INDIA BUYS SUN FROM OHIO

First Solar to benefit from $57.3M Export-Import Bank loan

Patrick O’Grady, July 21, 2012 (Phoenix Business Journal)

“First Solar Inc…[has made] panel sales to two Indian companies that received $57.3 million in loans from the Export-Import Bank of the United States.

“The loans, announced this week to Solar Field Energy Two Private Ltd. and Mahindra Surya Prakash Private Ltd., are to help build three solar systems in India. Panels for the two solar projects will be made in Tempe-based First Solar’s (Nasdaq: FSLR) facility in Perrysburg, Ohio…First Solar has several projects in India and received about 8 percent of its 2011 revenue from the country…”

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“Solar Field Energy Two, based in Mumbai and owned by Kiran Energy Solar Private Power Ltd., was given $23 million for a 20-megawatt project. Mahindra, owned as a subsidiary of Kiran Energy and Mahindra Holding Ltd., was given $34.3 million to build a 20-megawatt system and a 10-megawatt system.

“India currently is expanding its solar market, looking to add 20,000 megawatts by 2020. First Solar sees India as a developing market to which it can reach out. In May, the company established an operating group there and appointed Sujoy Ghosh to head the office…”

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