U.S. Export-Import Bank approved about $25 million in loans for two solar projects in India that will buy devices from First Solar Inc. (FSLR) and Abound Solar Inc.
The bank will provide a $9.2 million loan to Punj Lloyd Ltd. (PUNJ), a New Delhi-based engineering company, for 18 years, according to an e-mailed statement today. It also approved a $16 million loan to Azure Power, an Indian solar developer backed by the World Bank, for 16 1/2 years.
Punj Lloyd will use solar photovoltaic panels from Loveland, Colorado-based Abound Solar, while Azure Power will use thin-film modules from First Solar. Both developers are building 5-megawatt projects in western Rajasthan state.
The bank has granted $75 million in funds for four Indian solar projects and has $500 million in the pipeline, supporting 315 megawatts of solar plants, it said in an e-mailed statement.
Azure Power's project in western Rajasthan will repay the loan over 16.5 years using electricity sales to NTPC Vidyut Vyapar Nigam, a state-run power trader, under a 25-year purchase agreement, the Indian company said in an e-mailed statement.
First Solar Inc. is the largest maker of thin-film panel.