The Export-Import Bank of the United States said it has approved $33.6 million in direct loans to Abengoa Solar, multinational Corp. as part of its renewable-energy push to encourage the export of American heat-transfer fluid produced by the Dow Chemical Company for use in solar projects in South Africa and Spain.
“Ex-Im Bank’s consistent support of renewable-energy projects demonstrates our commitment to supporting high-skilled jobs in an important homegrown industry and improving the environment,” said Fred P. Hochberg , Ex-Im Bank chairman and president. “In addition to contributing to cleaner sources of energy and supporting U.S. jobs, these two transactions will support President Obama’s goal of doubling access to power in sub-Saharan Africa.”
Part of the Power Africa initiative, established by Obama during his recent visit to Africa, to double access to power in sub-Saharan Africa, Ex-Im Bank’s financing will support and create an estimated 200 U.S. jobs, according to information derived from Department of Commerce and Department of Labor data and methodology.
In its initial phase, the United States has already committed more than $7 billion in financial support to this effort.
Headquartered in Midland, Mich., Dow Chemical, through its subsidiary Dow will supplies Dowtherm A, a heat-transfer fluid solution and technology, and a key component of the steam-heating process in concentrated solar power plants to Abengoa to replaces conventional fossil-fuel boilers.
Abengoa, based in Seville, Spain is currently working with a South African company Industrial Development Corp to build two power plants in the Northern Cape Province of South Africa that will rely on Dow’s Dowtherm A.
The company develops innovative technology solutions that promote sustainability in the energy and environment sectors.
“The Ex-Im Bank is enabling growth in the U.S. and beyond,” said Carolina Barrios, market development manager for Dow Heat Transfer Fluids. “By supporting the use of high quality, U.S.-made exports, this transaction advances the competitiveness of Dow manufacturing and operations jobs locally, while helping to meet clean energy demands around the world.”
By THE AFRICA BAZAAR Staff Writers
September 24, 2013