The Export-Import Bank’s involvement in the green energy sector has renewed criticisms of the program and rallied defenders to its side. The Export-Import Bank of the United States, typically referred to as Ex-Im, helps finance the export of American goods into foreign markets in support of American jobs, according to its website and charter. The bank financed $355.5 million for renewable energy in fiscal year 2012, down from $721 million in 2011, according to data provided by the bank. The bank financed almost $36 billion total in fiscal year 2012. Critics of the bank say the experience of two solar energy companies illustrates how politics unfairly props up connected industries. First Solar cut 2,000 jobs and announced a factory closure last April. Just a few months later, the federal government financed a deal between the struggling solar panel manufacturer and two Indian companies wanting to buy First Solar’s products. SolarWorld is another struggling solar panel manufacturer that received financing from the bank. SolarWorld announced layoffs and the closure of one of its manufacturing plants at the beginning of September 2011. The company benefitted from an $18.9 million dollar loan to an Indian company to support its purchase of its solar panels at the end of the month. The green energy sector has struggled with high costs and strong competition from overseas despite generous help from the Obama administration. The Competitive Enterprise Institute’s William Yeatman said solar panel manufacturers were the worst performers in the Department of Energy’s 1705 loan guarantee program, part of the 2009 stimulus. Both SolarWorld and First Solar received stimulus money...
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