Ex-Im Bank Assists Wind Project


Northern Power Systems Inc. is using Renewable Express financing from the Export-Import Bank of the United States (Ex-Im Bank) to export 55 100 kW wind turbines for community wind projects in Italy.

These exports will be installed in independent wind towers that will generate power for local commercial use and supply to the power grid. The sale is the largest U.S. export of these kinds of wind turbines to any country, according to Ex-Im Bank.

In three separate authorizations, Ex-Im Bank is guaranteeing a total of $22.2 million in euro-denominated loans from RB International (USA) LLC of New York to facilitate the purchase of 55 Northern Power 100 kW permanent-magnet direct-drive wind turbines by PurEnergy, a wind energy developer based in Bisaccia, Italy.

The 55 wind towers using the wind turbines from Northern Power Systems are being constructed at different sites in the Avellino and Benevento provinces in southern Italy that are known for their favorable wind conditions, according to Ex-Im Bank.

The wind towers will be owned by the borrowers: ARG Energie SRL, Eoland SRL and PurEnergy Land SRL – special-purpose corporations that will sell all of the electricity produced to Gestore dei Servizi Electtrici SpA.

The transactions were processed under Ex-Im Bank's Renewable Express, which provides streamlined limited-recourse project financing to small renewable power producers that meet the bank's credit standards.

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