India may emerge as US Ex-Im Bank's largest market in next 12-18 months, its Chairman and President, Mr Fred P. Hochberg has said.
Currently, among all countries in which US Ex-Im Bank provides financing, India ranks second behind Mexico.
The US Ex-Im Bank's total assistance in the nine-month period ended June 2011 stood at $1.4 billion, up from $53 million in entire year of 2009-10. The export credit agency's financial year runs from October to September.
“During the last nine months, we have approved 173 transactions involving 100 companies and $1.4 billion in financing of US exports to India. If India continues to keep growing, we can make sure that it has the technology and capital to enhance that growth rate,” Mr Hochberg said at a press conference here.
The US Ex-Im Bank today announced that it was providing a $16-million long-term loan to support the exports of First Solar Inc in Tempe Arizona to Azure Power Rajasthan Pvt Ltd in New Delhi.
In the Azure Power transaction, First Solar will export thin-film photovoltaic modules to Azure Power for the construction of a five megawatt (MW) solar project in Rajasthan.
The US Ex-Im bank also announced that it was providing $9.2-million long-term loan to support exports of thin-film solar photovoltaic modules from the US-based Abound Solar Inc to Punj Lloyd Solar Power Ltd.
In the Punj Lloyd Solar Power transaction, Abound Solar's exports will be used in the construction of 5 MW solar project on a 62.5 acre site near the village of Bap, about 145 km from Jodhpur in Rajasthan.
In fiscal year 2011 to date, the bank has approved financing totalling about $75 million for four solar power projects in India. It also has about $500 million of India solar projects in the pipeline that will generate an estimated 315 MW of solar power.