The Export-Import Bank of the United States says it has authorized approximately $200 million to finance U.S. renewable energy exports in fiscal year 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 says it 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,’ comments 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 says its nearly $200 million in financing authorizations enabled U.S. companies to ship approximately $550 million worth of renewable energy exports to the global marketplace in support of wind, solar, hydropower and geothermal projects.
Ex-Im adds that 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.