“Ex-Im Bank helps Northern Power successfully compete in global markets by allowing us to offer customers very attractive project financing,” said John P. Danner, President and CEO of Northern Power Systems.
Barre, VT (PRWEB) April 17, 2012
Northern Power Systems (http://www.northernpower.com), a next-generation wind turbine company, has received the Renewable-Energy Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank). The award was presented at the Bank's 37th Annual Conference on April 12 in Washington, D.C.
Northern Power Systems exports its industry-leading 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, the Company used Ex-Im Bank’s Renewable Express financing to export 55 of its 100 kW wind turbines for several new 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.
“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 in FY’11, and the Bank remains committed to supporting U.S. exports in this vital sector.”
“Ex-Im Bank helps Northern Power successfully compete in global markets by allowing us to offer customers very attractive project financing,” said John P. Danner, President and CEO of Northern Power Systems. “We are looking forward to expanding our relationship with Ex-Im beyond Italy to the United Kingdom and numerous other markets.”
About Northern Power Systems
Northern Power Systems has over 30 years of experience in developing advanced, innovative wind turbines. The Company’s proven, next generation permanent magnet direct drive (PM/DD) wind turbine technology is based on a vastly simplified architecture that utilizes a unique combination of a permanent magnet generator and direct-drive design. This revolutionary approach uses fewer moving parts, delivers higher energy capture, and provides increased reliability due to reduced maintenance and downtime costs. The Company currently manufactures the NPS™ 100 turbine, designed specifically for distributed wind applications such as schools, businesses, commercial farms, municipalities and diesel-powered remote communities. The NPS 100 is particularly well-suited for European feed-in tariff applications. The Company also designs turbines for the on-shore and off-shore utility-scale wind energy markets, and in 2011 introduced the NPS 2.3 MW wind turbine for on-shore applications. Northern Power Systems is a fully integrated company that designs, manufactures, and sells wind turbines into the global marketplace from its headquarters in Vermont, USA, with additional offices in Massachusetts and Michigan, USA and Zurich, Switzerland. For more information, please visit http://www.northernpower.com.