Ex-Im Bank Chairman Hochberg Signs $1 Billion Memorandum of Understanding to Support U.S. Clean Energy Exports to India
November 18, 2014
(Ex-Im Bank)
Announces the MOU at the India-US Technology
Summit in Noida
Washington, D.C. – Today, Export-Import Bank of
the United States (Ex-Im Bank) Chairman Fred P.
Hochberg signed a Memorandum of Understanding
with Chairman K.S. Popli of the Indian
Renewable Energy Development Agency (IREDA)
that will explore options for utilizing up to
$1 billion to finance the sale of U.S. clean
energy exports to India.
Chairman Hochberg is visiting India this week
to promote made-in-America exports in support
of U.S. jobs.
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. In fact,
Ex-Im Bank has authorized $353.4 million for
U.S. renewable energy exports to India since
2009, and Ex-Im Bank was one of the top
financiers of projects under the National Solar
Mission Phase 1.
"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," said Chairman Hochberg. "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."
After signing the Memorandum, Chairman Hochberg
travelled to Noida, India to attend and give
remarks at the India-US Technology Summit.
During his remarks, Chairman Hochberg
highlighted the renewable energy MOU as
evidence of the mutual benefits that can be
realized by choosing quality U.S. goods.
India ranks as the second-largest destination
for U.S. exports supported by Ex-Im Bank
financing, and claims more than $7.2 billion of
the Bank's credit exposure through FY 2014.
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.
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