Northern Power Systems to supply wind turbines to Italy

Wind turbines are being exported to Italy by Northern Power Systems Inc. with the help of $22.2 million in Renewable Express financing from the Export-Import Bank of the United States (Ex-Im Bank). The order includes 55, 100 kW machines for community wind projects in Italy.

The Ex-Im Bank will issue the funds in three separate authorizations in euro-denominated loans from RB International LLC of New York to facilitate the purchase of the wind turbines by PurEnergy, a wind energy developer based in Bisaccia, Italy.

The wind towers will be owned by the borrowers – ARG Energie S.R.L., Eoland S.R.L. and PurEnergy Land S.R.L. – which are special-purpose corporations that will sell all of the electricity produced to Gestore dei Servizi Electtrici S.p.A. (GSE). GSE is a public company owned by the Ministry of Finance and Economy that administers Italy's renewable energy programs.

The Italian government has an incentive program to promote grid-connected small wind-power projects under 200 kW. Energy produced by these wind towers is eligible for a feed-in-tariff that is fixed for 15 years. Ex-Im’s guarantee supports the 15-year repayment terms necessary for the towers to be eligible for the feed-in tariff.

The transactions were processed under Ex-Im Bank's Renewable Express, which provides streamlined limited-recourse project financing to small renewable-power producers that meet the Bank's credit standards.

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