PowerLight Exports 1 MW Solar Project to Korea

PowerLight Corp. will export equipment and services for the development and deployment of a 1-megawatt (MW) solar power project in Gwangju, Korea, thanks to a 15-year, $7.8 million medium-term loan guarantee from the Export-Import Bank of the U.S. (Ex-Im Bank).

The Power Tracker solar power system, which is to be mounted over a parking facility at the Kim Dae Jung Exhibition and Convention Center in Gwangju, ~200 miles south of Seoul, is the first solar power project of 1 MW or larger that is designed, developed, deployed and maintained by PowerLight. The Tracker automatically follows the path of the sun throughout the day to maximize the panels’ energy generation, providing more power than a fixed-tilt system. The borrower, S&P Corporation of Gwangju, Korea, will own and operate the project. The energy produced by the project will be sold to Korea Electric Power Corporation (KEPCO) at a price set by Korea’s Ministry of Commerce, Industry and Energy for 15 years following the project commissioning. “We believe that these extended terms will enable PowerLight and many U.S. environmental exporters to be competitive in smaller renewable energy and other environmentally beneficial projects in international markets,” said Ex-Im Bank Board Member Linda Conlin, who heads Ex-Im Bank’s Environmental Exports Program, “and support U.S. jobs in these high-tech industries.” Ex-Im Bank is offering repayment terms of up to 15 years for U.S. exports for the following renewable energy projects: wind, solar photovoltaic, solar thermal, geothermal, ocean thermal, tidal and tidal stream power, wave power, and bio-energy. Also eligible for the 15-year term are U.S. exports for water and waste water projects, and hydroelectric power projects. In PowerLight’s previous project, Bavaria Solarpark, said to be the world’s largest photovoltaic power project in Bavaria, Germany, Ex-Im Bank guaranteed a $5 million working capital line of credit to PowerLight from another California lending institution.
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