March 13, 2013
By Pete Winn
The federally chartered Export-Import Bank of the United States (Ex-Im Bank) has approved a $28.6 million direct loan to a high-tech wind power company in the Central American country of Honduras. The loan will enable 200 workers in six U.S. states to assemble 12 high-tech wind turbines for export. The cost of those jobs works out to $143,000 per job created.
According to the Ex-Im Bank, the transaction will help to expand a project first supported by the bank in 2010, when its long-term financing of 51 U.S.-built turbine generators established the Cerro de Hula Wind Farm in Santa Ana, Honduras.
Gamesa Wind US, LLC, a technology firm based in Trevose, Pa., will supply and export six each of its high-efficiency model G-87 and G-97, 2.0 MegaWatt turbines to generate electric power in rural Honduras. Gamesa is the U.S. subsidiary of Gamesa Tecnologicos SA, a company based in Spain….To Read More….
My Take - For those who don't know who Ex-Im is; it is an agency of the federal government created to give loans to foreign investors to buy American products. The claim is that they bring in far more to the Treasury than they give out, but this whole thing is just one more form of Corporate Welfare, but it is hard to attack them since they seem to do what they were intended to do. Of course originally this was created by FDR as a foreign policy tool to circumvent Congress in order to help his buddy...Joe Stalin.....a move that was supported by America’s “big” business community. Remember....there is business and there is big business.....and their views and goals aren't always on the same page. Actually they are at odds more than not.
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