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Wednesday, August 31, 2011

U.S. Government Loaning $500M for Solar Power Projects -- In India

By Terence P. Jeffrey

The U.S. Export-Import Bank, an independent agency of the federal government, says that it has $500 million in loans in the ?pipeline? to fund new solar energy projects?in India.

The $500 million in new loans will come on top of $75 million in financing that the Export-Import Bank has already provided this year for solar power projects in India.

?In fiscal year 2011 to date, the Bank has approved financing totaling approximately $75 million for four solar projects in India,? the bank said in a July 18 press release. ?The Bank also has about $500 million of India solar projects in the pipeline that will generate an estimated 315 MW of solar power.?

While in India last month, Export-Import Bank Chairman Fred Hochberg, an Obama appointee, announced two of the new solar projects the U.S.-government bank will be financing.

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