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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.