The U.S. Export-Import Bank announced that U.S. exports to renewable energy, water, and nuclear power projects now are eligible for a maximum repayment term of up to 18 years under the bank's export financing.
Eligible renewables include hydropower; ocean thermal, tidal, and wave energy; wind, solar photovoltaic and thermal energy; geothermal power; and bio-energy.
The Ex-Im Bank said July 14, 2009, that the longer repayment term may be applied to the bank's direct loan or loan guarantee financing in accord with agreements of the Organization for Economic Cooperation and Development (OECD). The agreements permit export credit agencies of OECD countries to offer enhanced terms for renewable energy, drinking and waste water projects, and nuclear power projects.
OECD recently extended the maximum repayment term to 18 from 15 years and adopted other changes to facilitate financing to such projects, which are associated with higher capital costs. The bank said hydropower and nuclear projects also have longer construction periods than projects using more conventional technologies.
The Ex-Im Bank created its Office of Renewable Energy and Environmental Exports in 2007 to conduct proactive outreach to U.S. exporters of renewable energy technologies and other environmentally beneficial goods and services. For information on the program, see the bank Internet site at www.exim.gov/products/policies/environment/index.cfm.