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Ex-Im finances solar power for Caribbean PV project

The Export-Import Bank of the United States has provided a $6.4m loan guarantee to finance the export of SolarWorld Americas solar modules to Barbados.

The 1.4MW project is being built by Williams Industries-Williams evergreen of St. Thomas, Barbados. It is one of the largest solar projects in the Caribbean.

Williams Industries-Williams evergreen will benefit from a feed-in-tariff and intends on expanding the solar project.

SolarWorld Americas, a subsidiary of SolarWorld AG, employs about 1,000 US workers at its manufacturing facility in Hillsboro, Oregon, and its sales and marketing hub in Camarillo, California. Engineering group CH2M HILL of Colorado provided engineering services, and Schletter of Tucson, Arizona, exported the solar-system racking.

Williams Industries-Williams evergreen will use the system to provide power to ten sites within the Williams Group portfolio. The immediate savings in power costs will help to hedge against future increases in electricity prices. Williams Industries controls 13 wholly-owned and 17 joint venture companies in Barbados, St. Lucia and other Caribbean islands. The companies are active in manufacturing, electrical engineering, construction, agriculture, among others.

The bank partnered with PNC Bank to provide the $6.4m, 10-year loan guarantee. The bank’s environmental export programme offers enhancements such as repayment terms of up to 18 years for eligible U.S. exports to renewable energy and water-related projects.

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 chairman and president Fred Hochberg. “Our financing is good for American jobs, boosts American manufacturing and supplies clean, renewable energy to Barbados.”

Christiana Sciaudone

Published: Friday, September 28 2012 | Last updated: Monday, October 1 2012



Category/ies:Barbados News.
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