The Export-Import Bank of the United States (Ex-Im Bank) has approved two transactions financing solar energy exports to India at the production facilities of Infinia Corp. in Kennewick, Wash., and First Solar Inc. in Perrysburg, Ohio. According to the bank, these transactions will support more than 100 U.S. jobs.
Specifically, Ex-Im Bank has authorized a $30 million direct loan to the project sponsor, Dalmia Solar Power Ltd., on a limited-recourse project-finance basis. The loan will finance the sale of PowerDish, a modular solar electricity system, by Washington-based Infinia Corp. for a 10 MW solar thermal project in Rajastha, India.
The repayment of the loan is based on the cashflows generated by the sale of PowerDish-generated electricity to NTPC Vidyut Vyapar Nigam Ltd. (NVVN), the power trading subsidiary of the India's National Thermal Power Corp. The Indian government has provided special power price incentives to NVVN to promote the development of 20,000 MW of installed solar power by 2022.
Ex-Im Bank also authorized a $19 million loan guarantee to PNC Bank in Pittsburgh, Pa., for a long-term fixed-rate loan supporting sales of thin-film solar modules by First Solar Inc. to a 15 MW solar power plant in the state of Gujarat, India.
The loan will be made to the project sponsor, ACME Solar Technology (Gujarat) Pvt. Ltd., on a limited-recourse project-finance basis. The repayment of the loan is based on the cashflows generated by the sale of electricity to the government of Gujarat's power utility company, Gujarat Urja Vikras Nigam Ltd.