Ex-Im bank has loaned Williams Industries Inc:Williams Evergreen Ltd, US $6.4 Million dollars to finance a 1.4 MW Photo-voltaic installation at Williams Industry sites across Barbados. American based Ex-Im bank which is an independent federal agency, provides an array of financial solutions for businesses such as; working capital guarantees,export-credit insurance and financial assistance for foreign companies in purchasing US goods and services. The loan was provided through the partnership of Ex-Im bank and PNC bank thus providing a BDS $12.8 Million 10 year loan guarantee to Williams Industries.
The financial assistance has enabled Williams Industries to import solar modules from Solar World Americas which is a sub-division of Solar World AG who employs approximately 1000 persons between its headquarters in Oregon and its marketing and sales division in California.
The 1.4 MW Photo-voltaic installation over some ten Williams Industries sites is intended to help buffer the organization against any future electricity rises from Barbados Light and Power. ‘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” said Mr. Williams.
‘With its sun-drenched tropical setting and reliance on imported oil for energy generation, theCaribbean is an ideal location for solar,’ said Raju Yenamandra, vice president of sales and business development for SolarWorld. ‘In Williams Industries, we found a perfect partner for island solar development. By combining SolarWorld’s high-quality solar equipment withWilliams’ knowledge of the Caribbean electrical sector, we can provide significant oil savings to the island and lower payments for Williams. With Ex-Im Bank financing, this project makes good economic and environmental sense.’
excerpts taken from: www.environmental-expert.com,” Ex-Im Guarantees PNC Loan to Finance Solar Power in Barbados: Supports Small Business Jobs in Five States”, September 28th 2012