Ex-Im Supports U.S. Solar Industry Exports to India

Photo courtesy of First Solar Inc.

In FY 2011, Ex-Im Bank was one of the largest financiers of renewable-energy projects in India and authorized nearly $180 million in financing for seven solar transactions in the country. India has an increased demand for solar power due in part to the country’s National Solar Initiative.

The Bank's support for these projects was critical, due to the general lack of available long-term financing at commercially feasible terms.

Ex-Im Bank financing for these projects included an $84.3 million direct loan to Dahanu Solar Power Pvt. Ltd. This financing will support the purchase of thin-film solar panels from First Solar Inc. in Tempe, Ariz., which has its manufacturing facility in Perrysburg, Ohio. The solar panels will be used for the construction of a 40-MW photovoltaic (PV) solar-power plant in Rajasthan, India. 

In another transaction, the Bank approved an $18.9 million direct loan to Tatith Energies of Gujarat, India. This loan will support the purchase of construction services from American Capital Energy and solar panels from SolarWorld California. The U.S. exports will be used in the construction of a five MW solar PV crystalline power project in Gujarat, India.

Ex-Im’s financing for these solar-energy exports to India and another large sale by First Solar to projects in Canada are supporting more than 500 jobs in the U.S. solar industry.