<p>The beneficiaries of the loan are: Azure Power Rajasthan and Punj Lloyd, US Exim bank chairman and president Fred P. Hochberg told reporters at a press meet here.<br /><br />Azure Power will get financing for importing thin-film photovaltic modules from Arizona-based First Solar Inc -- a deal worth $16 million for a five-megawatt solar project in Rajasthan. <br /><br />Punj Lloyd is being provided with a $9.2 million long-term loan to import similar equipment from Colorado-based Abound Solar for constructing a five-megawatt solar plant also in Rajasthan.<br /><br />The bank also has about $500 million of Indian solar projects in the pipeline that will generate an estimated 315 MW of solar power. <br /><br />"India has set ambitious goals to increase solar-energy production and is creating incentives to encourage solar companies to develop this market," said Hochberg. <br />"We are working with US exporters to make sure that they have the competitive financing they need to participate in these important initiatives," he added.<br /><br />Exim Bank is the first international financing institution to approve solar-power projects under India's National Solar Mission and in fiscal year 2011 to date, the bank has approved financing totalling $75 million for four solar projects. <br /><br />"During the first nine months of fiscal year 2011, Exim bank has approved 173 transactions totalling $1.4 billion in financing of US exports to India which support over 10,000 US jobs," said Hochberg.<br /><br />The financial year for the bank starts in October.The national solar mission envisages production of 20,000 MW of solar power in the country over the next decade.<br /><br />India currently ranks first among Asian nations in the US Exim bank's authorisations and the bank has a total exposure of $5.6 billion in various infrastructure projects.<br />"We expect India to be the largest market for us by end of the financial year 2012," said Hochberg.</p>
<p>The beneficiaries of the loan are: Azure Power Rajasthan and Punj Lloyd, US Exim bank chairman and president Fred P. Hochberg told reporters at a press meet here.<br /><br />Azure Power will get financing for importing thin-film photovaltic modules from Arizona-based First Solar Inc -- a deal worth $16 million for a five-megawatt solar project in Rajasthan. <br /><br />Punj Lloyd is being provided with a $9.2 million long-term loan to import similar equipment from Colorado-based Abound Solar for constructing a five-megawatt solar plant also in Rajasthan.<br /><br />The bank also has about $500 million of Indian solar projects in the pipeline that will generate an estimated 315 MW of solar power. <br /><br />"India has set ambitious goals to increase solar-energy production and is creating incentives to encourage solar companies to develop this market," said Hochberg. <br />"We are working with US exporters to make sure that they have the competitive financing they need to participate in these important initiatives," he added.<br /><br />Exim Bank is the first international financing institution to approve solar-power projects under India's National Solar Mission and in fiscal year 2011 to date, the bank has approved financing totalling $75 million for four solar projects. <br /><br />"During the first nine months of fiscal year 2011, Exim bank has approved 173 transactions totalling $1.4 billion in financing of US exports to India which support over 10,000 US jobs," said Hochberg.<br /><br />The financial year for the bank starts in October.The national solar mission envisages production of 20,000 MW of solar power in the country over the next decade.<br /><br />India currently ranks first among Asian nations in the US Exim bank's authorisations and the bank has a total exposure of $5.6 billion in various infrastructure projects.<br />"We expect India to be the largest market for us by end of the financial year 2012," said Hochberg.</p>