The Export-Import Bank of the United States has signed a memorandum of understanding (MOU) with the Indian Renewable Energy Development Agency to supply up to $1 billion to finance the sale of U.S. clean energy exports to India.
According to the U.S. agency, the availability of Ex-Im Bank financing could translate into support for skilled jobs in the U.S. renewable energy sector while contributing to the Indian government's recently announced goal of providing 24-hour electricity to India's 1.3 billion citizens by 2019, much of it set to come from renewable sources.
‘When quality, reliable U.S. goods and services are brought to bear in high-demand markets like India, the benefits are felt in both of our countries,’ says Ex-Im Bank Chairman Fred P. Hochber. ‘This memorandum of understanding will reinforce the strong ties that America and India already share, create good-paying jobs on both of our shores, and further invigorate America's clean energy industry while equipping India to meet its own ambitious energy goals.’
Ex-Im Bank notes that it has authorized $353.4 million for U.S. renewable energy exports to India since 2009.
The agency says India ranks as the second-largest destination for all types of U.S. exports supported by Ex-Im Bank financing. Over the last five years, Ex-Im Bank has authorized an average of $1.4 billion per year to finance U.S. exports to India.