US Exim bank to fund $80-m loan for Reliance's solar project

The US Export-Import Bank has approved $80 million in export financing for a solar project in India. Supporting US jobs at companies in eight States, the bank's board of directors approved $80.32 million direct loan for the purchase of ‘concentrated solar power technology' by Reliance Power in Rajasthan.

The project - Rajasthan Sun Technique Energy Private Ltd - is a subsidiary of Reliance Power and is being co-financed by the Asian Development Bank and FMO, the Dutch development bank.

Since last year, the bank has financed seven Indian solar power generating projects. With today's transaction, the bank's total authorisations for these projects is $256.7 million, supporting 205 MW.