The US Exim Bank and the Indian Renewable Energy Development Agency (IREDA) entered into a $1 billion agreement Tuesday to facilitate the use of US origin goods for the generation of renewable power.
Both the entities entered into a Memorandum of Understanding (MoU) to facilitate the export of goods and services of U.S. origin manufactures to India.
"A MoU has been signed between IREDA and US Exim Bank with respect to cooperation on clean energy investment," the ministry of new and renewable energy was quoted in a statement.
According to the MoU, US Exim Bank will provide $1 billion medium and long-term guaranteed or direct dollar loans to finance U.S. technologies, products and services utiliSed during commercial development activities within the clean energy sector by IREDA.
"US Exim Bank facility will be available for financing of imported US equipment, and in addition to financing of 30 percent of domestic component," the statement added.