Ex-Im Bank provides loan for 1.4 MW Caribbean solar project

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Williams Industries/Williams Evergreen will use the SolarWorld modules to generate 1.4 MW at ten sites within the company’s portfolio. This project is said to be one of the largest solar projects in the Caribbean.

"With its sun-drenched tropical setting and reliance on imported oil for energy generation, the Caribbean is an ideal location for solar. In Williams Industries, we found a perfect partner for island solar development," explained Raju Yenamandra, vice president of sales and business development for SolarWorld.

Schletter Inc. US in Tucson, Arizona, provided the mounting systems for the project and CH2M HILL of Colorado handled the engineering of the project.

"Without the assistance of Ex-Im Bank, Williams Industries through its subsidiary Williams Evergreen would not have been able to build 1.4 megawatts of solar capacity over the last six months," said Williams Industries chairman Ralph "Bizzie" Williams. "As a Feed In Tariff is legislated for Barbados, we are looking forward to working with the Ex-Im Bank to build a very significant expansion of our output of electricity from the sun."

Ex-Im bank has partnered with PNC Bank to provide the 10-year loan guarantee. Barbados accounted for about US$3.8 million of the bank’s worldwide credit exposure as of end of the financial year 2011.

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