BUENOS AIRES (Dow Jones)–Argentine power generation company Industrias Metalurgicas Pescarmona SA will borrow $150 million from the Inter-American Development Bank to fund wind power projects in Latin America.
In a filing Wednesday evening with the Buenos Aires Stock Exchange, the company, known as Impsa, said the loan was approved by the development bank’s board of directors.
Impsa was founded in 1907 with an initial focus on hydroelectric power projects in Argentina. But today it does business in 40 countries and most of its operations are outside of Argentina.
Since 2003, the company has expanded rapidly into wind power and is now one of the top wind power generators in the region with 1,100 Megawatts of installed capacity in Brazil, Uruguay and Argentina.
Privately held Impsa has a backlog of more than $3.4 billion and employs about 7,000 people.
-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740, ken.parks@dowjones.com
Source: http://online.wsj.com