By Cameron Chai
The Export-Import (Ex-Im) Bank of United States has approved a US $32.1 million loan guarantee for export of wind turbine blades produced by LM Wind Power Blades to wind turbine manufacturer, Wind Power Energia based in Sao Paulo, Brazil. The loan guarantee is in compliance with the congressional mandate to augment support for export of renewable energy.
LM Wind Power Blades is a subsidiary of LM Wind Power and manufactures wind turbine blades at its headquarters at Little Rock, Arkansas and at its North Dakota facility. The financing by Ex-Im Bank guarantees a loan from Bank of America and will support American jobs numbering approximately 250.
Fred P. Hochberg, Chairman and President of Ex-Im bank, stated that the loan guarantee will enable the servicing of a key market with an indigenous product which will serve the dual benefit of supporting American jobs and enhance clean energy prospects of Brazil. Wind Power Energia will use the imported wind blades to complete the development of a 211-MW wind farm in the state of Ceara and another 180-MW wind farm in the state of Bahia in Brazil.
Brazil makes up for US $2.7 billion of the total global credit exposure of the Ex-Im Bank as of end of FY 2011. In the FY 2012, the bank approved close to US $415 million in support of all type of renewable energy exports.
Ex-Im Bank is an autonomous federal agency that aids in creating and maintaining U.S. jobs by bridging gaps in private export funds at no cost to American taxpayers.