MEDIA RELEASE PR42100
U.S. Export-Import Bank Signs $5 Billion Memorandum of Understanding with Reliance Power to Support
American Exports to India's Energy Sector
MUMBAI, India, Nov. 9, 2010 /PRNewswire-AsiaNet/ --
Transaction includes Renewable and Gas Turbine Technology
On Saturday, November 6th, 2010 Chairman Fred P. Hochberg of the Export-Import Bank of the United States
signed a Memorandum of Understanding with Anil Ambani, Chairman of Reliance Power, Ltd. This $5 billion MOU
will support Reliance Power's purchase of 8,000 megawatts of gas-fired power generating equipment, as well as
900 megawatts of renewable energy (solar and wind) generating equipment from US manufacturers and service
providers.
Recently, Ex-Im Bank also issued a Letter of Interest to Reliance Power to support the first phase of the
company's investment in these projects. This LI indicates the availability of Ex-Im financing for its purchase of
approximately $400 million in GE gas and steam turbines to be exported from the U.S. for the company's 2,400
megawatt Samalkot power facility in Andrah Pradesh. A preliminary application has been submitted to Ex-Im Bank.
Chairman Hochberg signed the MOU with Reliance while accompanying President Obama on his trip to India to
strengthen U.S. leadership and economic competitiveness in the region.
In addition, on Oct. 21, 2010, the agency approved a $917 million guaranteed loan to Sasan Power Ltd., a 3,960
megawatt coal-fired electricity generating facility owned by Reliance Power Ltd. This credit provides long-term
financing for Reliance's purchase of U.S. exports of mining equipment and power development services from
Bucyrus international, North American Coal, Black & Veatch and other U.S. vendors. "Energy is a primary sector
for more U.S. exports to India," commented Chairman Hochberg. "Given the Indian government's Power for All
initiative to provide electricity to all corners of its nation by 2012, the demand for U.S. technology and equipment
will grow."
Ex-Im Bank is committed to advancing economic ties between the U.S. and India; the export of goods and
services to India's developing energy sector is a crucial element to strengthening this relationship. Approximately
30% of Ex-Im Bank's current exposure in India is in the energy sector.
As a result of its growing GDP, expanding middle-class, and emerging markets, India is one of Ex-Im Bank's top
markets for increasing transactions in all industries. "Now more than ever, India will be seeking high quality
products and services to meet the growing demands of its consumers," stated Chairman Hochberg. "America
makes what India needs, and Ex-Im is ensuring that U.S. companies can seize these new export opportunities."
Ex-Im, an independent, self-sustaining federal agency, provides export financing, strengthens U.S. export
competitiveness, and helps create and maintain U.S. jobs. It functions at no cost to American taxpayers. The Bank
provides a variety of financing products and services, including working capital guarantees to help small and
medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan
guarantees and direct loans to assist foreign buyers of U.S. goods and services.
SOURCE: Export-Import Bank of the United States
CONTACT: Maura Policelli,
Ex-Im Bank,
+1-202-565-3200
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