US Ex-Im Bank promises $1bn Indian RE financing

INDIA: The US Export-Import Bank (Ex-Im Bank) has revealed plans to provide $1 billion in financing for the sale of US-made renewable energy technology to India.

GE has been a major benefficiary of previous Ex-Im loans
GE has been a major benefficiary of previous Ex-Im loans

The bank's chairman Fred Hochberg has signed a memorandum of understanding with chairman of the Indian Renewable Energy Development Agency over the financing.

Credit facilities based on 18-year, fixed-interest terms will be offered to companies looking to import US-made technology. The funding is not ring fenced for any particular form of renewable energy, but will be available for wind technology.

India is the second-largest destination for US exports supported by Ex-Im Bank financing. It has authorized $353.4 million for US renewable energy exports to India since 2009.

The Ex-Im Bank has also previously funded wind projects in Pakistan, Peru and Costa Rica. Most of the deals have covered GE turbines, but Siemens and Gamesa – which has factories in the US – have also benefitted.

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