News Column

Export-Import bank OKs loans for Peru to buy Kan.-made Siemens turbines

August 26, 2014

The Hutchinson News, Kan.



Aug. 26--The Export-Import Bank of the United States announced Monday it has authorized a pair of direct loans to two wind power projects in Peru using wind turbines manufactured by Siemens Energy Inc. in Hutchinson and Fort Madison, Iowa.

The nearly $65 million in financing represents Ex-Im Bank's first renewable-energy transactions in Peru and will support approximately 800 U.S. jobs in Kansas and Iowa, according to bank estimates derived from Departments of Commerce and Labor methodology.

The turbines are destined for use in the Marcona and Tres Hermanas wind projects, in close proximity in the Ica region of southern Peru, with a combined estimated yield of 129 megawatts.

Siemens announced the turbine contracts, which include a combination of direct-drive SWT-3.0-108 wind turbines and geared SWT-2.3-108 units, earlier this year.

"These transactions reflect our continued commitment to increasing U.S. renewable energy exports while supporting good-paying jobs here at home," Ex-Im Bank Chairman and President Fred P. Hochberg stated in a news release. "During this fiscal year alone, Ex-Im Bank has approved financing for five wind farm projects, and we are looking to do more in the near future. This financing helps ensure that the turbines helping to power Peru are made here in the U.S. by American workers, rather than in a competing country."

Repayment terms are 17.3 years for the Marcona project and 16.6 years for the Tres Hermanas project, respectively, according to the release.

Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The bank provides a variety of financing mechanisms, including working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

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(c)2014 The Hutchinson News (Hutchinson, Kan.)

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Source: Hutchinson News, The (KS)


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