Indian solar projects get US boost
The Export-Import Bank of the United States (US Exim) is providing two Indian energy companies with US$57.3mn in loans to finance exports of American solar panels and services to India.
Mumbai-based Solar Field Energy Two has secured US$23mn in financing from US Exim for the construction of a 20-megawatt solar facility in Rajasthan.
US Exim will also provide Indian energy company Mahindra Surya Prakash with a US$34.3mn facility to build two solar projects in Rajasthan.
The solar panels will be manufactured by US firm First Solar and will be used for the construction of solar photovoltaic plants in Rajasthan, India.
India accounts for approximately US$7bn of US Exim’s worldwide credit exposure, as of the end of the financial year of 2011. In 2011 and 2012 to date, the bank has authorised more than US$330mn in financing for Indian solar projects.
In July last year, US Exim provided US$25mn in long-term loans to support US solar energy exports to Rajasthan and Jodhpur.