New Delhi, Nov 18 (KNN) US-Exim bank will provide Indian Renewable Energy Development Agency Ltd (IREDA) a USD 1 billion medium and long-term guaranteed and/or direct dollar loan for renewable energy projects and to facilitate US technologies, products and services utilized during commercial development activities within the clean energy sector by IREDA.

Sectors identified as priority areas of clean energy investment cooperation under the MoU include solar (utility scale PV and CSP including solar tower), wind, hydro and any other renewable energy project, waste-to-energy and other areas of cooperation.

A Memorandum of Understanding (MOU) to this effect was signed by Chairman and Managing Director IREDA, KS Popli and Chairman and President, Export-Import Bank of the United States, Fred P Hochberg here today in the presence of Secretary, Ministry of New and Renewable Energy (MNRE), Upendra Tripathi   and other senior officials from MNRE, IREDA and US-Exim Bank.

“This MoU is intended to establish a framework for cooperation in the financing of creditworthy entities for renewable energy projects and to facilitate the export of goods and services of US origin or manufactured in India and various forms of collaboration between the IREDA and US-Exim Bank,” said a release from MNRE.

The proposed US Exim Bank credit facility carries no specific commitment on the part of IREDA and will depend on the import of US equipment to India and attractiveness of credit facility to the project developers in India. It will be available for financing of imported US equipment, and in addition to financing of 30 per cent of domestic component, it said. (KNN/ST)