The U.S. Export-Import Bank this week authorized a pair of direct loans totaling $33.6 million to Abengoa of Seville, Spain, that will facilitate the export of American heat-transfer fluid produced by The Dow Chemical Co. for use in solar projects in Spain and South Africa.
Ex-Im Bank's financing will support about 200 U.S. jobs, according to bank estimates derived from Commerce and Labor departments data.
"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 Ex-Im Bank Chairman and President Fred P. Hochberg in a statement.
Power Africa is a new initiative to double access to power in sub-Saharan Africa. In its initial phase, the United States has already committed more than $7 billion in financial support to this effort.
DOWTHERMTM A heat-transfer fluid from Dow is a key component of the steam-heating process in concentrated solar power plants and replaces conventional fossil-fuel boilers.
Abengoa is an international company that applies technology solutions for sustainability in the energy and environment sectors. The company operates two parabolic-trough solar plants in Logrosan, Spain, and is currently building two plants in the Northern Cape Province of South Africa with the Industrial Development Corp. The two plants in Spain and one of the two in South Africa will rely on DOWTHERM A.