Nordic Windpower Offered US $16 Million DOE Loan Guarantee

Nordic Windpower USA Inc. announced that it has received a conditional commitment for a US $16 million loan guarantee offer from the U.S. Department of Energy (DOE), supported through the 2009 American Recovery and Reinvestment Act. The company plans to use the funds released by the U.S. Federal Financing Bank to support the expansion of its assembly plant in Pocatello, Idaho.

The company will create more than 75 new skilled jobs at its Pocatello facility with the DOE loan. Nordic will begin delivering 19 megawatts in recent orders to community wind projects throughout the U.S. and in Uruguay in July 2009. Nordic Windpower manufactures and sells two-bladed, utility-scale wind turbines with proprietary, flexible teeter hub technology.
“The Department of Energy and its Loan Guarantee Division have been very responsive throughout the due diligence process and moved our application along rapidly,” said Prakash Ramachandran, CFO of Nordic Windpower. “We thank them, and acknowledge WorldBusiness Capital, Inc. our excellent lending advisor, for its critical support in helping us to achieve a successful outcome.”

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