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Ex-Im Bank Chairman Promotes Exports and Jobs in Pennsylvania Wind-Energy Factory Tour

FOR IMMEDIATE RELEASE February 8, 2011

Media Contact Name/Phone: 

Maura Policelli or Linda Formella (202) 565-3200

Fairless Hills, Pa. - Export-Import Bank of the United States (Ex-Im Bank) Chairman Fred P. Hochberg today toured the factory of Gamesa Technology Corp. in Fairless Hills, Pa., to highlight the Obama Administration's focus on increasing exports from renewable-energy industries to maintain and create U.S. jobs. Hochberg met with Gamesa North America CEO Dirk Matthys and other company representatives.

[caption align="left"]gamesa[/caption] Left to right: Ex-Im Bank Chairman Fred P. Hocberg and Gamesa North America CEO Dirk Matthys stand in front of the casings of nacelles (wind turbines) at the factory of Gamesa Technology Corp in Fairless Hills, Pa. In 2010, Ex-Im Bank authorized a $159 million direct loan to finance the export of 51 Gamesa wind turbines to a buyer in Honduras for the construction of one of the largest wind farms in Central America. Photo: Gamesa Technology Corp

In 2006, Gamesa invested $34 million to convert more than 20 acres at a former U.S. Steel industrial site into a modern manufacturing center for the production of wind-energy turbines (nacelles). In 2011, Gamesa will export 51 wind turbines to Honduras backed by financing from Ex-Im Bank.

The wind-energy industry is growing globally, and more countries beyond the traditional markets in Europe and North America are turning to this clean, renewable source of energy. Ex-Im Bank is committed to helping companies such as Gamesa export to more customers in more countries to expand U.S. employment in these industries, said Hochberg.

Increasing exports helps to create and sustain American jobs, Gamesa North America CEO Dirk Matthys said. The economic impact extends far beyond the walls of the factory where our products are manufactured for export. The

economic benefits extend throughout the supply chain among all the operations that provide the materials and services needed in the manufacturing process.

In 2010 Ex-Im Bank authorized a $159 million direct loan to Energía Eólica de Honduras S.A. to finance Gamesa's export of 51 wind turbines (102 megawatts) for the Cerro de Hula Wind Farm - the first utility-scale wind project in Honduras. It is one of the largest wind-power projects in Central America where wind power is needed due to limited domestic energy resources.

The transaction was among the first exports from Gamesa's Pennsylvania factories and was the first time that the company has used Ex-Im Bank financing. It was also Ex-Im Bank's first renewable-energy deal utilizing the Bank's new carbon-policy incentives, including an 18-year repayment term.

Gamesa Technology Corp. began making wind turbines in the United States in 2006 and has annual production capacity of 1,200MW per year at its two plants in Fairless Hills (northeast of Philadelphia) and Ebensburg (near Johnstown). The company has a total U.S. workforce of 900 employees, approximately 800 of whom work in Pennsylvania.

Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness. In fiscal year 2010, the Bank authorized a record high of approximately $24.5 billion in loans, guarantees and insurance, supporting about 230,000 American jobs. For more information, visit www.exim.gov.