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Exim Bank to finance 27 solar power projects

Power News - Published on Thu, 14 Feb 2019

Image Source: The Hindu Business Line
Business Line quoted Mr David Rasquinha, Managing Director, Exim Bank as saying that Export-Import Bank of India (Exim Bank) will finance 27 solar power projects worth USD 1.4 billion spread across 15 countries. Mr Rasquinha said that “As an agent of Government of India, we are trying to promote solar power projects across the world.” Mr Rasquinha was addressing the press on the sidelines of 'Financing Solar Projects under Government of India's Lines of Credit (LOCs)', a business outreach program held in the city.

The solar projects predominantly located in Africa and South America are identified by International Solar Alliance and will include grid projects to generate solar power and off-grid projects like rooftop solar and irrigation pumps powered by solar panels. Mr Rasquinha added that “Exim Bank has already provided LOCs worth USD 226 million to finance 16 solar projects in various developing countries.”

On the capital infusion announced by the government, Mr Rasquinha said that “of the total infusion of INR 6,000 crore, the first tranche of INR 4,500 crore is expected in the current fiscal while the remaining INR 1,500 crore will come in the next year. The first tranche will be through issuance of recapitalisation bonds (recap bonds) and on the second tranche, INR 900 crore will be in the form of cash and balance through recap bonds.”

On the bank’s Non-performing assets (NPAs), Mr Rasquinha said, the bank has adequate capital and has an excellent provision coverage ratio at 75 per cent. He said that “We made a huge provisioning towards Bhushan power and we now see a significant recovery once the insolvency process is completed by National Company Law Tribunal (NCLT).”

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Posted By : Rabi Wangkhem on Thu, 14 Feb 2019
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