Ex-Im Guarantees PNC Loan to Finance Solar Power in Barbados; Supports Small Business Jobs in Five States
September 28, 2012
(Ex-Im Bank)
Washington, D.C. – Ex-Im Bank provided a $6.4 million loan guarantee to finance
the export of solar modules from West Coast-based SolarWorld Americas to
Williams Industries Inc.-Williams evergreen Ltd. of St. Thomas, Barbados. This
project, one of the largest in the Caribbean, includes engineering services and
solar-system racking exported from two American companies.
"Ex-Im export financing for this deal supports several American businesses and
helps support jobs in five states, including California, Oregon, Arizona,
Colorado, and Washington," said Ex-Im Bank Chairman and President Fred P.
Hochberg. "Our financing is good for American jobs, boosts American
manufacturing and supplies clean, renewable energy to Barbados."
Williams Industries-Williams evergreen Ltd will use the solar-power system to
provide 1.4 megawatts of on-site power to ten sites within the Williams Group
portfolio. The immediate savings in power costs will also furnish a hedge
against future increases in electricity prices. Williams Industries, established
in 1972, controls 13 wholly owned and 17 joint venture companies in Barbados,
St. Lucia and other Caribbean islands. These companies are active in
manufacturing, electrical engineering, construction, agriculture, tourism waste
recycling, real estate development, and water desalination.
"Without the assistance of Ex-Im Bank, Williams Industries through its
subsidiary Williams evergreen would not have been able to build 1.4 megawatts of
solar capacity over the last six months," said Williams Industries chairman
Ralph "Bizzie" Williams. "As a Feed In Tariff is legislated for Barbados, we are
looking forward to working with the Ex-Im Bank to build a very significant
expansion of our output of electricity from the sun."
SolarWorld Americas, a subsidiary of SolarWorld AG, employs about a thousand
U.S. workers at its headquarters manufacturing facility in Hillsboro, Oregon,
and its sales and marketing hub in Camarillo, California. Engineering
corporation CH2M HILL of Colorado provided engineering services to the project.
The Tucson, Arizona manufacturing plant of Schletter Inc. US exported the
necessary solar-system racking.
"With its sun-drenched tropical setting and reliance on imported oil for energy
generation, the Caribbean is an ideal location for solar," said Raju Yenamandra,
vice president of sales and business development for SolarWorld. "In Williams
Industries, we found a perfect partner for island solar development. By
combining SolarWorld's high-quality solar equipment with Williams' knowledge of
the Caribbean electrical sector, we can provide significant oil savings to the
island and lower payments for Williams. With Ex-Im Bank financing, this project
makes good economic and environmental sense."
The Bank partnered with PNC Bank to provide the $6.4 million, 10-year loan
guarantee. Barbados accounted for approximately $ 3.8 million of the Bank's
worldwide credit exposure as of the end of FY 2011. The Bank's Environmental
Export Program offers enhancements such as repayment terms of up to 18 years for
eligible U.S. exports to renewable energy and water-related projects.
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