U.S. Gov’t Loans $64.5M for Wind Farm--in Uruguay

(CNSNews.com) -- The Export-Import Bank of the United States is giving a $64.5 million direct loan to a company in Uruguay for the purchase of wind turbines made by a Spanish company at one of its plants in Pennsylvania, according to the bank.

The $64.5 million direct loan to Astidey S.A. , in Montevideo, Uruguay” is for “the purchase of U.S.-manufactured wind-turbine generators being exported by Gamesa Technology Corporation Inc., headquartered in Feasterville-Trevose, Penn.,” reads the July 10 press release from the Ex-Im Bank.

Gamesa, a Spain-based company, has offices around the world, including three in the United States: two in Pennsylvania (Fairless Hills and Trevose) and one in Minneapolis, Minn.

The Ex-Im Bank, which was initially chartered by Congress in 1934 and is up for renewal in September, is supposed to finance and insure the purchase of U.S. goods by foreign entities. The bank calls itself an “independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers."

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