The U.S. Export-Import Bank will provide 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. in Feasterville-Trevose, Pa.
The authorization is Ex-Im Bank's second wind transaction in Uruguay.
Gamesa will supply, transport, install and commission 25 two-megawatt wind turbines in the 50-megawatt Talas de Maciel I wind farm in the Department of Flores, Uruguay, located about 135 kilometers northwest of Montevideo. The agreement also includes Gamesa's operation and maintenance of the facility for 20 years.
The bank said its support for the transaction was needed due to a lack of long-term financing available from commercial lenders. Wind energy projects often require longer repayment terms due to the extended amount of time needed for installation and operation at full capacity, it added.
In fiscal year 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.