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US PV to build 50 MW of solar plants in India

Indian energy firms to use First Solar’s thin film modules for three PV plants in Rajasthan

US solar panels will be used to build three solar plants in India, totalling 50 MW

US PV is being used to build 50 MW of solar plants in India. The thin film modules, which Arizona firm First Solar Inc will manufacture, will be used to construct three solar photovoltaic plants in Rajasthan.

Mumbai energy firms Solar Field Energy Two and Mahindra Surya Prakash will develop the plants. They include one 20 MW plant from Solar field Energy Two and two plants from Mahindra Surya Prakash; one at 20 MW and the other at 10 MW.

The companies have received loans from the Export-Import Bank of the United States (Ex-Im Bank) totalling USD 57.3m to finance the export of the US solar panels and ancillary services to construct the solar plants in India. The transactions will also support 200 US jobs to make the panels at First Solar's manufacturing facility in Perrysburg.

Ex-Im Bank chairman and president Fred P. Hochberg, said: “These important transactions will finance the purchase of American products and services and support jobs in our innovative renewable-energy sector. On top of that, Ex-Im's financing will contribute to India's drive to embrace clean-energy sources."

India is one of Ex-Im Bank's nine key markets and accounted for approximately USD 7bn of the Bank's worldwide credit exposure as of the end of FY 2011. In FY 2011 and FY 2012 to date, the Bank authorised more than USD 330m in financing for Indian solar projects.

In 2010, the Indian government launched the Jawaharlal Nehru National Solar Mission in an effort to add 20,000 MW of installed solar capacity to the nationwide grid by 2020. According to a 2012 report in the Wall Street Journal, nearly 300 million people in India still live without electricity.