Web Exclusive | June 2013
Exim Bank keen to finance Indian solar projects
US Exim Bank is bullish on the renewable energy projects in India, especially the solar sector. The Bank chief Fred Hochberg said in Mumbai that though there is a slight pause in the solar area, the situation will pick up soon. The US Exim Bank is the largest international financier for solar power projects in the country, he said. Hochberg further said that in the past three years, his bank, which finances importers with an intent to increase jobs back home in the US, has rendered a finance of $ 350 million to solar projects in India.
He added that in less than three years, Exim Bank has done about $350 million worth of financing for solar projects, making us the largest international financier for solar power in India. He further said that in the past decade the Bank has financed over $12 billion worth of projects in India and currently has a portfolio of $8.2-8.5 billion, which is second only to Mexico in the entire world, and is also growing very rapidly.
One of the areas that the Bank is particularly excited about has been in the area of supporting India's drive for more renewable energy and how solar energy has become more and more economical, and some of the price of coal through import and transportation has increased, said Hochberg.