Gamesa has become the first foreign wind turbine maker with a presence in China to secure financing from a Chinese bank. The company, through the Chinese Export Credit Agency, Sinosure, has reached an agreement with China Minsheng Banking Corp (CMBC) for the funding of the Talas de Maciel II wind farm being developed by Abengoa in Uruguay.
Construction of this 50 MW wind complex, located in Uruguay, is slated for completion in November 2014. Gamesa has been hired to supply and install 25 wind turbines at the facility. These turbines will be made at its factory in Tianjin (China), thereby meeting the loan agreement’s local content requirement clauses.
This agreement with CMBC will make wind developments more competitive by facilitating cheaper financing predicated on local supply requirements.
“This financing agreement highlights Gamesa’s commitment to offering an end-to end service encompassing all the links in the wind energy value chain, from site analysis and helping arrange project financing to the core turbine supply and facility operation and maintenance service activities,” says José Antonio Miranda, Gamesa’s CEO in China.
Filed Under: Financing, News