Gamesa nails Chinese export loan

Spain’s Gamesa claims to have become the first foreign wind turbine manufacturer to get finance from a Chinese bank, after securing backing to kit-out a 50MW plant in Uruguay with machines exported from China.

Gamesa has tapped China Minsheng Banking Corp (CMBC) for finance for the Talas de Maciel II project, which it will equip with 25 turbines made at its factory in Tianjin, China – meeting the local-content clauses attached to the loan.

The finance deal, arranged via China’s export credit agency Sinosure, reflected Gamesa’s own commitment to the Chinese marker as a manufacturer and developer, the Spanish company said.

Gamesa claimed: “This agreement with CMBC marks a sector milestone as it will make wind developments more competitive by facilitating cheaper financing predicated on local supply requirements.”

Talas de Maciel II is being developed by Abengoa. Construction is due to be completed by November.