Ex-Im Foregone Deal Of The Day: 200 Jobs For First Solar

Supporting 200 U.S. jobs and helping to bring power to more than 300 million people might sound like a tall order for any government agency, especially a small one that costs taxpayers nothing.

But that is exactly what the U.S. Export-Import (Ex-Im) Bank did almost two years ago to the day when it authorized a pair of direct loans totaling $57.3 million in order to finance the export of American-made solar panels to two energy companies located in India.

This financing supported exports from First Solar Inc., a U.S. company headquartered in Tempe, Ariz. with more than 1,200 employees at its Perrysburg, Ohio, manufacturing and engineering center.

As the world’s largest producer of thin-film solar modules, many of First Solar’s customers reside outside the United States. And as the appetite for solar energy grows, more and more demand for First Solar’s products is outside of the United States.

Unfortunately, if First Solar had sought to make these same exports to India today, it would not have been able to because Congress failed to reauthorize Ex-Im Bank before its charter lapsed on June 30.

Without Ex-Im financing, companies like First Solar lose out on major business opportunities with customers across the globe. U.S. firms are now at a competitive disadvantage relative to their foreign competitors, who have export financing support from their governments.

Congress needs to recognize the harm its inaction is causing U.S. job creators and manufacturers. The longer Congress waits to reauthorize Ex-Im, the more damage they do to the American economy.

Since 2010, Ex-Im has authorized more than $96 million in financing for 76 companies on this day. This financing directly supported job creators and communities across America.
Congress must act to renew Ex-Im’s charter and protect U.S. jobs.

Click here to read more stories about how Ex-Im is critical to supporting U.S. exporters and their workers.