Ex-Im Bank Announces $9.2 Million Loan to Support Abound Solar Inc. Exports to Punj Lloyd Power Project in India
July 18, 2011
(The Exporting Source)
NEW DELHI: -- The Export-Import Bank of the United States (Ex-Im Bank) announced
today that it is providing a $9.2 million long-term loan to support exports of
thin-film solar photovoltaic modules from Abound Solar Inc. in Loveland, Colo.,
to Punj Lloyd Solar Power Ltd.
Ex-Im Bank is providing a $9.2 million loan to support exports by Abound Solar
Inc. in Loveland, Colo., to the Punj Lloyd five-MW solar project in the state of
Rajasthan, India. Pictured above, workers at Abound's manufacturing facility in
Longmont, Colo., prepare the company's thin-film solar modules for shipping.
Photo courtesy of Abound Solar Inc.
Ex-Im Bank is providing a $9.2 million loan to support exports by Abound Solar
Inc. in Loveland, Colo., to the Punj Lloyd five-MW solar project in the state of
Rajasthan, India. Pictured above, workers at Abound Solar's manufacturing
facility in Longmont, Colo., prepare the company's thin-film solar modules for
shipping. Photo courtesy of Abound Solar Inc.
During the first nine months of fiscal year 2011 through June 30, Ex-Im Bank
approved 173 transactions (including this loan) totaling $1.4 billion in
financing to support U.S. exports to India, which will support over 10,000
American jobs. The Bank's India-related authorizations in FY 2011 through June
are up from a total of $53 million in FY 2010.
India currently ranks first among Asian nations in Ex-Im Bank authorizations and
exposure. The Bank anticipates that India will be its largest single-country
market in the world in FY 2012.
In the Punj Lloyd solar-power transaction, Abound Solar's exports will be used
in the construction of a five-megawatt (MW) solar project located on a 62.5-acre
site near the village of Bap, about 145 kilometers from the city of Jodhpur in
the state of Rajasthan. The project is one of the first to be developed under
the Jawaharlal Nehru National Solar Mission, which aims to develop over 20,000
MW of installed solar power by 2022.
Ex-Im Bank is the first international financing institution to approve
solar-power projects under India's National Solar Mission and one of the first
to approve financings under the solar-power policy of the state of Gujarat. In
fiscal year 2011 to date, the Bank has approved financing totaling approximately
$75 million for four solar projects in India. The Bank also has about $500
million of India solar projects in the pipeline that will generate an estimated
315 MW of solar power.
Atul Punj, chairman of the Punj Lloyd Group said, "We are extremely proud to
have U.S. Ex-Im Bank's support to achieve the financial closure for our project.
This sets the foundation towards our goal of being a leading developer and an
engineering, procurement and construction player within the solar utility-scale
sector in India."
"The ability to finance solar photovoltaic projects is as important as the
quality of the components used. Abound Solar is excited to have the support of
Ex-Im Bank to expand the export of our U.S.-manufactured solar modules to
customers in India and elsewhere around the world," said Russell Kanjorski,
Abound Solar vice president of Marketing.
The repayment of Ex-Im's 18-year loan is based on the cash flows generated by
the sale of electricity to NTPC Vidyut Vyapar Nigam Ltd. (NVVN), the wholly
owned power trading subsidiary of India's National Thermal Power Corp and the
agency responsible for the purchase and sale of solar power under the first
phase of the National Solar Mission. The Indian government has provided special
power price incentives through NVVN.
Ex-Im Bank has also provided or assisted in financing U.S. solar-energy exports
to three other projects in India in FY 2011 to date: the Dalmia Solar Project in
Rajasthan, the Azure Solar Project in Rajasthan and the ACME Solar Technology
Project in the state of Gujarat.
Abound Solar Inc. is a manufacturer of thin-film, cadmium-telluride solar
modules for commercial and utility-scale installations. The company currently
employs 350 workers at its manufacturing facility in Longmont, Colo., and is
planning to build a second plant in Tipton, Ind., to expand its production
capacity. For more information, visit www.abound.com.
Punj Lloyd Solar Power Ltd. is owned by Punj Lloyd Infrastructure Ltd., a
company that develops infrastructure projects primarily on a public-private
partnership basis. The company is a wholly owned subsidiary of Punj Ltd., one of
the largest engineering and construction companies in India. The Punj Lloyd
Group is a diversified conglomerate offering engineering, procurement and
construction services in energy and infrastructure as well as engineering and
manufacturing capabilities in the defense sector. For more information, visit
www.punjlloydgroup.com.
Ex-Im Bank Chairman Hochberg is conducting a week-long business development
mission in India, including participation in the U.S.-India Strategic Dialogue
meeting in New Delhi on Tuesday, July 19, that is being headed by U.S. Secretary
of State Hillary Rodham Clinton.
For more information go to www.exim.gov
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