Bloomberg News

U.S. Will Loan $18.9 Million for SolarWorld Exports to India

November 30, 2011

Nov. 22 (Bloomberg) -- The U.S. Export-Import Bank approved an $18.9 million loan for an Indian solar power project that will import photovoltaic panels from SolarWorld AG’s California unit.

The funding will allow Tatith Energies to buy the crystalline-based devices from the manufacturer and construction services from North Chelmsford, Massachusetts-based American Capital Energy for its 5-megawatt plant in the western state of Gujarat, according to an e-mailed statement from the Washington- based lender.

The Export-Import Bank helps exporters get credit for foreign sales by providing direct loans or guarantees. As of Nov. 5, it had approved $176.4 million in funds for six Indian solar projects.

--Editors: Todd White, Ana Monteiro

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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