Foreign wind turbine makers miss out on credit line in Brazil

Five foreign manufacturers of wind turbines were excluded from a credit line issued by the National Bank of Social and Economical Development in Brazil, reports El Cronista Comercial.

According to the daily business newspaper, the main reason was because the companies failed to comply with the rule of producing 60 per cent of their products locally.

The firms that were refused loans were Denmark’s Vestas, Fuhrlander and Siemens of Germany, India’s Suzlon and Acciona of Spain.

Some industry commentators have expressed concern over this decisions saying the industry is relatively new in the country and thus would benefit from foreign expertise to develop further.

Although the companies did not receive a financing facility directly, at least two projects that the firms are involved in did receive loans.

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