Ex-Im Financing Supports the Export of Wind Turbines made in Kansas and Iowa to Peru

The sale will support approximately 400 jobs in those states
FOR IMMEDIATE RELEASE August 25, 2014
Media Contact Name/Phone
Lawton King (202) 565-3200

Washington, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) has authorized a pair of direct loans to two wind power projects in Peru for the export of wind turbines manufactured in Hutchinson, Kan., and Fort Madison, Iowa, by Siemens Energy Inc.

The financing, almost $65 million in total, represents Ex-Im Bank's first renewable-energy transactions in Peru and will support approximately 400 U.S. jobs in Kansas and Iowa, according to bank estimates derived from Departments of Commerce and Labor data and methodology. Additionally, 20 percent of each transaction should provide indirect support to small-business exporters.

These transactions reflect our continued commitment to increasing U.S. renewable energy exports while supporting good-paying jobs here at home, said Ex-Im Bank Chairman and President Fred P. Hochberg. 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.

The wind turbines are destined for use in the Marcona wind project and the Tres Hermanas wind project, which are located in close proximity in the Ica region of southern Peru and are estimated to yield an aggregate 129 Mega Watts. Repayment terms are 17.3 years for the Marcona project and 16.6 years for the Tres Hermanas project, respectively.

Siemens Energy Inc. is a U.S. subsidiary of Siemens AG, an engineering company that operates in the industry, energy, healthcare, and infrastructure and cities sectors. The company reported revenue of $5.9 billion in exports and employs approximately 52,000 people throughout all 50 states and Puerto Rico.

In addition to manufacturing wind turbine blades in Iowa and assembling nacelles in Kansas for projects across the United States, we've been able to successfully export our equipment to Americas wind projects in Canada, Chile, Brazil and with Ex-Im Bank's help, Peru, said Mark Albenze, CEO of Siemens' Onshore Wind Americas business. Being able to export our equipment has helped support more than 800 manufacturing jobs in the heartland of the U.S. at a time when the U.S. wind market continues to be beleaguered by policy uncertainty.

In FY 2013 alone, Ex-Im Bank authorized $257 million to support renewable energy exports, primarily to Central and Latin America.

ABOUT EX-IM BANK:

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. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.

In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions— or 89 percent—for small-businesses. Small business exporters can learn about how Ex-Im Bank products can help them increase foreign sales at [ page no longer exists ]. For other information about Ex-Im, visit www.exim.gov.

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