An 11.6MW project in Rajasthan, India, has been commissioned by US thin-film CIGS manufacturer MiaSolé and Indian developer KSK Energy Ventures.
The US Export-Import Bank will provide US$9 million of debt financing for the project, reputed to be Rajasthan’s largest plant, and the second MiaSolé project in India that the Ex-Im Bank has supported.
“This project financing facilitates exports from MiaSolé’s California manufacturing centre, will boost California's economy and help to create hundreds of local jobs,” said US Export-Import Bank chairman Fred Hochberg.
The project was commissioned under India’s Jawaharlal Nehru National Solar Mission (JNNSM).
At present, Phase II bids for the JNNSM have been postponed by the Indian government to the end of April or beginning of May.
Local media reports said the government will use the next two months to decide whether to include thin-film in its domestic content requirement (DCR), according to local media reports. The DCR is currently being disputed by the US government which claims the JNNSM policy is “discriminatory”.
This appears to not have deterred MiaSolé’s plans for expansion in the Indian market.
John Carrington, CEO of MiaSolé said: “In 2013, we will expand our global footprint and our business model to invest in projects, acquire project pipeline and partner with leading developers and EPC companies in sustainable markets like India. Ex-Im Bank's support of MiaSolé’s technology lowers the cost of project financing, and will expand the deployment of our California-made solar modules in projects globally.”
Over the past year, MiaSolé has completed projects in Rajasthan, Gujarat, Maharashtra and Tamil Nadu.
In 2013, the company plans to hire over 200 additional employees in California to expand its manufacturing, research and development and commercial activities following its acquisition by Chinese thin-film manufacturer Hanergy.
MiaSolé is also developing a flexible solar solution, and last year announced a new flexible solar photovoltaic efficiency world record of 15.5%.