The bank took part in the U.S.-India Strategic Dialogue headed by Secretary of State Hillary Rodham Clinton in the Indian capital Tuesday.
Fred Hochberg, chairman and president of the Ex-Im Bank, is also leading a business development mission this week in India.
Hochberg announced $25 million in Ex-Im Bank loans for two new solar-energy projects and is promoting the bank's financing products to support other deals in India.
'India is a key country for U.S. exports and an increasingly important market for Ex-Im Bank,' he said. 'In the first nine months of fiscal year 2011, the bank has approved $1.4 billion in transactions on behalf of American exporters and their Indian buyers. This financing has increased our overall exposure in India to $5.5 billion. With this kind of growth in demand, we anticipate that next year India may very well become Ex-Im Bank's biggest single market.'
A big part of the growing partnership relates to developing renewable energy in India. In fiscal year 2011 through June 30, the bank said it has approved $75 million in solar transactions in India, with another roughly $500 million in upcoming Indian solar deals.
The two deals announced Tuesday include 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-megawatt solar photovoltaic plant in the state of Rajasthan.
The other deal was for 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 separate five-megawatt photovoltaic solar power plant in Rajasthan.
Later this week, Hochberg will travel to Mumbai to meet with Anil Ambani, chairman of the massive Indian energy conglomerate Reliance Power. As part of President Obama's trip to India last November, Ex-Im signed a $5 billion memorandum of understanding with Reliance for the purchase of U.S.-manufactured equipment for a power project that will produce 8,000 megawatts. The agreement also covers the purchase of renewable-energy (solar and wind) equipment from U.S. manufacturers and service providers for projects that will produce 900 megawatts of clean energy.
Hochberg will also meet with officials in Mumbai from the Indian Merchant Chamber, the State Bank of India, Tata Capital, CitiBank India and ICICI Bank to discuss Ex-Im's role in financing renewable energy and infrastructure projects. He'll also meet with officials from the Infrastructure Development Finance Corp. (IDFC) to discuss collaborative efforts on a number of infrastructure projects throughout India. The relationship dates back to IDFC's selection by Ex-Im Bank as one of nine Indian financial institutions to participate in its $2.45 billion India Infrastructure Facility.
