With $25 million in loans to U.S. solar companies exporting to India granted this week and more coming on their heels, the U.S. is cementing its place as a world presence in the solar industry.

The Export-Import Bank of the United States, an independent federal agency dedicated to creating domestic jobs by financing U.S. business outside of the country, granted $16 million to First Solar in Arizona and $9 million to Abound Solar in Colorado for projects in India.

First Solar will be exporting its thin-film solar modules to New Delhi to support the Azure Power Rajasthan 50-megawatt solar installation.

Abound Solar in Loveland, Colo., will be exporting thin-film solar photovoltaic modules to Punj Lloyd Solar Power for use in a 50-megawatt solar installation on 62.5 acres near the village of Bap, about 145 kilometers from the city of Jodhpur.

“The innovation of American solar companies is making our technology a technology the world wants,” said Maura Policelli, spokeswoman for the Ex-Im Bank.

Many of these new projects in India are being spurred by the nation’s decision to develop 20,000 megawatts of renewable energy by 2022, lowering its dependence on expensive foreign fossil fuels and delivering electricity to more of its population.

“The priority that India is giving to clean energy, to solar energy in particular, is driving this activity,” Policelli said.

She said solar and clean energy projects, especially those in India, will be a funding priority for the bank.

“We want to increase our renewable energy portfolio,” she said. “We expect this to be a trend that will continue.”

When Policelli talks about the bank’s renewable energy portfolio, she doesn’t mean they’ll put up their own solar panels and draw more of their own energy from renewable sources. She means the bank is betting on clean energy projects to deliver solid returns.
The bank tripled its investment in international renewable energy projects between 2009 and 2010, she said.

The bank has about $75 million invested in four solar projects in India, according to a release from the bank.

In most cases, Policelli said, the Ex-Im bank guarantees private corporate financing in order to help get big international projects like these done.

“We know of specific projects that are coming before our board for approval,” Policelli said.

Policelli said she couldn’t discuss those specific projects until they are approved, but there are more than $500 million worth of India solar projects in the pipeline that will generate an estimated 315 megawatts of power, according to the release.