US company Universal Solar System has secured finance from the US Export-Import (Ex-Im) Bank for the construction of a 2MW photovoltaic (PV) plant in Gujarat, India.
California-based manufacturer MiaSole will supply thin-film panels for the project that is being constructed under the India National Solar Mission. The level of support from the Ex-Im Bank has not been disclosed.
Craig O'Connor, director of the office of renewable energy and environmental exports, said, 'The agreement is another demonstration of Ex-Im Bank's commitment to help US companies turn export opportunities into sales in critical markets like India. Because MiaSole manufacturing is done here in the US, the financing we are providing helps achieve the Bank's core mission to create and sustain American jobs by providing export financing to support export sales.'
Hemal Doshi, president of Universal Solar System, added, 'By partnering with prominent US organisations such as MiaSole and Ex-Im bank, Universal Solar System has demonstrated its vision for long term success and future growth. Now that this 2MW project is on schedule to be commissioned by the end of the year, we can focus our attention on completing the next phase of the Gujarat project, as well as plans for expansion in the US.'
Last month, the Ex-Im Bank approved $103.2m financing for two solar projects in India.