Miasolé, a solar energy company in Santa Clara, Calif., was able to export its thin-film solar panels to a solar photovoltaic project in Rajasthan, India, with help of a $9 million direct loan from the U.S. Export-Import Bank.
The Indian borrower, Sai Maithili Power Company Private Ltd., a single-purpose solar company formed by KSK Energy Ventures, used Miasolé's thin-film PV solar panels to build an 11.6-megawatt (DC) solar PV project in Rajasthan. The recently commissioned project was built in support of India's Jawaharlal Nehru National Solar Mission.
It was the second financing of Miasolé's exports to India, a growing market for renewable-energy goods and services, according to Ex-Im Bank Chairman and President Fred P. Hochberg.
In fiscal year 2010, Ex-Im Bank provided a $3.7 million loan to finance exports of Miasolé's thin-film PV solar panels to a solar project in Gujarat, India.
"We look forward to continuing to work with Ex-Im Bank in 2013 as Miasolé expands its global footprint and business model to invest in projects, acquire project pipeline and partner with leading developers and engineering, procurement and construction (EPC) companies in sustainable markets such as India,” said Miasolé Chief Executive Officer John Carrington, in a statement.
Due to its expanding export-related business, Miasolé is doubling its workforce to 400 employees in California in 2013.