Release
Solyndra LLC, a manufacturer of PV systems headquartered in Fremont, Calif., is using Renewable Express project financing from the Export-Import Bank of the US (ExIm Bank) to facilitate the sale of its solar panels to a private-sector project in Belgium.
ExIm Bank is guaranteeing an 18-year €7.7 million loan ($10.3 million) provided by KBC Bank NV in Belgium to finance the sale of Solyndra’s solar panels for a 3-MW rooftop PV project. This is the company’s first transaction with ExIm Bank and its largest rooftop solar project globally to date.
The project integrator is U/S/E AG based in Reutlingen, Germany, through its Belgian subsidiary, Enerdeal. The solar panels are being used to provide energy for a distribution center of Delhaize, an international supermarket chain. The distribution center is in Zellik, a suburb of Brussels.
“ExIm Bank can make all the difference for US companies, particularly small businesses, seeking to export to smaller green-energy projects. Through our streamlined Renewable Express financing, we can help foreign project sponsors obtain the loans they need to purchase top-quality US renewable-energy products and services,” said ExIm Bank Chairman Fred P. Hochberg.
“This project benefited from the fast due-diligence process made possible by ExIm’s Renewable Express program, and it is just the first of several of such projects that we anticipate this year,” said John Scott, Solyndra’s vice president of Global Project Finance and Business Development. “For US companies, ExIm Bank support is a valuable advantage that levels the playing field with other global financing incentives.”
ExIm Bank’s guarantee is facilitating a longer loan term and a cost-effective interest rate that improved the project’s commercial viability and significantly accelerated the project-finance timeline. The Bank processed this Renewable Express transaction in just 41 days from the receipt of the completed application to approval.
Solyndra LLC designs and manufactures photovoltaic systems, comprised of panels and mounting hardware, for the commercial rooftop market. Founded in 2005 and headquartered in Fremont, Calif., Solyndra operates a state-of-the-art manufacturing complex and has approximately 1,000 employees.
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