Ex-Im Bank authorizes US$57.3M in loans for export of US solar panels, services to India

The Export-Import Bank of the United States has okayed two loans, totalling US$57.3 million, which will see the exportation of US-made solar panels and ancillary services to Solar Field Energy Two and Mahindra Surya Prakash in India.

Solar Field Energy Two, a subsidiary of Kiran Energy Solar, has been approved for a US$23 million loan from Ex-Im Bank, which will help finance the development of a 20MW solar plant in Rajasthan. Mahindra Surya Prakash, also a subsidiary of Kiran Energy and Mahindra Holding, will receive a US$34.3 million loan for the construction of two solar facilities, 20MW and 10MW, respectively, in Rajasthan.

The solar panels to be used in the projects will be manufactured by First Solar at the company’s Perrysburg, Ohio plant. "These important transactions will finance the purchase of American products and services and support jobs in our innovative renewable-energy sector," said Ex-Im Bank Chairman and President Fred Hochberg. "On top of that, Ex-Im's financing will contribute to India's drive to embrace clean-energy sources."

Ex-Im Bank considers India one of its nine key markets. The country accounted for nearly US$7 billion of the bank’s worldwide credit exposure by the end of FY 2011.

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