"Northern Power Systems is a great example of an innovative company that is creating American jobs by helping other nations meet their energy needs," said Fred P. Hochberg, chairman and president of the Ex-Im Bank. "Ex-Im’s financing for renewable energy projects exceeded $720 million last year, and the Bank remains committed to supporting U.S. exports in this vital sector."
NPS exports its NPS 100 wind turbines for installation into European Feed-in-Tariff (FIT) wind-farm plants and into hybrid power applications, where wind energy offsets expensive diesel-generated electricity. Recently, NPS used Ex-Im Bank’s Renewable Express financing to export 55 of its 100 kW wind turbines for FIT projects in Italy. These distributed wind turbines are installed in independent wind farms to generate power for local commercial use and to supply electricity to the power grid. The sale is the largest U.S. export of community-scale wind turbines to any country, and it is the first time that Ex-Im Bank has assisted in financing such a wind-power project on a project-finance basis.
Ex-Im Bank guaranteed a total of $22.2 million in euro-denominated loans from RB International (USA) LLC of New York. The financing helped NPS compete against foreign suppliers backed by their governments’ export-credit agencies.
"Ex-Im Bank helps NPS successfully compete in global markets by allowing us to offer customers very attractive project financing," said John P. Danner, President and CEO of Northern Power Systems. "We are looking forward to expanding our relationship with Ex-Im beyond Italy to the United Kingdom and numerous other markets."
More than 15 jobs are being directly supported by these transactions at the Vermont production facility and approximately 45 additional jobs in the company’s supply chain.
Ex-Im Bank has more than doubled authorizations for exports related to renewable energy to $721 million in FY 2011 from $331 million in FY 2010. The Bank’s support for these exports had tripled between FY 2009 and FY 2010.