Tsvetomira Tsanova — New Indian renewable energy developers will take advantage of the promised US financing as the prices of US equipment are higher than these offered by Asian manufacturers, a company executive told news portal LiveMint.
Sumant Sinha, chairman and CEO of ReNew Power, was cited as saying that the financing offered by the Export-Import Bank of the US “will have limited use”.
Such lines are intended to support the export of US-made products, but Indian companies are not very keen on importing from there.
Sinha noted that most solar cells and modules used in India come from China and Malaysia. As for wind power, the domestic industry is mature enough, he said, as quoted by LiveMint.
The hot news this week was US president Barack Obama’s visit to India. On Monday it was announced that the US Trade and Development Agency (USTDA) would commit some USD 2 billion (EUR 1.77bn) for renewable energy projects in India. This followed news from November 2014 that the US exim bank has agreed to extend USD 1 billion in loans for the deployment of American technologies, products and services in green projects in India.