Export-Import Bank of the United States has budgeted approximately US$200 million for US renewable energy exports for the 2014 Fiscal Year.
As an independent federal agency, Ex-Im Bank said its goal is to provide financing where private lenders fall short, to promote the sale of US goods and services abroad. Private lenders cannot generally offer longer financing terms like it can, according to Ex-Im Bank.
“American businesses have the innovation, technologies, and skilled workers needed to seize the unprecedented opportunities emerging in the global renewable energy sector,” said Ex-Im chairman and president Fred P. Hochberg. “Our goal at Ex-Im is to fill the gap when private lenders can't offer support, so that US companies can compete on a level playing field in this growing market.”
The bank is backed by a congressional mandate to support environmentally beneficial US exports and this announced financing brings its total renewable energy support to nearly US$2 billion since 2009.