Ex-Im Bank Finances Export of U.S.-Manufactured Wind Turbines to Talas de Maciel Wind Farm in Uruguay
July 10, 2014
(Ex-Im Bank)
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) is
providing a $64.5 million direct loan to Astidey S.A., in Montevideo, Uruguay,
for the purchase of U.S.-manufactured wind-turbine generators being exported by
Gamesa Technology Corporation Inc., headquartered in Feasterville-Trevose, Pa.
The authorization, which is Ex-Im Bank's second wind transaction in Uruguay,
will support approximately 400 U.S. jobs, according to bank estimates derived
from Departments of Commerce and Labor data and methodology.
Gamesa will supply, transport, install and commission 25 of its G97 2.0-megawatt
(MW) wind turbines in the 50 MW Talas de Maciel I wind farm in the Department of
Flores, Uruguay, located approximately 135 kilometers northwest of Montevideo.
The agreement also includes Gamesa's operation and maintenance of the facility
for 20 years.
"We at Ex-Im Bank are committed to providing the export financing needed to
support American jobs in a very competitive global marketplace," said Ex-Im Bank
Chairman and President Fred P. Hochberg. "By supporting exports in the
renewable-energy sector, we are not only creating jobs here at home but ensuring
that American manufacturing continues to thrive."
The Bank's support for the transaction was needed due to a lack of long-term
financing available from commercial lenders. Wind-energy projects typically
require longer repayment terms due to the extended amount of time needed for
installation and operation at full capacity.
"Gamesa has a strong track record of Latin American projects supported by Ex-Im
Bank, which continues to work with us to create new opportunities for growth and
expansion. With their competitive rates and expertise, Ex-Im Bank is opening up
new markets for U.S.-manufactured goods, which is helping to sustain American
jobs across the supply chain," said Borja Negro, CEO of Gamesa North America.
In fiscal year 2013, Ex-Im Bank authorized a $72.6 million loan to support
Gamesa's exports to Palmatir S.A., in Uruguay. The Bank has also supported
Gamesa's exports to wind-energy projects in Costa Rica and Honduras, including
the Cerro de Hula project in Honduras, the largest wind farm in Latin America.
Gamesa Technology Corp. designs, manufactures and installs wind-turbine
generators and specializes in the turnkey development, operation and maintenance
of wind farms. Gamesa has installed more than 29 gigawatts of wind-energy
capacity in 44 countries on five continents. The company has more than 19,500 MW
under operation and maintenance service contracts globally.
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