Ex-Im Bank to finance Indian solar projects
Mar 30, 2011 - Chris Whitmore - pv-tech.org
Export-Import Bank of the United States has agreed to help finance two new solar power projects in India. The move will not only help the development of PV on the subcontinent but also support more than 100 jobs at Infinia Corporation and First Solar’s U.S.-based production facilities.
The funding comes in the form of two direct loans. The first, totalling US$30 million, will enable Dalmia Solar Power to purchase Infinia’s PowerDish electricity system for its 10MW solar-thermal project in Rajasthan. PNC Bank in Pittsburgh is the recipient of the second loan, which will be used to purchase First Solar thin-film modules for a 15MW power plant in Gujarat.
Ex-Im Bank is the first international financing institution to support PV projects under India's National Solar Mission and the State of Gujarat's Solar Power Policy. Both the Indian and Gujarat state government are offering power price incentives to promote the growth of solar power.
"These are the kinds of cutting-edge, U.S. renewable-energy technology exports that President Obama and Ex-Im Bank have made a priority. Our financing is enabling these innovative companies to realise exciting sales opportunities in key markets and maintain jobs in their communities," Ex-Im Bank chairman and president Fred Hochberg said.
"Ex-Im Bank's support was absolutely essential for providing the long-term financing needed to move this project forward," Infinia CEO J.D. Sitton added. "Infinia is at the forefront of developing technologies here in the United States that outperform traditional solar electricity generation, and we are grateful to have Ex-Im Bank as a partner helping us to grow our American work force."