Ex-Im Bank approves finance for 50MW solar projects in India

The Export-Import Bank of the United States (Ex-Im Bank) has approved a total of $57.3m financing for three solar photovoltaic (PV) projects to be constructed by two companies Solar Field Energy Two and Mahindra Surya Prakash.

All the three solar PV plants will be constructed in the state of Rajasthan and will produce a cumulative energy of 50MW.

Solar Field Energy Two, a India-based company wholly owned by Kiran Energy Solar Private Power, will get a loan of $23m from the bank for the construction of a 20MW solar PV project.

The Ex-Im bank has approved a loan of $34.3m for the Mumbai-based Mahindra Surya Prakash which is jointly owned by Kiran Energy and Mahindra Holding.

Mahindra Surya Prakash will construct two solar plants, one with a capacity of 20MW and the other one with a 10MW capacity to produce clean solar energy.

First Solar of Tempe, Arizona will supply the solar modules for all the three projects resulting in 200 US jobs at the company’s manufacturing facility in Perrysburg, Ohio.

Ex-Im Bank chairman and president Fred P Hochberg said these important transactions will finance the purchase of American products and services and support jobs in the innovative renewable-energy sector.

"On top of that, Ex-Im’s financing will contribute to India’s drive to embrace clean-energy sources," Hochberg added.

The Indian government expects to add 20,000MW of installed solar capacity to the national grid by 2020.