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Ex-Im Bank Approves $34 Million to Finance the Export of U.S. Solar-Related Products to Spain and South Africa

Thursday, September 19, 2013

(Ex-Im Bank)  Transaction Supports White House Power Africa Initiative

Washington, D.C. As part of its renewable-energy push, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a pair of direct loans totaling $33.6 million to Abengoa of Seville, Spain, that will facilitate the export of American heat-transfer fluid produced by The Dow Chemical Company for use in solar projects in Spain and South Africa.

Ex-Im Bank's financing will support approximately 200 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

"Ex-Im Bank's consistent support of renewable-energy projects demonstrates our commitment to supporting high-skilled jobs in an important homegrown industry and improving the environment," said Ex-Im Bank Chairman and President Fred P. Hochberg. "In addition to contributing to cleaner sources of energy and supporting U.S. jobs, these two transactions will support President Obama's goal of doubling access to power in sub-Saharan Africa."

Power Africa is a new initiative to double access to power in sub-Saharan Africa. In its initial phase, the United States has already committed more than $7 billion in financial support to this effort.

DOWTHERMTM A heat-transfer fluid from Dow is a key component of the steam-heating process in concentrated solar power plants and replaces conventional fossil-fuel boilers.

Headquartered in Midland, Mich., The Dow Chemical Company, and its consolidated subsidiaries (Dow), delivers a broad range of technology-based products and solutions through the production, marketing, and sales of specialty chemicals and advanced materials and plastics. Dow operates manufacturing sites in 36 countries and employs approximately 54,000 people.

"The Ex-Im Bank is enabling growth in the U.S. and beyond," said Carolina Barrios, market development manager for Dow Heat Transfer Fluids. "By supporting the use of high quality, U.S.-made exports, this transaction advances the competitiveness of Dow manufacturing and operations jobs locally, while helping to meet clean energy demands around the world."

Abengoa is an international company that applies technology solutions for sustainability in the energy and environment sectors. The company operates two parabolic-trough solar plants in Logrosan, Spain, and is currently building two plants in the Northern Cape Province of South Africa with the Industrial Development Corporation. The two plants in Spain and one of the two in South Africa will rely upon DOWTHERM A.