The Export-Import Bank of the United States awarded the loan to Suniva, which is reportedly one of a select number of companies to utilize all three of the banks products, including project financing, receivables insurance and a working capital loan guarantee.
The bank has said it will guarantee 90 percent of a USD$15 million line of credit provided by the Comerica Bank.
The availability of credit is important when rapidly expanding a capital-intensive business such as solar manufacturing. The Export-Import Bank guarantee for this line of credit will help us further expand our international business and increase exports to Europe, Asia and other locations throughout the world, said James Modak, chief financial officer for Suniva.
Support from the Export-Import Bank has proven invaluable and we look forward to continuing our work together.
Earlier this year, Suniva was named Renewable Energy Exporter of the Year by the Export-Import Bank.