IIC finances the Valentines Wind Farm in Uruguay
The Inter-American Investment Corporation (IIC), acting on behalf of the Inter-American Development Bank (IDB) Group, has disbursed a US$120 million financing package to Areaflin, S.A. to support the construction, operation, and maintenance of the Valentines Wind Farm in Uruguay.
The 70 MW project will provide clean energy to over 100,000 Uruguayans at cheaper rates than fossil-fuel based alternatives. It will generate approximately 311.4 GWh of renewable energy per year and will reduce annual emissions by approximately 187,726 tons of CO2e.
The financing includes an IDB A-loan of US$68.6 million, a B-loan of US$17 million from BBVA, and a US$34.3 million Co-loan from the China Co-Financing Fund for Latin America and the Caribbean. The A-loan and the Co-loan offer a tenor of 18 years, while the B-loan has a tenor of 16 years.
Uruguay's state-run electric utility, Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE), owns 20% of Areaflin’s shares. The project attracted the remaining 80% of the capital through an initial public offering (IPO) on the Montevideo Stock Exchange in December 2016.
Valentines is the first wind project to access Uruguayan capital markets tapping exclusively individual investors. The transaction has introduced new financing options for renewable energy projects in the country, increasing the participation of local investors.
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