July 18, 2011
The Export-Import Bank of
the United States
(Ex-Im Bank) announced today that it is providing a
long-term loan to support the exports of First Solar Inc. in
, to Azure Power Rajasthan Pvt. Ltd. in
During the first nine months of fiscal year 2011 through
, Ex-Im Bank approved 173 transactions (including this loan) totaling
in financing to support U.S. exports to
, which will support over 10,000 U.S. jobs. The Bank's
-related authorizations in FY 2011 through June are up from a total of
in FY 2010.
currently ranks first among Asian nations in Ex-Im Bank authorizations and exposure. The Bank anticipates that
will be its largest single-country market in the world in FY 2012.
In the Azure Power transaction, First Solar will export thin-film photovoltaic modules to Azure Power for the construction of a five-megawatt (MW) solar project in the state of Rajasthan. Additional U.S. suppliers of related equipment include SMA Solar Technology in
, and General Cable Corp. in
Highland Heights, Ky.
The Azure solar-power plant in Jayal, Rajasthan is one of the first utility-scale solar-power plants in
under the Jawaharlal Nehru National Solar Mission, which aims to develop over 20,000 MW of installed solar power by 2022. When the Azure solar-power plant is connected to the grid, it will benefit more than 50,000 people and is estimated to reduce carbon emissions of up to 5,500 metric tons per year.
is the first international financing institution to approve solar-power projects under
's National Solar Mission and one of the first to approve financings under the solar-power policy of the state of Gujarat. In fiscal year 2011 to date, the Bank has approved financing totaling approximately
for four solar projects in
. The Bank also has about
solar projects in the pipeline that will generate an estimated 315 MW of solar power.
has set ambitious goals to increase solar-energy production and is creating incentives to encourage solar companies to develop this market. Ex-
is pleased to partner with Azure Power to enable a robust solar-power sector in
. We are working with U.S. exporters to make sure that they have the competitive financing they need to participate in these important initiatives," said Ex-Im Bank Chairman and President
Fred P. Hochberg
, who announced the transaction today in
"This is a great example of U.S.-
cooperation in the renewable-energy sector. The long-tenure
investment from Ex-Im Bank enables us to deploy the best-in-class U.S. technology to meet
's clean-energy objectives under the National Solar Mission, specifically the goal of reaching grid parity," said Azure Power CEO
"Financing is a critical part of any solar project, and the support from Ex-Im Bank has helped to provide Azure Power with First Solar's advanced, thin-film modules," said
, First Solar senior vice president. "Collaborating with Ex-Im Bank accelerates renewable-energy deployment, allowing our customers to meet the growing demand for clean, renewable solar energy in
The repayment of Ex-Im's 16.5-year loan is based on the cash flows generated by the sale of electricity to NTPC Vidyut Vyapar Nigam Ltd. (NVVN), a wholly owned power trading subsidiary of
's National Thermal Power Corp and the agency responsible for the purchase and sale of solar power under the first phase of the National Solar Mission. The Indian government has provided special power-price incentives through NVVN.
has also provided or assisted in financing U.S. solar-energy exports to three other projects in
in FY 2011 to date: the Dalmia Solar Project in Rajasthan, the Punj Lloyd Solar Project in Rajasthan and the ACME Solar Technology Project in the state of Gujarat.
First Solar Inc. and its wholly owned subsidiaries manufacture and sell solar photovoltaic (PV) modules, and also develop, design, construct, operate and maintain solar PV electricity-generating facilities. Founded in 1999, the company is the world's largest manufacturer of thin-film solar modules and has more than 1,900 employees in
the United States
, including 1,200 employees at its
, manufacturing and engineering center. For more information, visit
Azure Power is an independent solar-power producer and the first private-sector company to implement a megawatt-scale, grid-connected solar photovoltaic power plant in
. The company develops solar energy for utility, government and commercial customers. For more information, visit
Chairman Hochberg is conducting a week-long business development mission in
, including participation in the U.S.-India Strategic Dialogue meeting in
Tuesday, July 19
, that is being headed by U.S. Secretary of State
Hillary Rodman Clinton
About Ex-Im Bank: