- Category: US
15 Apr 2012
- Published on Sunday, 15 April 2012 20:13
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An $80.32 million direct loan for the acquisition of concentrated solar power technology for Reliance Power's solar project in Rajasthan in northwest India was approved by the board of directors of the Export-Import Bank of the United States. The project, "Rajasthan Sun Technique Energy Private Limited," is a subsidiary of Reliance Power Ltd. and is being co-financed by the Asian Development Bank and FMO, the Dutch development bank. Last week, Areva Solar, a subsidiary of French company Areva and which has a facility in Mountain View, California, announced that it was chosen by Reliance Power to build the 250-megawatt CSP installation in India which will become the largest in Asia. Completion is seen by May next year. Other U.S. companies potentially involved E.I. DuPont de Nemours and Co. (Wilmington, Del.); Clifford Chance Rogers Wells LLP; 3M Company; Sika Corp.; CCI Corp.; Certainteed Corp.; Huck International Inc.; and Weed Instrument Company Inc. 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 transaction will give renewable energy U.S. exporters a larger footprint in India, and it will help them be competitive against the German and Chinese companies in this field," said Export-Import Bank chairman and president Fred P. Hochberg. The Export Import Bank is an independent federal agency which provides financing to importers of U.S. goods which lenders in the private sector may not prioritize due to certain risks.