EFIC issued three advance payment bonds to help Planet Lighting
Australian exporter Planet Lighting has secured three contracts, worth approximately A$8 million in total, to supply feature lighting fixtures to the Dubai Metro project in the United Arab Emirates.
Based in Bellingen on the NSW north coast, Planet Lighting is no stranger to international markets, but the Dubai Metro is the company’s first project on such a large scale.
Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, is supporting Planet Lighting by providing guarantees to the company’s bank, to enable three advance payment bonds to be issued in favour of the buyer. The bonds secure upfront payments made by the buyer to enable Planet Lighting to finance work on the contracts.
“EFIC’s ability to support us with the advance payment bonds made all the difference in winning the new business in Dubai,” said Planet Lighting’s chief executive officer, Brett Iggulden. “It ensured that we had the cash flow for an immediate start on the contracts.”
“We’ve done some work in Dubai in the past, but this project is the beginning of a great deal of large-scale work in the region,” said Mr Iggulden. “With EFIC’s help, we’re ready to enter this new stage of export growth.”
Planet Lighting will design, manufacture, supply and install the lighting fixtures in the Dubai Metro, the first railway system of its kind in the region.
A family-owned company founded 95 years ago, Planet Lighting is now a world-leading maker of architecturally designed lighting fixtures and glassware.
Today, Planet Lighting generates around 45 per cent of its revenue through exports, and is targeting 60 per cent within five years.
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