MiaSole and U.S. Ex-Im Bank Sign Agreement for Indian Solar Project

SANTA CLARA, Calif., Dec. 7, 2011 /PRNewswire/ -- MiaSole, the leading manufacturer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels, today announced that the Export-Import Bank of the United States has financed a project in support of a 2MW solar development effort to be constructed in Gujarat, India by Universal Solar System. Using MiaSole's innovative solar panels, the utility scale project will supply a clean, renewable form of energy for use in the region.

"The agreement is another demonstration of Ex-Im Bank's commitment to help US companies turn export opportunities into sales in critical markets like India," said Craig O'Connor, director of the Office of Renewable Energy & Environmental Exports. "Because MiaSole manufacturing is done here in the United States, the financing we are providing helps achieve the Bank's core mission to create and sustain American jobs by providing export financing to support export sales."

India's National Solar Mission has established a target of 20,000MW of grid connected solar capacity by 2022, while The European Photovoltaic Industry Association (EPIA) predicts that greatest potential for solar growth on the world scene is in the "Sunbelt" countries around the equator. The list of "sunbelt" countries includes India and China where local and global energy demands are fueling photovoltaic (PV) growth.

"We are making steady progress on our cost and efficiency targets and have shipped over 55MW to date," said John Carrington, CEO of MiaSole. "This project highlights MiaSole's ability to complete delivery for large utility scale projects around the globe, and continues to showcase the bankability and viability of our solar panels in an extremely competitive marketplace."

"By partnering with  prominent US organizations such as MiaSole and Ex-Im bank, Universal Solar System has demonstrated its vision for long term success and future growth," said Hemal Doshi, President of Universal Solar System. "Now that this 2MW project is on schedule to be commissioned by the end of the year, we can focus our attention on completing the next phase of the Gujarat project, as well as plans for expansion in the US."

About MiaSole
MiaSole is a pioneer and leading developer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels, one of the lowest-cost, highest efficiency solar panels in the world. MiaSole's primary mission is to advance the extraordinary potential for harnessing solar power as a competitive, sustainable energy source. MiaSole operates its manufacturing facilities in California.

About Universal Solar System
Universal Solar System develops, builds and operates PV solar plants internationally. The Texas based company is committed to solar energy with mission to make it affordable by smart technology choices and stream-lining the project costs while delivering healthy returns to its investors.  For more information, visit www.universalrenewable.com

About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank approved more than $32 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting more than $40 billion in U.S. export sales and an estimated 300,000 American jobs in communities across the country. For more information, visit www.exim.gov.

Contact:
Matt Marcus
[email protected]
Phone: 212-537-8742
MiaSole
http://www.MiaSole.com

SOURCE MiaSole