U.S. Government Loaning $500M for Solar Power Projects—In India

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CNSnews:



(CNSNews.com) - The U.S. Export-Import Bank, an independent agency of the federal government, says that it has $500 million in loans in the “pipeline” to fund new solar energy projects—in India.

The $500 million in new loans will come on top of $75 million in financing that the Export-Import Bank has already provided this year for solar power projects in India.

“In fiscal year 2011 to date, the Bank has approved financing totaling approximately $75 million for four solar projects in India,” the bank said in a July 18 press release. “The Bank also has about $500 million of India solar projects in the pipeline that will generate an estimated 315 MW of solar power.”

While in India last month, Export-Import Bank Chairman Fred Hochberg, an Obama appointee, announced two of the new solar projects the U.S.-government bank will be financing.

“In New Delhi, Hochberg announced authorizations totaling more than $25 million for two separate solar transactions,” the Export-Import Bank said in a July 19 statement. ”Ex-Im Bank is providing a $16 million, 16.5-year loan to Azure Power Rajasthan Pvt. Ltd. to purchase thin-film solar modules from First Solar Inc. in Tempe, Ariz, for the construction of a five-MW solar photovoltaic plant in the state of Rajasthan.

“Additionally,” the statement said, “Ex-Im Bank authorized a $9.2 million, 18-year loan for thin-film solar modules from Abound Solar Inc. in Loveland, Colo., to Punj Lloyd Solar Power Ltd. for the construction of a five- MW photovoltaic solar power plant in Rajasthan.”