Ex-Im Bank Chairman Hochberg Signs $1 Billion Memorandum of Understanding to Support U.S. Clean Energy Exports to India
November 18, 2014
(Ex-Im Bank)
Announces the MOU at the India-US Technology Summit in Noida
Washington, D.C. – Today, Export-Import Bank of the United States (Ex-Im Bank)
Chairman Fred P. Hochberg signed a Memorandum of Understanding with Chairman
K.S. Popli of the Indian Renewable Energy Development Agency (IREDA) that will
explore options for utilizing up to $1 billion to finance the sale of U.S. clean
energy exports to India.
Chairman Hochberg is visiting India this week to promote made-in-America exports
in support of U.S. jobs.
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. In fact, Ex-Im Bank has authorized $353.4 million for U.S. renewable
energy exports to India since 2009, and Ex-Im Bank was one of the top financiers
of projects under the National Solar Mission Phase 1.
"When quality, reliable U.S. goods and services are brought to bear in
high-demand markets like India, the benefits are felt in both of our countries,"
said Chairman Hochberg. "This Memorandum of Understanding will reinforce the
strong ties that America and India already share, create good-paying jobs on
both of our shores, and further invigorate America's clean energy industry while
equipping India to meet its own ambitious energy goals."
After signing the Memorandum, Chairman Hochberg travelled to Noida, India to
attend and give remarks at the India-US Technology Summit. During his remarks,
Chairman Hochberg highlighted the renewable energy MOU as evidence of the mutual
benefits that can be realized by choosing quality U.S. goods.
India ranks as the second-largest destination for U.S. exports supported by
Ex-Im Bank financing, and claims more than $7.2 billion of the Bank's credit
exposure through FY 2014. 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.
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