The U.S. Export-Import Bank approved an $84.3 million direct loan on Aug. 25 to Reliance Power’s Dahanu Solar Power Pvt. unit to purchase First Solar panels for the first 40 megawatts of the project.
The thin-film technology selected by Reliance Power is cheaper than traditional silicon-based panels and is also exempt from Indian restrictions on solar imports.
Ex-Im Bank said the interest rate for Reliance Power’s 16.5-year loan will be fixed at the time of the first disbursement. The agency calculates its commercial interest reference rates monthly based on the U.S. Treasury bond rate.