Clipper Windpower Transaction Is Named Ex-Im Bank Deal of The Year
WASHINGTON, D.C. - Clipper Windpower Inc., a manufacturer of wind turbines located in Carpinteria, Calif., is to receive the 2010 Deal of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at the Bank's annual conference in Washington, D.C., on Thursday, March 11.
Clipper achieved a number of firsts when it broke into the global marketplace by exporting 27 Liberty 2.5-megawatt wind turbines to Mexico, backed by an Ex-Im Bank $80.66 million direct loan.
Clipper Windpower's transaction was the first export of its wind technology outside of the United States, the first Ex-Im Bank project financing for a wind power sale, and the first large U.S. wind technology sale in Latin America, said Ex-Im Bank Chairman and President Fred P. Hochberg. The transaction is keeping U.S. workers employed while furthering renewable energy and green technology exports.
The Liberty wind turbines were installed at La Ventosa-La Mata in Oaxaca, Mexico and are currently starting operations. The 67.5-megawatt project is owned by Electrica del Valle de Mexico (EVM), a subsidiary of France's EDF Energies Nouvelle. The project area is home to one of the world's best wind resources with average wind speeds of 12 meters-per-second, and a total estimated wind resource of 6,000 megawatts.
The Ex-Im Bank funding provided support for Clipper's sales efforts at a time when project financing was tough to get, said Clipper CEO Doug Pertz. The export helped keep people working in our Iowa factory at a time when many companies in America were downsizing. We're confident that this first export for Clipper also will encourage additional international sales for us in the future, and support additional green jobs for America.
Ex-Im Bank's Annual Conference on March 11-12 will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place at 5 p.m. on March 11.
Ex-Im Bank, an independent, self-sustaining federal government agency, exists to fill gaps in export financing, to strengthen U.S. export competitiveness and create and maintain U.S. jobs. The Bank provides a variety financing mechanisms including working capital guarantees to help small and medium-sized U.S. businesses, export credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
In fiscal 2009, overall Ex-Im Bank financings came to $21 billion, while authorizations for small business exporters totaled $4.36 billion, both historic highs. In the first four months of fiscal 2010, the Bank authorized a record $10.9 billion in loans, guarantees, and insurance - more than three times the amount authorized in the same period of fiscal 2009. For more information on Ex-Im Bank and the annual conference, visit www.exim.gov. To get color photos of the award winners with President Obama, please call 202-565-3200.