In a view to fund acquisition of solar power technology from American companies the US Exim Bank has approved a $80 million (over Rs 400 crore) direct loan for Anil Ambani’s Reliance Power.
Reliance Power would use the funds to buy the technology from companies in eight states of the US for expanding the company’s Rs 700-crore solar power project in Rajasthan. The project is being co-financed by Asian Development Bank and the Dutch Development Bank.
Last month, the company commissioned India's largest solar project with a capacity of 40 mw in Rajasthan and plans to add another 100 mw capacity in the next one year. After commissioning the plant, group chairman Ambani stated that the company was looking at investing over Rs 6,000 crore to ramp up solar power capacity to 300 mw in two years.
