Export-Import Bank approves debt deal for Clipper’s Liberty wind turbines
26 November 2009
Wind turbine engineering group Clipper Windpower today reported that the first Clipper Liberty wind turbines to be installed internationally have been backed by an $80.66 million project financing loan by the Export-Import Bank of the US.
The transaction marks Ex-Im Bank's first project financing for wind power. Its debt package will fund 27 Clipper Liberty 2.5 MW wind turbines, which have been ordered by the project owner Electrica del Valle de Mexico, a subsidiary of EDF Energies Nouvelles.
Once the turbines are installed at the project site in La Ventosa, within the Istmo region in the State of Oaxaca, Mexico, they will supply clean, renewable power to establishments owned by subsidiaries of Wal-Mart de Mexico, S.A.B. de C.V. beginning in 2009.
Doug Pertz, the president and chief executive of Clipper, said: “We are delighted to see the Liberty turbine being recognised by a growing number of financial institutions. We view this financing as a very positive indication of the growing acceptance in the reliability and performance of the Liberty wind turbine. It is also exciting to see the Liberty turbine taking the lead in an important emerging market.”
Clipper announced in September that it was engaged in discussions with a number of parties that could lead to a significant investment in the company. Those talks are still expected to be resolved during the fourth quarter of this year.
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