US to promote its solar energy companies to increase exports to India

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January 28, 2015: With India is etching its growth path in the renewable energy sector and US president Barrack Obama visiting the country, announcements were to happen. While Obama unveiled his plans to invest in the country, the investment announcements were made for the US solar energy companies in order to increase their export to India.

The US federal agencies, of the investment announced, a plenty were the institutional loans for US solar companies. The investments will be utilised to increase the exports of renewable energy products to India, including solar.

The Indian Renewable Energy Development Agency (IREDA) and the US Exim bank have inked a $1 billion loan agreement. This loan will be further extended to US’ PV cell and module manufacturers, already selling or planning to sell expand their presence in India by exports or manufacturing, to up their products and in turn, up export to India.

Recently, SunEdison and First Solar, the two US solar manufacturers, had announced their ties ups and investment in India’s renewable sector.