The memorandum will consider options for using up to $1 billion to finance the sale of U.S. clean energy exports to India.
U.S. Export-Import Bank Chairman Fred P. Hochberg and Chairman K.S. Popli of the Indian Renewable Energy Development Agency on Tuesday signed a memorandum of understanding that will consider options for using up to $1 billion to finance the sale of U.S. energy exports to India.
Hochberg is visiting India this week to promote U.S.-made exports.
The Indian government recently announced a goal to provide 24-hour electricity to the country’s 1.3 billion citizens by 2019, much of it set to come from renewable sources, such as solar and wind.
Since 2009, Ex-Im Bank has authorized $353.4 million for U.S. renewable energy exports to India, and the bank was one of the top financiers of projects under India’s National Solar Mission Phase 1.
After signing the MoU, Hochberg traveled to Noida, India, to attend and give remarks at the India-U.S. Technology Summit. During his remarks, he pointed to the renewable energy MoU as evidence of the mutual benefits that can be realized by choosing quality U.S. goods.
India is the second largest destination for U.S. exports supported by Ex-Im Bank financing, and it claims more than $7.2 billion of the bank’s credit exposure through fiscal year 2014. Over the last five years, Ex-Im Bank said it has “authorized an average of $1.4 billion per year to finance U.S. exports to India.”
Ex-Im Bank, Indian energy agency enter finance MOU
