EXIM Bank to Endow $1.4 Billion for Solar Projects Across 15 Countries

The Export-Import Bank of India (EXIM) has announced that it will sponsor 27 solar power projects worth $1.4 billion spread across 15 countries.

“As an agent of Government of India, we are trying to promote solar power projects across the world,” he said while addressing the press on the sidelines of ‘Financing Solar Projects under Government of India’s Lines of Credit (LOCs)’said David Rasquinha, Managing Director, EXIM Bank

The solar projects principally located in Africa and South America are identified by the International Solar Alliance and will contain grid projects to generate solar power and off-grid projects like rooftop solar and irrigation pumps powered by solar panels.

“Exim Bank has by now provided LOCs worth $226 million to finance 16 solar projects in various developing countries,” Rasquinha further.

Recently, The African Development Bank Group (AfDB) permitted an equity investment of up to $25 million in ARCH Africa Renewable Power Fund (ARPF), a $ 250 million private equity fund for renewable energy projects across Sub-Saharan Africa.