US Ex-Im Bank awards $9.2M loan to Punj Lloyd Solar for Abound-equipped 5MW CdTe PV farm in India

Facebook
Twitter
LinkedIn
Reddit
Email

On the heels of awarding a $16 million loan to Azure Power for a solar photovoltaic project in India, the Export-Import Bank of the United States said it is providing a $9.2 million long-term loan to support exports of Colorado-based Abound Solar's CdTe thin-film PV modules to Punj Lloyd Solar Power for a 5MW power plant in Rahjasthan.

In the Punj Lloyd transaction, Abound's panels will be used in the construction of a 5MW project located on a 62.5-acre site near the village of Bap, about 145km from the city of Jodhpur in the state of Rajasthan. The project is one of the first to be developed under the Jawaharlal Nehru National Solar Mission, which aims to develop more than 20,000MW of installed solar power by 2022.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The timeline for design, construction, and activation of the power plant was not disclosed.

The repayment of Ex-Im's 18-year loan is based on the cash flows generated by the sale of electricity to NTPC Vidyut Vyapar Nigam, the wholly owned power trading subsidiary of India's National Thermal Power Corp and the agency responsible for the purchase and sale of solar power under the first phase of the National Solar Mission. The Indian government has provided special power price incentives through NVVN.

India has set ambitious goals to increase solar-energy production and is creating incentives to encourage solar companies to develop this market. Ex-Im Bank is pleased to partner with Punj Lloyd to enable a robust solar-power sector in India. We are working with U.S. exporters make sure that they have the competitive financing they need to participate in these important initiatives,” said Ex-Im Bank chairman/president, Fred Hochberg.

Atul Punj, chairman of the Punj Lloyd Group said, “We are extremely proud to have U.S. Ex-Im Bank's support to achieve the financial closure for our project. This sets the foundation towards our goal of being a leading developer and an engineering, procurement and construction player within the solar utility-scale sector in India.”

“The ability to finance solar photovoltaic projects is as important as the quality of the components used. Abound Solar is excited to have the support of Ex-Im Bank to expand the export of our U.S.-manufactured solar modules to customers in India and elsewhere around the world,” said Russell Kanjorski, Abound's VP of Marketing.

 

Read Next

July 1, 2025
Spanish independent power producer (IPP) Zelestra has secured financing and reached financial close for its 220MW solar-plus-storage plant in Chile.
July 1, 2025
Independent power producer (IPP) Arevon Energy has closed a US$600 million credit facility to support its solar PV and energy storage portfolio in the US.
July 1, 2025
The UK government has released this week (30 June) its Solar Roadmap, which sets out practical measures to meet the country’s solar PV targets.
July 1, 2025
Solar developer ib vogt has sold a 110MW solar PV plant in Spain to international fund NextPower V ESG, which is operated by investment firm NextEnergy Capital (NEC).
July 1, 2025
French private equity firm Ardian Clean Energy Evergreen Fund (ACEEF) has bought 117 solar PV plants, worth 116MW of total capacity in several locations in Italy.
July 1, 2025
Swedish independent power producer (IPP) OX2 has begun operations at a 100MW solar PV plant in Poland, its first project as an IPP.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA