,
along with Kruger and First Solar, to deliver the cost-effective financing
necessary to keep jobs in the United States, while enabling renewable-energy
solutions abroad,” said BankProv President and Chief Lending Officer Chuck
Withee.
First Solar is a leading American solar technology company and global provider
of responsibly produced eco-efficient solar modules advancing the fight against
climate change. Developed at R&D labs in California and Ohio, the
company’s advanced thin film photovoltaic (PV) modules represent the next
generation of solar technologies, providing a competitive, high-performance,
lower-carbon alternative to conventional crystalline silicon PV panels. For more
information, please visit www.firstsolar.com.
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident
Bancorp, Inc. BankProv is a future-ready commercial bank for corporate clients,
specializing in offering adaptive and technology-first, international banking
solutions to niche markets, including cryptocurrency, renewable energy, fin-tech
and enterprise value lending with a focus on search fund loans. For more
information, please visit bankprov.com.
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