Company Plans To Add 200 U.S. Jobs Due to Growing Export Business
WASHINGTON, March 26, 2013 /PRNewswire-USNewswire/ -- Miasole, a solar-energy company in Santa Clara, Calif., has exported thin-film solar panels to a solar photovoltaic (PV) project in Rajasthan, India, with the support of a $9 million direct loan from the Export-Import Bank of the United States (Ex-Im Bank).
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The Indian borrower, Sai Maithili Power Company Private Ltd., a single-purpose solar company formed by KSK Energy Ventures, used Miasole's high-efficiency, thin-film PV solar panels in the construction of 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.
"Ex-Im Bank exists to help companies create and maintain American jobs through exports. This is Ex-Im's second financing of Miasole's exports to India, a growing market for renewable-energy goods and services. Through this support, Ex-Im Bank is assisting the company in expanding its manufacturing base and creating many new jobs," said Ex-Im Bank Chairman and President Fred P. Hochberg.
In FY 2010, Ex-Im Bank provided a $3.7 million loan to finance exports of Miasole's thin-film PV solar panels to a solar project in Gujarat, India.
"Ex-Im Bank's support of Miasole's California-made solar modules for projects in India lowers the cost of capital and will enable Miasole to expand U.S. exports and create jobs in California," said Miasole CEO John Carrington. "We look forward to continuing to work with Ex-Im Bank in 2013 as Miasole 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."
Miasole is a pioneer in the development of copper indium gallium selenide (CIGS) thin-film PV solar panels, which are among the highest-efficiency and lowest-cost solar panels. Due to its expanding export-related business, Miasole is doubling its workforce to 400 employees in California in 2013.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (FY 2008 through FY 2012), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. The Bank authorized approximately $355.5 million to support exports of renewable-energy exports in FY 2012, including $216 million for five solar-energy projects in India.
Ex-Im Bank's total authorizations in the last fiscal year are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States