FOR IMMEDIATE RELEASE March 3, 2008
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. -- POWER Engineers, Inc., an engineering consulting firm based in Hailey, Idaho, is exporting $4.86 million of procurement, design and engineering services for a geothermal power project in Turkey, backed by a 15-year loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).
The 45-megawatt power plant project in Germencik, near Aydin in western Turkey, qualifies for Ex-Im Bank's 15-year financing terms under the Bank's special initiative to support exports of renewable energy and water projects.
Turkey is expected to emerge as a major market for renewable energy goods and services since a 2005 Turkish law requires electric utilities to buy at least eight percent of their energy from renewable energy sources, said Ex-Im Bank Vice Chair and Board of Directors member Linda Conlin. Ex-Im Bank is pleased to support environmentally beneficial exports by POWER Engineers and other U.S. companies seeking to do business in this growing market.
This transaction helps keep our geothermal engineers employed and could well lead to follow-on business, said POWER Engineers President and CEO Jack Hand.
POWER Engineers employs 1,000 people and specializes in electrical, electronic and industrial engineering. Geologica Inc., with four employees, and Veizades & Associates, Inc., with eight employees, both small businesses in San Francisco, Calif., are sub-suppliers on the transaction. The Toronto-Dominion Bank, Toronto, Canada, is the guaranteed lender on the transaction.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 74th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2007, Ex-Im Bank authorized $12.6 billion in financing to support an estimated $16 billion of U.S. exports worldwide. For more information, visit www.exim.gov.
To learn about Ex-Im Bank environmental export programs, contact Craig O'Connor, director of Ex-Im Bank's Office of Renewable Energy, at 202-565-3556.