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U.S. Government Loaning $500M for Solar Power Projects—In India

Posted by on Aug. 19, 2011 at 5:24 AM
  • 21 Replies

(CNSNews.com) - The U.S. Export-Import Bank, an independent agency of the federal government, says that it has $500 million in loans in the “pipeline” to fund new solar energy projects—in India.

The $500 million in new loans will come on top of $75 million in financing that the Export-Import Bank has already provided this year for solar power projects in India.

“In fiscal year 2011 to date, the Bank has approved financing totaling approximately $75 million for four solar projects in India,” the bank said in a July 18 press release. “The Bank also has about $500 million of India solar projects in the pipeline that will generate an estimated 315 MW of solar power.”

While in India last month, Export-Import Bank Chairman Fred Hochberg, an Obama appointee, announced two of the new solar projects the U.S.-government bank will be financing.

“In New Delhi, Hochberg announced authorizations totaling more than $25 million for two separate solar transactions,” the Export-Import Bank said in a July 19 statement. ”Ex-Im Bank is providing a $16 million, 16.5-year loan to Azure Power Rajasthan Pvt. Ltd. to purchase thin-film solar modules from First Solar Inc. in Tempe, Ariz, for the construction of a five-MW solar photovoltaic plant in the state of Rajasthan.

“Additionally,” the statement said, “Ex-Im Bank authorized a $9.2 million, 18-year loan for thin-film solar modules from Abound Solar Inc. in Loveland, Colo., to Punj Lloyd Solar Power Ltd. for the construction of a five- MW photovoltaic solar power plant in Rajasthan.”

On May 24, Hochberg told the House Subcommittee on International Monetary Policy and Trade that the Export-Import Bank is a lender of “last resort” that loans money for projects in other parts of the world that private-sector banks will not finance.

“I think that … much of global trade has moved to emerging markets, be that Turkey, be that India, South Africa. And, candidly, after the financial crisis in particular, banks are more reluctant to lend to those parts of the world …,” Hochberg told the committee.

“So we really act as a lender of last resort,” Hochberg testified. “We act when--If other banks are unwilling or unable to provide financial support, we will look at it and make sure there is a reasonable assurance of repayment, and in that case, we've been able to step in, with the private sector not able to do that on its own.”

The government-run bank says that by loaning money to fund projects in foreign countries that use goods and services from the United States it creates jobs within the United States.

“Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers,” the bank said in its statement about the solar power investments in India.

The bank says that in the first half of this year alone it approved 173 transactions involving India that had a total value of $1.4 billion. This U.S.-government financing, the banks said, was responsible for “supporting over 10,000 U.S. jobs.”

That works out to $140,000 in U.S. government loans to borrowers in India for each U.S. job “supported” by the bank.

http://www.cnsnews.com/news/article/obama-administration-investing-500m-sola

by on Aug. 19, 2011 at 5:24 AM
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Replies (1-10):
lovinangels
by on Aug. 19, 2011 at 6:27 AM

Fan-flippin-tabulous.

Carpy
by Emerald Member on Aug. 19, 2011 at 8:30 AM

Follow the money right to George Soros.

pvtjokerus
by Ruby Member on Aug. 19, 2011 at 8:51 AM

I missed it....how is this leading to Soros?

Quoting Carpy:

Follow the money right to George Soros.


yourspecialkid
by on Aug. 19, 2011 at 11:06 AM

Wonderful!  Can we bring on the cheers for helping the unemployment situation..................in INDIA.

Raintree
by Ruby Member on Aug. 19, 2011 at 11:09 AM

Didn't ford just open another plant there?

viva la capitalism!

LoriKeet
by on Aug. 19, 2011 at 11:27 AM

Well, that's because in India, they aren't worried about forcing a field mouse, lizard, or bait fish to find a new habitat.  Not surprised liberals are in favor of this.

candlegal
by Judy on Aug. 19, 2011 at 11:30 AM

that is exacty right


Quoting LoriKeet:

Well, that's because in India, they aren't worried about forcing a field mouse, lizard, or bait fish to find a new habitat.  Not surprised liberals are in favor of this.


heidimoose134
by Momma Moose on Aug. 19, 2011 at 11:39 AM

 This is ridiculous. People need jobs here at home. OUR infastructure is crumbling. Not to mention that we NEED to get off our dependance on oil. The government pisses me off so much.

meriana
by Ruby Member on Aug. 19, 2011 at 1:08 PM

Shouldn't be at all surprising...it's called Globalization.  Helping other countries to build/expand economically and raise their standard of living in the process so that they can better compete on the world market. The problem is that while their living standard is raised, ours is lowered.  Eventually the playing field will be leveled out, corporations in different parts of the world able to compete with one another fairly (none having too much over the others) and the average citizens will also be enjoying a fairly level and equal standard of living. Scary isn't it.

Carpy
by Emerald Member on Aug. 19, 2011 at 1:28 PM

 No it is called socialism on a global scale.  Where is the logic in leveling the playing field by bringing yourself down?  It is not possible to bring them UP to our level so the only logical possibilty to to lower yourself to their level.

Quoting meriana:

Shouldn't be at all surprising...it's called Globalization.  Helping other countries to build/expand economically and raise their standard of living in the process so that they can better compete on the world market. The problem is that while their living standard is raised, ours is lowered.  Eventually the playing field will be leveled out, corporations in different parts of the world able to compete with one another fairly (none having too much over the others) and the average citizens will also be enjoying a fairly level and equal standard of living. Scary isn't it.

 

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