The Export-Import Bank of India has always been a staunch supporter of exports and renewable energy. The Bank has provided a financial support of USD40 million to Sure Power LLC, USA, an overseas subsidiary of Suzlon Energy Limited (SEL), to finance the cost of acquisition of wind turbine generators (WTGs) including its components, and initial expenditures required for development and installation of WTGs of 500 MW capacity in the USA.
This initiative provides an opportunity for geographical diversification of exports of WTGs from India and the 500 MW project is expected to results in exports of around USD400 million from India to the USA over the next four years. In addition, the Bank’s support to manufacturing of wind turbine generators in developing countries can also help accelerate the transition to an affordable, reliable, and sustainable energy system.
Aside from export, increase in trade is also being perceived as one of the benefits of this initiative which will help boost development and reduce poverty by generating growth through increased commercial opportunities, and broadening productive base. It will also create employment opportunities, encourage innovation, and enhance competitiveness.
Eximbank India’s “Assistance to Sure Power LLC” was winner of Merit Award in the 2017 ADFIAP Outstanding Development Project, under the Trade Development Category.