US Ex-Im Bank loan helps Indian developer buy US solar panels

The latest of the US’s Export-Import Bank's plans to expand its loan portfolio to India’s renewable industry has been announced.

A USD19 million loan package is going to the Indian photovoltaic project developer, Tatith Solar, to buy SolarWorld Industries America panels for its 5MW project in Gujarat.

It is the sixth Ex-Im Bank-backed PV installation in India in the current fiscal year and makes up a USD3.4 billion financial package to help US exports, primarily in the areas of renewable industry.

"This has been a historic year for Ex-Im Bank in terms of total authorizations and the number of American jobs supported by Ex-Im financing,” said the bank's chairman and president Fred Hochberg.

“The Bank has responded to a record level of financing requests this year to provide export financing on behalf of US companies expanding foreign sales and sustaining and creating jobs. We have been able to do this without cost to the US taxpayer.

The Bank forecasts that this funding will support more than 20,000 jobs across the US.