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.
Ex-Im Bank is an independent federal agency that creates and maintains 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. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions – or 89 percent of total transactions – for small businesses.