Renewable Energy Receives HSBC Loan to Buy Spanish Wind Turbines

Renewable Energy Generation Ltd., a developer and operator of wind farms, received a 15 million-euro ($20 million) loan from HSBC Holdings Plc to buy wind turbines from Spain.

Renewable Energy used the so-called trade finance facility to buy three, 2-megawatt machines from Gamesa Corp. Tecnologica SA, the Jersey, Channel Islands-based developer said today in an e-mailed statement.

The developer is installing the devices at an onshore wind farm in Cambridgeshire, south-east England, according to the statement. The project is expected to start working later this year. Renewable Energy operates 11 wind farms totalling about 57.2 megawatts and has six projects with planning consent awaiting construction.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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