Solar cell manufacturer Suniva, Inc. has received a $15 million working capital loan guarantee from the U.S. Export-Import Bank. The guarantee allows for Suniva to secure additional working capital as needed to further expand its export business.
Suniva is one of a few companies to utilize all three of the Export-Import Bank’s products, including project financing, receivables insurance and a working capital loan guarantee. The Export-Import Bank will guarantee 90% of a $15 million line of credit provided by Comerica Bank (NYSE: CMA).
"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.
"The Export-Import Bank is pleased to help exporters like Suniva who are creating real jobs here in the U.S. and we expect to continue expanding our relationship with the company in the future," said Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States.
Earlier this year, Suniva was named the "Renewable Energy Exporter of the Year" award by the Export-Import Bank of the U.S. Suniva exports approximately 90% of its product to Asia and Europe. The company’s solar cells and modules have been used in projects in Europe, Asia and Australia, including some of the largest grid-connected solar fields in India and the largest roof-top solar array in Asia, located on the Thyagaraj stadium roof in New Delhi.
Suniva also was one of three U.S. companies to participate in the U.S.-India Innovation Roundtable led by President Obama in Mumbai on November 6th to kick off the President’s official visit to India.
Based in metro-Atlanta, GA, Suniva manufactures monocrystalline silicon solar cells and solar modules.
Loading...