US Ex-Im Bank to help fund two more Indian projects

The US’s Export-Import Bank awarded loans totalling US$103.2 million to two Indian companies to to pay for panels and engineering from US firms for planned projects in Gujarat and Rajasthan.

The recipients were Dahanu Solar Power and Tatith Energies.

Dahanu, which is building a 40MW system in Gujarat, will receive the lion’s share of the financing; its US$84.3 million direct loan will facilitate the purchase of First Solar’s thin-film panels. Meanwhile, Tatith’s US$18.9 million loan will cover the cost of American Capital Energy’s construction services and SolarWorld’s panels for its 5MW Rajasthan project.

"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."

"India is making a big push for renewable energy," Ex-Im Bank chairman Fred 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."