Bloomberg News

Azure Gets $70.4 Million From U.S. for First Solar Panels

May 25, 2012

Azure Power India Pvt., an Indian renewable-energy developer, arranged $70.4 million in long-term financing from the Export Import Bank of the U.S. to expand the largest project under the country’s National Solar Mission, using panels from First Solar Inc. (FSLR:US)

The 5-megawatt plant in Nagaur, in the state of Rajasthan, went into operation in December and is being expanded to 40 megawatts, New Delhi-based Azure said today in an e-mailed statement. Construction is underway and the project is expected to be complete by February.

The bank has approved the loan and it hasn’t closed, Phil Cogan, a spokesman for the Washington-based lender, said in an interview today. First Solar, based in Tempe, Arizona, will be the sole panel supplier for the Nagaur project.

India is seeking to develop 20,000 megawatts of solar capacity by 2022 under its National Mission. When complete, the Nagaur plant will be the largest developed at a single site under the program, according to the statement.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

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


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Companies Mentioned

  • FSLR
    (First Solar Inc)
    • $70.69 USD
    • 0.78
    • 1.1%
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