The Export-Import Bank of the United States (Ex-Im Bank) is lending $9 million to an Indian solar energy company for procurement of California-produced solar panels.
Sai Maithili Power Company Private Ltd., in Hyderabad, India, is constructing an 11.6-megawatt (DC) solar PV project in Rajasthan, which the U.S. Ex-Im Bank regards as a growing market for renewable-energy goods and services.
California-based MiaSolé develops high-efficiency, low-cost photovoltaic (PV) panels and is doubling its workforce to 400 in 2013 to support its boost in export sales.
Ex-Im Bank finances U.S. exporters as well as foreign buyers that import U.S. products. The bank's authorizations totaled nearly $35.8 billion in fiscal year 2012, including $6.1 billion for small businesses and $216 million for five solar-energy projects in India.
"This is Ex-Im's second financing of MiaSolé's exports to India," said Ex-Im Bank Chairman and President Fred P. Hochberg.
In fiscal year 2010, Ex-Im Bank provided a $3.7 million loan to finance exports of MiaSolé's thin-film PV solar panels to a solar project in Gujarat, India.
"Ex-Im Bank's support of MiaSolé's California-made solar modules for projects in India lowers the cost of capital and will enable MiaSolé to expand," said MiaSolé CEO John Carrington.
Malik Singleton covers manufacturing and other economic news. His previous roles were with City Limits, TIME.com, Black Enterprise and PCMag.com. He is an adjunct at CUNY's...