US Ex-Im Bank has announced that its Board of Directors has approved an export finance loan of US$ 80.3 million as part of the debt financing for a 100MW concentrating solar power (CSP) project in Rajasthan, India sponsored by Reliance Power Limited. Debt is being co-financed by the Asian Development Bank and FMO, the Dutch development bank. Portland Advisers is acting as financial adviser to US Ex-Im Bank.
The project is using compact linear Fresnel reflector (CLFR) technology from AREVA Solar Inc. of mountain View, California. CLFR technology boils water using a series of rotating flat mirrors to concentrate sunlight onto a central elevated system of tubes that contain water. The solar system produces superheated steam that is collected in a piping system and transported to a steam turbine to produce electricity. This project along with the Kogan Creek Solar Boost Project in Australia (44 MW under construction) are the first to use technology of this kind from AREVA Solar on a large commercial scale.
Geoff Knox, Portland’s Head of Energy & Mining, said: “Portland Advisers is pleased to be associated with this landmark transaction which represents a significant milestone in the development of AREVA Solar’s CLFR technology on a utility scale.”
Click here for the official press release from US Ex-Im Bank.
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