Last Updated February 28, 2008
US exporter United Solar Ovonic in Michigan has been granted a US$25mn revolving credit line guaranteed under US Ex-Im's 'Fast Track" working capital guarantee programme. The facility will support the export of its thin-film solar laminates to customers in Europe and Asia. JPMorgan Chase is the guaranteed lender on the transaction. The "Fast Track "programme helps US exporters, especially small and medium-sized businesses obtain larger working capital loans in less time.
"Our ability to access a line of credit of this size based on export-eligible receivables and inventory is tremendously helpful. The reduced amount of time involved enables us to move quickly to expand our export sales,” comments Sanjeev Kumar, vice president and chief financial officer of Energy Conversion Devices.
This deal also highlights US Ex-Im’s aim to increase its level of support for renewable energy exports. The bank’s environmental exports programme provides enhanced financing for US exports of environmentally beneficial goods and services, by offering repayment terms of up to 15 years for US exports to renewable energy projects.
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