Abengoa - Gamesa secure Chinese financing for Uruguay wind farm

Spanish wind turbine maker Gamesa, 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.

The 50MW wind farm includes 25 turbines made in Gamesa's Tianjin factory in China. The project is expected to be operational by November this year.

José Antonio Miranda, Gamesa's CEO in China, stated:

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.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.

The Talas de Maicel project is a 100MW wind farm which is being developed in two phases of 50MW each. The project is located in Talas de Maciel complex 20km outside Trinidad, the capital of the Uruguayan department of Flores.