One unexpected talk at PV Korea 2009 was Mark O’Grady’s.  Perhaps this reporter is too unfamiliar with the solar cell technology market, but he did not expect to see the US government at a South Korean solar cell technology event offering lucrative loans to any company who is in renewable energy development, regardless of nationality.  But that’s just what Mark O’Grady was offering, as the commercial attaché for the US Embassy and representative of US Ex-Im Bank.

Mr. O’Grady began with the history of US Ex-Im Bank, pointing out that it was created during the Great Depression in 1934, and that the global economic crisis happening around the world has brought the bank back into its own.  The bank is designed to finance company growth that other banks are unwilling or unable to do.  Now that most banks are struggling to survive, Ex-Im Bank is more important than ever.

The bank has created a Renewable Energy Fund, with three major policies that are attractive to potential clients.  First, it offers 15 year loans for renewable energy projects.  This is most significant when compared to normal banks, which offer only 10 year loans at the maximum.  Second, it offers capitalization of interest during construction, so that interest does not accrue until the project is created.  And finally, the Fund offers up to 30% local cost support within the US scope of supply.

Mr. O’Grady also said that the PV Industry is a very dynamic industry full of many young companies.  These companies often don’t have a long and reliable credit history, but they need quick growth that can only be found in investment.  US Ex-Im Bank is prepared to fund small, worthy companies all over the world who are interested in advancing the renewable energy industry.