ANNOUNCEMENT 16 Jul 2019

In July 2019, the Italian Eximbank SACE announced approving an insurance commitment to support an Italian company's export of an Organic Rankine Cycle (ORC) system to El Salvador. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

SACE, press release of 16 July 2019, Green energy in El Salvador with Turboden: https://www.sacesimest.it/en/media/press-releases-and-news/press-releases-details/turboden-green-energy-el-salvador-geothermical
Turboden, press release of 9 July 2019, The 380th TURBODEN ORC PLANT IS A GEOTHERMAL ONE FOR EL SALVADOR: https://www.turboden.com/press/press-releases/2422/the-380th-turboden-orc-plant-is-a-geothermal-one-for-el-salvador

Inception date: 16 Jul 2019 | Removal date: open ended

Trade finance

On 16 July 2019, the Italian Eximbank SACE announced providing an insurance commitment to support the Italian company Turboden's export and installation of an Organic Rankine Cycle (ORC) unit for the Berlín Geothermal Field in El Salvador. The Field is owned by the Salvadoran company LaGeo. The insurance commitment has a total value of USD 13.3 million. 

In this context, Turboden’s CFO Violante Moretti stated in a press release: "Turboden, which aims to increase its presence in Central America, was able to implement the LaGeo project thanks to the support of SACE".

The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.

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AFFECTED PRODUCTS