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California Company Miasolé Exports Thin-Film Solar Panels for Solar-Energy Project in India, Backed by $9 Million Ex-Im Bank Loan

Company Plans To Add 200 U.S. Jobs Due to Growing Export Business


Media Contact Name/Phone: 

Linda Formella, (202) 565-3200

Washington, D.C. - Miasolé, a solar-energy company in Santa Clara, Calif., has exported thin-film solar panels to a solar photovoltaic (PV) project in Rajasthan, India, with the support of a $9 million direct loan from the Export-Import Bank of the United States (Ex-Im Bank).

Ex-Im Bank is providing a $9 million loan supporting
exports of thin-film solar panels from Miasolé, a
manufacturer in Santa Clara, Calif., for a 111.6 MW
(DC) photovoltaic solar plant in Rajasthan, India.
(Photo of workers making solar panels, courtesy of Miasolé.)
The Indian borrower, Sai Maithili Power Company Private Ltd., a single-purpose solar company formed by KSK Energy Ventures, used Miasolé's high-efficiency, thin-film PV solar panels in the construction of an 11.6-megawatt (DC) solar PV project in Rajasthan. The recently commissioned project was built in support of India's Jawaharlal Nehru National Solar Mission.

Ex-Im Bank exists to help companies create and maintain American jobs through exports. This is Ex-Im's second financing of Miasolé's exports to India, a growing market for renewable-energy goods and services. Through this support, Ex-Im Bank is assisting the company in expanding its manufacturing base and creating many new jobs, said Ex-Im Bank Chairman and President Fred P. Hochberg.

In FY 2010, Ex-Im Bank provided a $3.7 million loan to finance exports of Miasolé's thin-film PV solar panels to a solar project in Gujarat, India.

Ex-Im Bank's support of Miasolé's California-made solar modules for projects in India lowers the cost of capital and will enable Miasolé to expand U.S. exports and create jobs in California, said Miasolé CEO John Carrington. We look forward to continuing to work with Ex-Im Bank in 2013 as Miasolé expands its global footprint and business model to invest in projects, acquire project pipeline and partner with leading developers and engineering, procurement and construction (EPC) companies in sustainable markets such as India.

Miasolé is a pioneer in the development of copper indium gallium selenide (CIGS) thin-film PV solar panels, which are among the highest-efficiency and lowest-cost solar panels. Due to its expanding export-related business, Miasolé is doubling its workforce to 400 employees in California in 2013.

About Ex-Im Bank

Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (FY 2008 through FY 2012), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 - an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales - also an Ex-Im record. The Bank authorized approximately $355.5 million to support exports of renewable-energy exports in FY 2012, including $216 million for five solar-energy projects in India.

Ex-Im Bank's total authorizations in the last fiscal year are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.