US starts scheme to promote renewable energy, energy efficiency exports

(ADPnews) - Dec 9, 2010 - The Export-Import Bank of the US yesterday joined seven other US government agencies in launching a coordinated effort to promote renewable energy and energy efficiency exports -- the Renewable Energy and Energy Efficiency Export Initiative (RE&EE).

The bank said that a top priority is to increase its support for renewable energy and energy-efficient exports by offering enhanced financing under its Environmental Exports Programme. The bank can provide repayment terms of up to 18 years for renewable energy projects, offer capitalisation of interest during construction and support local costs of up to 30% of the US scope of supply.

In addition, the bank provides streamlined financing for US exporters of solar energy equipment for small solar energy projects.

"Over the past two years, our financing in these sectors has more than doubled to approximately USD 500 million (EUR 378m) in fiscal year 2010, and we look forward to continuing this growth," said Ex-Im Bank chairman and president Fred P. Hochberg.

The initiative is the country's first-ever federal government-coordinated effort to support renewable energy and energy efficiency exports. Through the implementation of 23 interagency actions, the initiative is expected to facilitate a significant increase of renewable energy and energy efficiency exports during the next five years, helping to meet the goals of the National Export Initiative and President Barack Obama's challenge to make the US the leading exporter of clean energy technologies.

(USD 1.0 = EUR 0.756)

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