On December 20, Korea Eximbank announced that the Bank approved financing of USD 12 million for OCI’s Phase I* of the 9MW Solar Photovoltaic Project in New Jersey, US.

* USD 15 million construction project of a 3MW power generation site in Vineland, New Jersey

This is the first time a Korean financial institution has provided financial support for photovoltaic power generation in the US.

The project is one of numerous photovoltaic power plant construction projects being promoted by OCI after acquiring Cornerstone last January through its US subsidiary, OCI Enterprises Inc..

** Established in Chicago in 2009, it specializes in construction of small and medium (2～20㎿) photovoltaic power plants. The company was renamed OCI Solar Power after being acquired by OCI.

Korea Eximbank has actively financed facility investments in areas such as photovoltaic power to assist development of the Korean green industry and M&As to support market expansion by latecomers.

The Bank has supported OCI’s facility investments in solar power component manufacturers to strengthen competitiveness in the photovoltaic sector through vertical integration strategies. This newest support by the Bank to the project based in the US is anticipated to help make OCI a global leader in green exports with world competitiveness in photovoltaic power.

A representative from Korea Eximbank stated, “Korean companies have relatively less experience in the photovoltaic industry as they are late entries in the sector. As such, this financing for OCI will greatly assist Korean companies enter the US market, which is quickly becoming the largest photovoltaic power market in the world. Korean companies in the green sector should mirror the strategies of Korea’s shipbuilding industry and take advantage of the current troubles in the photovoltaic industry to narrow the gap with global leading companies and gain a solid foothold in the global market.”

Relatedly, Korea Eximbank, prominent leader in green financing, have plans to increase financing from this year’s amount of KRW 3.8 trillion to 5 trillion next year to foster Korea’s green industry.