The U.S. government’s finance institution, The Overseas Private Investment Corporation (OPIC), plans to invest $520 million in financing and insuring solar energy projects in India by the end of 2011. OPIC also approved two new private equity funds which will together invest $360 million in wind, solar, hydropower, and biomass projects in India. The new plans are following the $300 million South Asia Clean Energy Fund that OPIC approved in 2010. The investments support the India-U.S. Partnership to Advance Clean Energy (PACE) initiative, to which OPIC reaffirmed its commitment during President Obama's visit to India last November. Also, the U.S. Export-Import Bank has confirmed more than $25 million in solar energy-related financing for Indian projects. The U.S. Export-Import Bank is providing a $16 million long-term loan to support the exports of First Solar Inc. in Tempe, Ariz., to Azure Power Rajasthan Pvt. Ltd. in India. It is also giving a $9.2 million long-term loan to support the export of thin-film solar photovoltaic modules from Abound Solar Inc. in Loveland, Colo., to Punj Lloyd Solar Power Ltd. During the first nine months of 2011, the bank approved $53 million for India-related projects. The bank said that India ranks first among Asian nations in Ex-Im Bank authorizations and exposure is likely to be its largest single country market in 2012.
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U.S. government financing supports Indian renewable energy projects
- Mintz Levin Cohn Ferris Glovsky and Popeo PC
- David Leiter and Daniel Phillips
- India, USA
- July 24 2011
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