The Export-Import Bank of the U.S. (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 Corp. Inc.
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 MW wind turbines in the 50 MW Talas de Maciel I wind farm, located approximately 135 kilometers northwest of Montevideo. The agreement also includes Gamesa's operations and maintenance of the facility for 20 years.
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, notes the Ex-Im Bank.
In 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.