The US Export-Import Bank (Ex-Im Bank) has approved a $917m export finance guarantee to support US exports from Bucyrus International located in Milwaukee, Wisconsin, and other US vendors to the Sasan coal-fired power plant in the Indian state of Madhya Pradesh.
The companies will sell and export mining and associated equipment to Sasan Power for the 3,960MW power plant.
Ex-Im Bank chairman and president Fred Hochberg said that this approval resulted from carefully balancing the need to support American jobs and energy exports, while simultaneously encouraging development of renewable energy facilities.
The Sasan project will comply with Ex-Im Bank’s new environmental guidelines that limit carbon emissions to 850 grams of CO2 per kWh.
In July, Reliance Power, the owner of Sasan Power, signed a memorandum of understanding with the Ex-Im Bank indicating its commitment to build a new 250MW renewable energy facility in India.