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.