Gamesa seeks EIB loan for 180 MW in Italy

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Spain's Gamesa has applied to the EU's European Investment Bank (EIB) for project financing to back 75% of its EUR 200 million investment requirement to develop wind plant totalling 180 MW in Italy. The finance application is being channelled through EIB's fast tracking procedure for priority projects. Gamesa is selling its 180 MW in Italy to Belgian utility Electrabel (Windpower Monthly, January 2003). EIB says EU procurement rules will apply to contracts, but Gamesa's Alex Otaegui insists this will not stop the contract from going to the company's own turbine wing, Gamesa Eólica. EIB also requires "the promoter to comply with all relevant EU legislation in the field of the environment." Otaegui says Gamesa's environmental actions go beyond EU requirements, "as demands from local authorities are even more exacting." In all, Otaegui is confident the financial conditions offered by EIB make it "Gamesa's best option, in this case."

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