Azure Electricity, an independent energy producer in solar energy, has introduced a $ sixteen million long-term financing tie-up with Exim Lender with the 5MW photo voltaic electrical power venture currently being build in Rajasthan.

The plant is expected being operational by December 2011 along with the provider has signed the ability order agreement with NVVN (NTPC Vidyut Vyapar Nigam) beneath Phase 1 of the Jawaharlal Nehru Solar Mission

The plant as soon as related on the grid will benefit over fifty,000 persons and will reduce carbon emissions of up to 5500 metric tonnes annually.

“India has set ambitious objectives to promote photo voltaic power. Ex-Im Lender is operating with U.S. exporters to make certain they have a platform to take part from the advancement of solar sector in India,” said Fred P. Hochberg, Chairman and President of your Export-Import Bank on the America

“This is a good illustration of U.S.-India cooperation while in the renewable-energy sector. The long-tenure $16 million expense from Ex-Im Financial institution permits us to deploy the best-in-class U.S. engineering to meet India’s clean-energy goals underneath the Nationwide Solar Mission , especially the purpose of reaching grid parity”, mentioned Mr. Inderpreet Wadhwa, CEO, Azure Power.

The 5MW solar plant build over 40+ acres of wasteland will crank out reputable energy and generate income to the neighborhood by means of neighborhood employment.

Azure Ability has a undertaking beneath every last Solar Policy inside the country. As well as NVVN, the business has inked agreements with State Governments of Punjab, Gujarat, Rajasthan and Karnataka. Azure Strength has 12MW running and expects to have to 100MW inside following two several years with cumulative investment of over $300 million.