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California Company Miasolé Exports Thin-Film Solar Panels for Solar-Energy Project in India, Backed by $9 Million Ex-Im Bank Loan

Tuesday, March 26, 2013

(Ex-Im Bank)  Company Plans To Add 200 U.S. Jobs Due to Growing Export Business

Washington, D.C. – Miasolé, a solar-energy company in Santa Clara, Calif., has exported thin-film solar panels to a solar photovoltaic (PV) project in Rajasthan, India, with the support of a $9 million direct loan from the Export-Import Bank of the United States (Ex-Im Bank).

The Indian borrower, Sai Maithili Power Company Private Ltd., a single-purpose solar company formed by KSK Energy Ventures, used Miasolé's high-efficiency, thin-film PV solar panels in the construction of an 11.6-megawatt (DC) solar PV project in Rajasthan. The recently commissioned project was built in support of India's Jawaharlal Nehru National Solar Mission.

"Ex-Im Bank exists to help companies create and maintain American jobs through exports. This is Ex-Im's second financing of Miasolé's exports to India, a growing market for renewable-energy goods and services. Through this support, Ex-Im Bank is assisting the company in expanding its manufacturing base and creating many new jobs," said Ex-Im Bank Chairman and President Fred P. Hochberg.

In FY 2010, Ex-Im Bank provided a $3.7 million loan to finance exports of Miasolé's thin-film PV solar panels to a solar project in Gujarat, India.

"Ex-Im Bank's support of Miasolé's California-made solar modules for projects in India lowers the cost of capital and will enable Miasolé to expand U.S. exports and create jobs in California," said Miasolé CEO John Carrington. "We look forward to continuing to work with Ex-Im Bank in 2013 as Miasolé expands its global footprint and business model to invest in projects, acquire project pipeline and partner with leading developers and engineering, procurement and construction (EPC) companies in sustainable markets such as India."

Miasolé is a pioneer in the development of copper indium gallium selenide (CIGS) thin-film PV solar panels, which are among the highest-efficiency and lowest-cost solar panels. Due to its expanding export-related business, Miasolé is doubling its workforce to 400 employees in California in 2013.