Ex-Im Supports 200 US Jobs, Approves Millions in Exports to India

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Washington, DC – Two India-based companies on Wednesday secured millions of dollars from the Export-Import Bank of the United States (Ex-Im Bank), while the US company supplying the energy friendly material will be supporting hundreds of US jobs, according to the Ex-Im bank.

The American bank authorized a pair of loans totaling $57.3 million to Solar Field Energy Two Private Ltd. and Mahindra Surya Prakash Private Ltd. to finance the export of American solar panels and ancillary services to India.

“These important transactions will finance the purchase of American products and services and support jobs in our innovative renewable-energy sector,” said Ex-Im Bank Chairman and President Fred P. Hochberg, adding, “On top of that, Ex-Im’s financing will contribute to India’s drive to embrace clean-energy sources.”

Solar Field Energy Two, a Mumbai-based company wholly owned by Kiran Energy Solar Private Power Ltd., received a nod for a $23 million loan from Ex-Im Bank for the construction of a 20 megawatt (MW) solar facility in Rajasthan, a Western India state, while Mahindra Surya Prakash, also of Mumbai and owned by Kiran Energy and Mahindra Holding Ltd., was approved for a $34.3 million Ex-Im loan to build two solar facilities (one 20 MW and one 10 MW), also in Rajasthan.

The solar panels, which are manufactured by First Solar Inc. of Tempe, Arizona, will be used in the construction of solar photovoltaic plants. These transactions will support 200 US jobs at First Solar’s manufacturing facility in Perrysburg, Ohio, the bank statement noted.

In 2010, the Indian government launched the Jawaharlal Nehru National Solar Mission in an effort to add 20,000 megawatts of installed solar capacity to the nationwide grid by 2020.

India is one of Ex-Im Bank’s nine key markets and accounted for approximately $7 billion of the Bank’s worldwide credit exposure as of the end of fiscal year (FY) 2011. In FY 2011 and FY 2012 to date, the Bank authorized more than $330 million in financing for Indian solar projects. (IATNS)

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