Suniva Receives $15M Loan Guarantee from Ex-Im Bank
Suniva, Inc., a U.S. manufacturer of high-efficiency monocrystalline silicon solar cells and modules, has received a $15 million working capital loan guarantee from the Export-Import Bank of the United States. The guarantee allows for Suniva to secure additional working capital as needed and further expand its export business.
Suniva is one of a select number of companies to use 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 percent of a $15M line of credit provided by Comerica Bank.
“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, chair 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. The company exports approximately 90 percent of its product each year to Asia and Europe. The company’s high-efficiency 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.
Based in metro-Atlanta, Ga., the company leverages its own in-house developed intellectual property and has exclusive licenses to patents and patent-pending IP developed by founder and chief technology officer Dr. Ajeet Rohatgi, at the Georgia Institute of Technology's DOE funded University Center of Excellence for Photovoltaic Research.