US Ex-Im Bank hits $500 million in Indian solar loans


Confirming both America’s commitment to deepening economic ties with India and also the priority given to renewable projects, the Ex-Im Bank hopes to promote both the bank’s financial products but also facilitate the purchase of U.S. goods and services.

Two projects worth 10 MW receive loans

The two most recent Ex-Im Bank loans are in the form of a $16 million loan to Azure Power Rajasthan, to purchase thin-film modules from First Solar; and also $9.2 million to Punj Lloyd Solar Power, for solar modules from Abound Solar. Both projects have an installed capacity of five MW.

The Azure photovoltaic plant is one of the first utility scale plants under the Jawaharlal Nehru National Solar Mission (JNNSM). Ex-Im Bank is the first international financial institution to approve solar projects under the mission. First Solar’s James Brown said that financing is a crucial part of any solar project and will allow for the purchase of its modules. "Collaborating with Ex-Im Bank accelerates renewable-energy deployment, allowing our customers to meet the growing demand for clean, renewable solar energy in India."

Last week it became clear that many of the solar projects submitted under the JNNSM had not secured finance and therefore will be cancelled.

This is not the case for the Punj Lloyd Power Project which will receive a $9.2 million Ex-Im Bank loan. The project, based in the state of Rajasthan, will be situated on a 62.5 acre site. Atul Punj, chairman of the Punj Lloyd Group said, "We are extremely proud to have U.S. Ex-Im Bank's support to achieve the financial closure for our project."

Ex-Im Bank Chairman in India

Ex-Im Bank Chairman Fred P. Hochberg is currently in India, where the recent announcements were made, and he highlighted the potential of the Indian market for U.S. solar industry exports. "There are tremendous opportunities for investments in projects that create jobs and help address India’s growing energy and infrastructure needs."

Energy infrastructure is also on the agenda of discussions between the Ex-Im Bank and Indian officials and Hochberg will meet representatives from India’s Infrastructure Development Finance Corporation in Mumbai. U.S. Secretary of State Hillary Clinton is also in India for strategic dialogue discussions.

While in Mumbai, Hochberg will also discuss a Memorandum of Understanding (MoU) that was signed last November with Reliance Power, for a $5 billion deal to facilitate, in part, the purchase equipment to produce 900 MW if clean energy.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.