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Northern Power Systems Is Named Ex-Im Bank Renewable-Energy Exporter of the Year

Date: 04/10/2012

Company: Northern Power

Source: MarketWatch

WASHINGTON, April 10, 2012 /PRNewswire via COMTEX/ — Northern Power Systems (NPS), a company that designs, manufactures and sells wind turbines to the global marketplace from its headquarters in Vermont, will receive the Renewable-Energy Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank). The award will be presented at the Bank’s 37th Annual Conference, “Ex-Im -Your Competitive Edge,” on April 12 in Washington, D.C.

“Northern Power Systems is a great example of an innovative company that is creating American jobs by helping other nations meet their energy needs,” said Fred P. Hochberg, chairman and president of the Ex-Im Bank. “Ex-Im’s financing for renewable energy projects exceeded $720 million last year, and the Bank remains committed to supporting U.S. exports in this vital sector.”

NPS exports its NPS 100 wind turbines for installation into European Feed-in-Tariff (FIT) wind-farms and into hybrid power applications, where wind energy offsets expensive diesel-generated electricity. Recently, NPS used Ex-Im Bank’s Renewable Express financing to export 55 of its 100 kW wind turbines for FIT projects in Italy. These distributed wind turbines are installed in independent wind farms to generate power for local commercial use and to supply electricity to the power grid. The sale is the largest U.S. export of community-scale wind turbines to any country, and it is the first time that Ex-Im Bank has assisted in financing such a wind-power project on a project-finance basis.

Read full story at MarketWatch

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