Ex-Im Bank finances solar exports to India

Ex-Im Bank finances solar exports to India    The U.S. Export-Import Bank has approved two transactions financing solar-energy exports to India that will support more than 100 American jobs at the production facilities of Infinia Corp. and First Solar.
   Ex-Im Bank is the first international financing institution to approve solar-power projects under India's National Solar Mission and the state of Gujarat's Solar Power Policy.
   The bank authorized a $30 million direct loan to the project sponsor, Dalmia Solar Power Ltd., on a limited-recourse project-finance basis. The loan will finance the sale of PowerDish ' a modular solar electricity system developed by Infinia, a Washington state small business Infinia ' for a 10-megawatt solar-thermal project in Rajasthan.
   'Ex-Im Bank's support was absolutely essential for providing the long-term financing needed to move this project forward,' said Infinia Chief Executive Officer J.D. Sitton, in a statement.
   The loan's repayment is based on the cash flows generated by the sale of PowerDish-generated electricity to NTPC Vidyut Vyapar Nigam Ltd. (NVVN), the power trading subsidiary of the India's National Thermal Power Corp. The Indian government has provided special power price incentives to NVVN to promote the development of 20,000 megawatts of installed solar power by 2022.
   Infinia said PowerDish produces more electricity, uses less space and cost less money than other solar-power systems by converting concentrated solar energy into electricity. The company has about 145 employees at its manufacturing facility in Kennewick, Wash.
   Ex-Im Bank also authorized a $19 million loan guarantee to PNC Bank in Pittsburgh for a long-term fixed-interest rate loan supporting sales of thin-film solar modules by First Solar to a 15-megawatt solar power plant in the Indian state of Gujarat.
   The loan will be made to the project sponsor, ACME Solar Technology (Gujarat) Pvt. Ltd., on a limited-recourse project-finance basis, the bank said. The repayment of the loan is based on the cash flows generated by the sale of electricity to the government of Gujarat's power utility company, Gujarat Urja Vikras Nigam Ltd. The government of Gujarat has created special power price incentives to promote the expansion of solar power in the state.
   First Solar and its subsidiaries manufacture and sell solar photovoltaic 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 1,200 employees at its facilities in Perrysburg, Ohio.