Chinese bank China Minsheng Banking Corp. (CMBC) has agreed to finance an Abengoa-led wind development in Uruguay that will be powered by Gamesa wind turbines.
Through Chinese export credit agency Sinosure, Gamesa has reached an agreement with CMBC for the funding of the Talas de Maciel II wind farm. Construction of the 50 MW wind farm – which will be powered by 25 Gamesa turbines – is slated for completion in November.
The turbines will be manufactured at Gamesa's China-based factory, therefore meeting the local content requirement required by CMBC. Gamesa says the agreement with CMBC will make wind development more competitive by facilitating cheaper financing predicated on local supply requirements.
Gamesa claims it is the first foreign wind turbine maker – with a presence in China – to secure financing from a Chinese bank.