US Export-Import Bank and the Indian Renewable Energy Development Agency (IREDA) will get in to a USD 1 billion loan agreement for disbursal to grid-connected projects in India. This loan will be used only for sourcing of US equipment for (mainly solar) projects in India.
However, several reports claim that projects financed through these loans will have to use 30% of domestic (Indian) content. If true, this will be seen as an extension to Modi’s pet project “Make in India,” which aims to increase the manufacturing base in India.
Read more at the original source: cleantechnica.com