Chinese bank CMBC has agreed to finance an Abengoa-led wind farm development in Uruguay that will be equipped with Gamesa wind turbines.
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 Chinese bank 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 marks a sector milestone as it will make wind developments more competitive by facilitating cheaper financing predicated on local supply requirements.
“This financing agreement highlights Gamesa’s customer pledge, namely its 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”, said José Antonio Miranda, Gamesa’s CEO in China, who went on to note that, “Sinosure’s willingness to close this transaction, highlighting the agency’s commitment to helping multinationals such as Gamesa, which are displaying a commitment to the Chinese market and its use as an export base, was crucial to clinching the financing deal”.
Gamesa in China
Gamesa is present in China in its capacity as OEM and wind farm developer, a competitive advantage it exploits by means of joint ventures with the country’s leading energy companies.
Its presence in China, where it has installed almost 3,510 MW and currently services 900 MW, dates back to 2000.