US Exim Bank to work with states for renewable energy

Exim Bank's India book is estimated at about $8.2 bn

The Export-Import Bank of the US (Exim Bank), is set to work closely with state governments in India for financing renewable energy projects. Of late, states have shown great intent in the segment. Therefore, US Exim Bank would work both at the state and the national levels, Fred Hochberg, chairman and president of the bank, told reporters. Hochberg is on a visit to India, as part of a US delegation for a bilateral strategic dialogue. Exim Bank's India book is estimated at about $8.2 billion. Hochberg said there was greater clarity in policymaking in India.

But, businesses still had a "wait-and-see" approach, in the wake of the coming general elections in the country, he added. "The path seems clearer today than it did five to six months ago," he said. "There is some degree of caution right now. There is a little bit of a wait-and-see, in terms of immediate prospects...We have this in our country…when we have an election, people just wait to see how it turns out. My hunch is this is a great democracy and they are probably not as different from what goes on in the US before a major election." He said there was a "pause" in solar projects, an area of focus for US Exim Bank, in terms of funding renewable energy imports. Hochberg visited India in January.

Tomorrow, he would visit the Reliance Industries' upcoming $9-billion facility at Jamnagar, for which his bank has committed $2 billion.