Ex-Im Bank Announces $103.2 Million in Export Financing for Solar Projects in India
November 4, 2011
(Ex-Im Bank)
WASHINGTON, D.C.: The Export-Import Bank of the
United States (Ex-Im Bank) approved $103.2
million in financing for two more solar
transactions in India in the final months of
fiscal year 2011. The approvals brought the
total number of Indian solar projects that the
Bank has financed in FY 2011 to six and the
Bank's total authorizations for these projects
to $176.4 million.
The recent increased demand for solar power in
India is in part due to India'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 percent on the
installation costs of solar photovoltaic power
plants.
Indian financial institutions have just begun
financing solar transactions in India under the
National Solar Mission and independent
solar-power projects to be constructed under
several states' off-take programs. Ex-Im Bank's
support was needed due to a general lack of
available long-term financing at commercially
feasible terms for solar projects in India.
"India is making a big push for renewable
energy," Ex-Im Bank Chairman Fred P. Hochberg
said. "Solar companies in the United States
know that if they can get into this growing
market, they have a bright future ahead of
them. Ex-Im Bank stands ready to help our
exporters win that future."
First Solar Exports to Dahanu Solar Power
Project
On August 25, 2011, 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 photovoltaic (PV)
solar-power plant in the state of Rajasthan,
India.
"Financing is a critical part of any solar
project, and the support from Ex-Im Bank has
helped to provide Dahanu Solar Power with First
Solar's advanced, thin-film modules," said Jim
Brown, president of First Solar's Utility
Systems Business Group. "Collaborating with
Ex-Im Bank accelerates renewable-energy
deployment, allowing our customers to meet the
growing demand for clean, renewable solar
energy in India."
First Solar, headquartered in Tempe, Ariz., was
founded in 1999. The company manufactures solar
modules with advanced semiconductor technology
in Perrysburg, Ohio, and is a provider of
comprehensive PV system solutions. First Solar
employs over 6,400 workers in the United
States.
SolarWorld Americas, American Capital Energy
Export to Tatith Energies Project
On September 30, 2011, 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 the
state of Gujarat, India.
Founded in 2005, American Capital Energy (ACE)
is a privately held, solar engineering,
procurement and construction contractor and
solar developer in North Chelmsford, Mass. ACE
helps businesses adopt solar power as a viable
cost-savings solution and also works with
utilities to meet their renewable-energy
portfolio standard requirements through
strategic partnerships with solar PV module
manufacturers and installation companies.
SolarWorld California LLC is a subsidiary of
SolarWorld AG, which is headquartered in Bonn,
Germany. SolarWorld AG's core business is solar
energy, combining all stages of the solar value
chain from the raw material silicon to turn-key
solar-power plants.
SolarWorld has 250 employees at its
solar-module manufacturing plant and America's
headquarters in Camarillo, Calif. The company
employs 1,000 workers at its 100-acre campus in
Hillsboro, Ore., where solar wafers and cells
are made.
"Working with Ex-Im Bank has been a very
positive experience for SolarWorld because of
their willingness to help true U.S.
manufacturers export product," said Raju
Yenamandra, vice president of sales and
business development for SolarWorld Americas.
"In a competitive world, this has given us a
real advantage in exporting to attractive
markets like India."
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