Northern Power Systems Is Named Ex-Im Bank Renewable-Energy Exporter of the Year
April 10, 2012
(Ex-Im Bank)
Washington, D.C. – Northern Power Systems
(NPS), a company that designs, manufactures and
sells wind turbines to the global marketplace
from its headquarters in Vermont, will receive
the Renewable-Energy Exporter of the Year award
from the Export-Import Bank of the United
States (Ex-Im Bank). The award will be
presented at the Bank's 37th Annual Conference,
"Ex-Im –Your Competitive Edge," on April 12 in
Washington, D.C.
"Northern Power Systems is a great example of
an innovative company that is creating American
jobs by helping other nations meet their energy
needs," said Fred P. Hochberg, chairman and
president of the Ex-Im Bank. "Ex-Im's financing
for renewable energy projects exceeded $720
million last year, and the Bank remains
committed to supporting U.S. exports in this
vital sector.
NPS exports its NPS 100 wind turbines for
installation into European Feed-in-Tariff (FIT)
wind-farms and into hybrid power applications,
where wind energy offsets expensive
diesel-generated electricity. Recently, NPS
used Ex-Im Bank's Renewable Express financing
to export 55 of its 100 kW wind turbines for
FIT projects in Italy. These distributed wind
turbines are installed in independent wind
farms to generate power for local commercial
use and to supply electricity to the power
grid. The sale is the largest U.S. export of
community-scale wind turbines to any country,
and it is the first time that Ex-Im Bank has
assisted in financing such a wind-power project
on a project-finance basis.
Ex-Im Bank guaranteed a total of $22.2 million
in euro-denominated loans from RB International
(USA) LLC of New York. The financing helped NPS
compete against foreign suppliers backed by
their governments’ export-credit agencies.
"Ex-Im Bank helps NPS successfully compete in
global markets by allowing us to offer
customers very attractive project financing,"
said John P. Danner, President and CEO of
Northern Power Systems. "We are looking forward
to expanding our relationship with Ex-Im beyond
Italy to the United Kingdom and numerous other
markets."
More than 15 jobs are being directly supported
by these transactions at the Vermont production
facility and approximately 45 additional jobs
in the company's supply chain.
Ex-Im Bank has more than doubled authorizations
for exports related to renewable energy to $721
million in FY 2011 from $331 million in FY
2010. The Bank's support for these exports had
tripled between FY 2009 and FY 2010.
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