The board of directors of the Export-Import Bank of the United States (Ex-Im) has approved a $917 million export finance guarantee to support US exports from Bucyrus International and other US vendors of mining equipment to Sasan Power’s 3960 MW coal-fired power plant in Madhya Pradesh.

The approval followed “a thorough, three-month financial, technical and environmental due diligence review,” said the Bank. The Sasan project will comply with Ex-Im’s new environmental guidelines that limit coal plant carbon emissions to 850 grams of CO2 per kWh. In addition, Reliance Power, Ltd, the owner of Sasan Power, has signed a memorandum of understanding with Ex-Im Bank indicating a commitment to build a new 250 MW renewable energy facility (which would rank among the largest renewable energy projects in India).