Northern Power Systems is named Ex-Im Bank Renewable-Energy Exporter of the Year

Northern Power Systems (NPS), a company that designs, manufactures and sells wind turbines to the global marketplace from its headquarters in Vermont, will receive the Renewable-Energy Exporter of the Year award from the Export-Import Bank of the United States(Ex-Im Bank). The award will be presented at the Bank's 37th Annual Conference, "Ex-Im â Your Competitive Edge," onApril 12inWashington, DC.
"Northern Power Systems is a great example of an innovative company that is creating American jobs by helping other nations meet their energy needs," saidFred P. Hochberg, chairman and president of the Ex-Im Bank. "Ex-Im's financing for renewable energy projects exceeded$720 millionlast year, and the Bank remains committed to supporting U.S. exports in this vital sector."
NPS exports its NPS 100 wind turbines for installation into European Feed-in-Tariff (FIT) wind-farms and into hybrid power applications, where wind energy offsets expensive diesel-generated electricity. Recently, NPS used Ex-Im Bank's Renewable Express financing to export 55 of its 100 kW wind turbines for FIT projects inItaly. These distributed wind turbines are installed in independent wind farms to generate power for local commercial use and to supply electricity to the power grid. The sale is the largest U.S. export of community-scale wind turbines to any country, and it is the first time that Ex-Im Bank has assisted in financing such a wind-power project on a project-finance basis.
Ex-Im Bankguaranteed a total of$22.2 millionin euro-denominated loans from RB International (USA) LLC ofNew York.The financing helped NPS compete against foreign suppliers backed by their governments' export-credit agencies.
"Ex-Im Bank helps NPS successfully compete in global markets by allowing us to offer customers very attractive project financing," saidJohn P. Danner, President and CEO of Northern Power Systems. "We are looking forward to expanding our relationship with Ex-Im beyondItalyto theUnited Kingdomand numerous other markets."
More than 15 jobs are being directly supported by these transactions at theVermontproduction facility and approximately 45 additional jobs in the company's supply chain.
Ex-Im Bankhas more than doubled authorizations for exports related to renewable energy to$721 millionin FY 2011 from$331 millionin FY 2010. The Bank's support for these exports had tripled between FY 2009 and FY 2010.
Ex-Im Bank's 2012 Annual Conference will feature prominent members of the business and government community including PresidentBill Clinton, Founder, William J. Clinton Foundation and 42nd President ofthe United States; Mayor of Chicago Rahm Emanuel;Jeffrey Sachs, director of the Earth Institute atColumbia University; Commerce SecretaryJohn Bryson;David Rubenstein, co-founder and managing director of The Carlyle Group; andDean Oskvig, president and CEO of Black & Veatch's global energy business. A full listing of speakers, panelists, and moderators is available on Ex-Im's website.
About Ex-Im Bank
Ex-Im Bankis an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers$1.9 billionabove the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bankapproved$32.7 billionin total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than$6 billiondirectly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated$41 billionin U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.
Export-Import Bank ofthe United States. 4.10.2012.