The market for American solar manufacturers may have just a gotten quite a bit bigger.
Earlier this week Fred P. Hochberg, chairman of the Export-Import Bank of the United States, signed a Memorandum of Understanding on Nov. 18 to help finance up to $1 billion in clean energy exports to India.
India could use the help. With a stated goal to provide 24-hour electricity to its 1.3 billion citizens by 2019, the world’s second most populous nation has been increasing it carbon output dramatically — particularly with by building more coal-power power plants. It now ranks as the third largest emitter of carbon dioxide (after China and the United States).
The Ex-Im Bank has pushed renewable energy exports to India before. According to a press release issued by the agency, it’s authorized more than $353 million in financing for the renewable energy exports to India since 2009.
“This Memorandum of Understanding will reinforce the strong ties that America and India already share, create good-paying jobs on both of our shores, and further invigorate America’s clean energy industry while equipping India to meet its own ambitious energy goals,” Hochberg said.