Long-term financing to support exports of PV solar modules

Ex-Im Bank has approved a total of US $61 million in long-term financing to support exports of PVsolar modules by SolarWorld Industries America to Gochang Solar Park Co. Ltd. of Seoul, Korea. The exports were used in five solar power-generation projects and helped to sustain jobs at the company's manufacturing plants in Camarillo, California, and Hillsboro, Oregon. All five SolarWorld solar-energy projects completed and in operation since September 2008, are located on a 97-acre site near the city of Gochang in southwestern Korea. The projects have collectively generated 15 megawatt hours of electricity that is being sold to the Korean electric utility company, Korea Electric Power Corp., under a 15-year agreement that includes a subsidized feed-in tariff program from the Korean government.

The five separate Ex-Im Bank loan guarantees are supporting loans provided by the Private Export Funding Corp. (PEFCO). Ex-Im Bank’s financing also covers $10.2 million of local costs for installation. The repayment term for each of the loans is 13.5 years.

 

QueltaNews from Washington, D.C., United States

By Vasil Sidorov on April 22, 2009 after RenewableEnergyWorld.com

 


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