First Solar receives Ex-Im bank boost20. July 2012 | Markets & Trends, Global PV markets, Applications & Installations | By: Jonathan Gifford
The U.S. Export-Import bank has authorized two loans worth US$57.3 million to support the development of three photovoltaic power plants in India, which will use First Solar thin film modules.
While controversy surrounds U.S. photovoltaic manufacturers' failures, and in particular the support they received in form of government loan guarantees, the Export-Import bank has continued to support American solar exports. Two loans have been granted to companies developing three power plants that will use U.S.-made First Solar modules.
One loan will be made to Kiran Energy Solar Private Power, which will receive $23 million for a 20 MW power plant in the state of Rajasthan. Mahindra Surya Prakash has also had a $34.3 million loan approved, for two photovoltaic power plants also in Rajasthan, worth 20 MW and 10 MW. First Solar CdTe thin film modules, manufactured at the company’s Ohio facility, will be used to supply both projects.
In a statement announcing the loans, Ex-Im Bank Chairman and President Fred Hochberg said the bank will be supporting India’s green-energy push. "These important transactions will finance the purchase of American products and services and support jobs in our innovative renewable-energy sector," Hochberg said.
To date, the Ex-Im bank has provided more than $330 million for the financing of solar projects in India and in 2012, approximately $380 million for U.S. renewable energy exports worldwide.
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