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Bucyrus chief executive officer Tim Sullivan has received a phone call from the bank’s chairman Fred Hochberg, confirming the deal will go ahead.
Hochberg confirmed the bank had a broader understanding of the Indian energy company’s renewable power generation facilities, “to approve this application from an environmental perspective”, according to Sullivan.
The original equipment manufacturer was worried that Reliance power might source the mining equipment elsewhere, which could have cost 1000 Bucyrus jobs.
But community and government outcry has helped turn the tide.
"We wouldn't have been able to get this back on the right track without the support of our business partners, elected officials and the administration's support of US manufacturer's exports," Sullivan said.
"I would like to personally thank Governor Jim Doyle, Mayor Tom Barrett, senators Herb Kohl and Russ Feingold, as well as representatives Gwen Moore, Paul Ryan and Jim Sensenbrenner, for helping Bucyrus, the Milwaukee region and beyond. We will need everyone's continuing support."
The government-owned bank previously pulled the plug on several hundred million dollars worth of loan guarantees to Reliance Power.
The Indian company is building the mine-mouth, 3960-megawatt, coal-fired Sasan Ultra Mega Power station in the heart of the country.
