India power plant nets $917 million export financing
The U.S. Export-Import Bank on Thursday approved a $917 million export finance guarantee to support U.S. exports from Milwaukee-based Bucyrus International and other U.S. vendors to the Sasan Power Ltd.'s coal-fired power plant in Madhya Pradesh, India.
The companies will sell and export mining and related equipment to Sasan Power for the 3,960-megawatt power plant. According to the Metropolitan Milwaukee Association of Commerce, the project will support about 1,000 jobs at Bucyrus and its suppliers throughout the United States.
Approval of the guarantee followed a three-month financial, technical and environmental due diligence review conducted by bank specialists, Ex-Im Bank said.
In July, Reliance Power Ltd., owner of Sasan Power, signed a memorandum of understanding with the Ex-Im Bank indicating its commitment to build a new 250-megawatt renewable energy facility, which would rank among the largest renewable energy projects in India. The Sasan project will comply with Ex-Im's new environmental guidelines that limit carbon emissions to 850 grams of CO2 per kilowatt hour.
India power plant nets $917 million export financing
