US Ex-Im is providing a 15-year loan guarantee to support US$4.86mn of procurement, design and engineering services to a geothermal power project in Turkey.
Canada's Toronto-Dominion Bank is the guaranteed lender on the transaction, and the borrower is Power Engineers, an engineering consulting firm based in Idaho.
The financing is supporting a 45 megawatt power plant project in Germencik near Aydin in western Turkey, and it falls within US Ex-Im's special financing initiative that offers favourable terms for deals involving renewable energy and water projects.
Turkey is expected to emerge as a major market for renewable energy goods and services particularly since the introduction of a law in 2005 that requires electric utilities to buy 8% of their energy from renewable sources.
US Ex-Im vice chair and board of directors member, Linda Conlin, comments: "US Ex-Im is pleased to support environmentally beneficial exports by Power engineers and other US companies seeking to do business in this growing market."
Last Updated March 13, 2008
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