The US Export-Import (Ex-Im) bank has approved loans worth US$34 million loan to finance the export of heat transfer fluid for use in concentrated solar projects in Spain and South Africa.
The bank said the loans, to Spanish firm Abengoa, were part of its push to promote US-made renewable energy technology and expertise abroad.
The money will enable the Michegan-based Dow Chemical Company to export its ‘DOWTHERMTM’ heat-transfer fluid, which is a key component of the steam-heating process in concentrated solar power (CSP) plants.
Abengoa is developing CSP plants in Spain and Northern Cape Province in South Africa, and will use the product in some of these projects.
“Ex-Im Bank’s consistent support of renewable-energy projects demonstrates our commitment to supporting high-skilled jobs in an important homegrown industry and improving the environment,” said Ex-Im Bank chairman and president Fred P. Hochberg.
“In addition to contributing to cleaner sources of energy and supporting US jobs, these two transactions will support President Obama’s goal of doubling access to power in sub-Saharan Africa.”
Obama is aiming to double access to power in sub-Saharan Africa under his Power Africa initiative.
Carolina Barrios, market development manager for Dow Heat Transfer Fluids, said: “The Ex-Im Bank is enabling growth in the US and beyond. By supporting the use of high quality, US-made exports, this transaction advances the competitiveness of Dow manufacturing and operations jobs locally, while helping to meet clean energy demands around the world.”