Ex-Im Bank Announces Over $455 Million in Project Financing for First Solar’s Exports to Canada

At a factory tour held at the manufacturing facility of First Solar Inc. in Perrysburg, OH, Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank) announced the bank’s authorization of two transactions totaling $455.7 million to support First Solar’s exports to solar-energy projects in Ontario, Canada.

Sen.Sherrod Brown (D-OH) also participated in the tour of First Solar’s factory, where he and chairman Hochberg met with workers and outlined efforts to create and sustain jobs by increasing exports.

The transactions constitute Ex-Im’s largest financings in history supporting U.S. solar-energy exports to any country. The bank’s support was needed because viable long-term financing for these projects was not otherwise available in the commercial marketplace.

In FY 2011, Ex-Im Bank is providing a historic level of support for U.S. exports related to solar-energy production. Through Sept. 1, the bank has approved approximately $650 million to support sales of U.S. goods and services to solar-energy projects.

Ex-Im Bank has authorized nearly $573 million in FY 2011 to support First Solar’s exports to solar-energy projects in India as well as in Canada. The Bank’s total authorizations on behalf of First Solar are supporting an estimated 550 jobs at the company’s manufacturing facility in Perrysburg, Ohio.

“U.S. exports provide a bright spot in our economic recovery, and it is critical that we encourage more American companies to compete in the global marketplace,” said Hochberg. “These two transactions, approved yesterday by Ex-Im Bank’s board of directors, will boost Ohio’s economy, create hundreds of local jobs and move us closer to President Obama’s goal of doubling U.S. exports by the end of 2014.”

“Ex-Im Bank’s support strengthens First Solar’s competitiveness and enables us to sustain U.S. renewable-energy manufacturing and the jobs that go with it,” said James Brown, president of First Solar Utility Systems Business Group. “Financing costs represent a major part of any solar project, so this support helps accelerate the deployment of renewable energy worldwide.”