Exim bank approves US$ 80 million for solar project in India

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Supporting US jobs at companies in eight states, the board of directors of the Export-Import Bank of the United States approved a US $80.32 million direct loan for the purchase of concentrated solar power technology by Reliance Power, Ltd in Rajasthan, India, according to a report by the Financial.

The project, Rajasthan Sun Technique Energy Private Limited, is a subsidiary of Reliance Power and is being co-financed by the Asian Development Bank and FMO, the Dutch development bank.

The purchase by Reliance Power, Ltd., will showcase a concentrated solar power technology along with the Kogan Creek Solar Boost Project in Australia. This is the first use of technology of this kind from AREVA Solar on a large commercial scale.

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“The Exim Bank loan is an important component in helping US companies like AREVA Solar, and our subcontractors, compete for and execute solar energy projects in a competitive global market while creating American jobs and economic growth,” said Bill Gallo, chief executive officer, AREVA Solar.

According to Exim Bank, the purchase will showcase a concentrated solar power technology known as compact linear Fresnel reflector from AREVA Solar Inc. CLFR technology boils water using a series of rotating flat mirrors to concentrate sunlight onto a central elevated system of tubes that contain water. The solar system produces superheated steam that is collected in a piping system and transported to a steam turbine to produce electricity. This project along with the Kogan Creek Solar Boost Project in Australia are the first to use technology of this kind from AREVA Solar on a large commercial scale.

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