FollowThe Export-Import Bank (Ex-Im Bank) of the United States announced that it will supply USD 25.2 million in long-term loans to support solar photovoltaic (PV) exports from First Solar Inc. (Tempe, Arizona, U.S.) and Abound Solar Inc. (Loveland, Colorado, U.S.) to Indian companies.
Ex-Im Bank Chairman and President Fred Hochberg announced the loans during a business development mission in India, where he attended a U.S.-India Strategic Dialogue headed by U.S. Secretary of State Hillary Clinton.
“In the first nine months of fiscal year 2011, the Bank has approved USD 1.4 billion in transactions on behalf of American exporters and their Indian buyers,” stated Hochberg.
“This financing has increased our overall exposure in India to USD 5.5 billion and supported over 10,000 American jobs. With this kind of growth in demand, we anticipate that next year India may very well become Ex-Im Bank’s biggest single market.”
Loans to support two 5MW Indian PV plants
The loans comprise a USD 16 million loan to First Solar to export PV modules to Azure Power Rajasthan Pvt. Ltd. (New Delhi, India), and a USD 9.2 million loan to Abound Solar to export PV modules to Punj Lloyd Solar Power Ltd. (New Delhi, India, U.S.).
Both First Solar and Abound Solar manufacture cadmium telluride thin film PV modules.
Azure Power will use the First Solar modules to construct a 5MW PV plant in the state of Rajasthan. Additional U.S. equipment suppliers for the project include SMA Solar Technology America LLC (Rocklin, California, U.S.) and General Cable Corporation (Highland Heights, Kentucky).
Punj Lloyd will use Abound Solar modules to build a 5MW PV project in the village of Bap, Rajasthan.
Loans to be repaid through sale of electricity to Indian Government agency
The repayment of the loans, which have terms of 16.5 years and 18 years respectively, will be based on the sale of electricity to NTPC Vidyut Vyapar Nigam Ltd. (NVVN, New Delhi, India).
NVVN agency is responsible for the purchase and sale of electricity from PV under the first phase of India’s Jawaharlal Nehru National Solar Mission.
Ex-Im Bank India financing totals USD 75 million in 2011
The Ex-Im Bank is the official export agency of the United States Government. The bank reports that it has supplied USD 75 million in financing for four PV projects in India in 2011.
Punj Lloyd Solar is a subsidiary of Punj Lloyd Infrastructure Ltd. (New Delhi, India).
Source: solarserver
