Siemens secures Export-Import Bank financing for wind turbines

Siemens Energy has secured nearly $65 million in financing from the Export-Import Bank of the United States to help with the export of Hutchinson-made wind turbine nacelles to Peru.

The wind turbines are destined for the Marcona wind project and the Tres Hermanas wind project, near the Ica region of southern Peru. The turbines will total about 129 megawatts of generating capacity. The blades were made in Fort Madison, Iowa.

The pending reauthorization of the government-run Export-Import Bank has become controversial as conservatives have attacked the agency as an example of “crony capitalism” because it subsidizes financing for big exporters and importers. Many businesses, such as Siemens, are defending the bank as important to boosting foreign exports and imports, and helping to create U.S. jobs.

This story was originally published August 26, 2014 at 8:02 AM with the headline "Siemens secures Export-Import Bank financing for wind turbines."