The Export-Import Bank of the U.S has signed a memorandum of understanding (MOU) with the Indian Renewable Energy Development Agency to supply up to $1 billion to finance the sale of U.S. clean energy exports to India.
According to the U.S. agency, the availability of Ex-Im Bank financing could translate into support for skilled jobs in the U.S. renewable energy sector while contributing to the Indian government's recently announced goal of providing 24-hour electricity to India's 1.3 billion citizens by 2019, much of it set to come from renewable sources.
Ex-Im Bank notes that it has authorized $353.4 million for U.S. renewable energy exports to India since 2009.
The agency says India ranks as the second-largest destination for all types of U.S. exports supported by Ex-Im Bank financing. Over the last five years, Ex-Im Bank has authorized an average of $1.4 billion per year to finance U.S. exports to India.