U.S. Export-Import Bank Approves Two Solar Finance Transactions

The Export-Import Bank of the United States (Ex-Im Bank) has approved $103.2 million in financing for two solar transactions in India in the final months of fiscal 2011. The approvals brought the total number of Indian solar projects that the bank has financed in fiscal 2011 to six and the bank's total authorizations for these projects to $176.4 million.

According to the bank, the recent increased demand for solar power in India is in part due to the country's national solar initiative, the Jawaharlal Nehru National Solar Mission, and its establishment of a clean energy fund valued at $223 million. The Indian Ministry of New and Renewable Energy also provides subsidies up to 70% on the installation costs of solar photovoltaic power plants.

On Aug. 25, Ex-Im Bank's board of directors approved an $84.3 million direct loan to Dahanu Solar Power Pvt. Ltd. supporting the purchase of thin-film solar panels from First Solar Inc. and other U.S. exports for the construction of a 40 MW PV plant in the state of Rajasthan, India.

On Sept. 30, the Ex-Im Bank board of directors approved an $18.9 million direct loan to Tatith Energies of Gujarat, India. The loan will support the purchase of construction services from American Capital Energy and solar panels from SolarWorld California. The U.S. exports will be used in the construction of a 5 MW solar PV crystalline power project in Gujarat, India.

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