Loans From Exim Bank
Reliance Power Ltd. signed an agreement with the U.S. Export-Import Bank Saturday for a $5 billion loan to finance power projects. The loan will finance 900 megawatts of renewable technologies such as solar and wind energy, as well as up to 8000 MW of gas-based power generation technology, the Indian company said in a statement. This $5 billion agreement is in addition to the $917 million already approved by the Ex-Im Bank for Reliance Power's coal-fired power plant at Sasan in central India.
The agreement will allow Reliance Power access products and services at competitive rates and help create manufacturing and services jobs in the U.S. The loan will also enable quicker access to the bank's long-term dollar loans. Reliance Power signed a pact with the U.S's General Electric Co. (GE) worth INR100 billion ($2.2 billion) to implement a 2400 MW power plant. The plant will be located in the southern Indian town of Samalkot and the pact was signed during the visit of President Barack Obama.
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