Photo courtesy of Northern Power Systems Inc.
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Photo courtesy of Northern Power Systems Inc. |
Northern Power Systems Inc., a manufacturer of wind turbines based in Barre, VT, is using Renewable Express financing from Ex-Im Bank to export 55 100-kilowatt (kWh) distributed wind turbines for community wind projects in Italy.
The wind towers will be owned by the borrowers – ARG Energie S.R.L., Eoland S.R.L. and PurEnergy Land S.R.L. – special-purpose corporations that will sell all of the electricity produced to Gestore dei Servizi Electtrici S.p.A. (GSE). GSE is a public company wholly owned by the Ministry of Finance and Economy that administers Italy's renewable-energy programs.
The three separate authorizations were processed under Ex-Im’s Renewable Express, which provides streamlined limited-recourse project financing to small renewable-power producers that meet the Bank's credit standards. Ex-Im Bank is guaranteeing a total of $22.2 million in euro-denominated loans from RB International (USA) LLC of New York to facilitate the purchase of 55 Northern Power™ 100-kWh permanent-magnet direct-drive wind turbines by PurEnergy, a wind-energy developer based in Bisaccia, Italy.
More than 15 jobs are being directly supported by these transactions at the 140-employee company. Northern Power anticipates the sale will also generate 30 to 45 additional jobs in its supply chain.
"The combination of Northern Power's world-class turbine performance with Ex-Im Bank-backed financing offers international customers the potential for very attractive project returns. We look forward to continuing our partnership with Ex-Im Bank to grow our business and expand green jobs at our company and throughout our supply chain," said Northern Power Systems CEO John P. Danner.