The Inter-American Development Bank to finance two wind farms in Uruguay
The Inter-American Development Bank (IDB) has approved two financial packages for the construction of the 70 MW Colonia Arias and 70 MW Valentines wind farms in Uruguay.
The two financial packages ammount US$216 million. Each package includes:
- Colonia Arias wind farm: a loan of up to US$72 million from its ordinary capital and up to US$36 million from the China Cofinancing Fund for Latin America and the Caribbean, created by the Chinese government to co-finance projects in the region with the IDB. The total Colonia Arias project investment is estimated at US$180 million.
- Valentines wind farm: a loan of up to US$72 million from the Bank's ordinary capital and up to US$36 million from the China Cofinancing Fund. The total Valentines project investment is estimated at US$175 million.
The Colonia Arias wind farm will be located in the department of Flores and the Valentines wind farm will be located on the border between the departments of Florida and Treinta y Tres.
Both projects will be carried out under the auspices of the Administración de Usinas y Transmisiones Eléctricas (UTE). The two wind farm projects consist of the construction, operation and maintenance of a 70 MW wind farm, related transmission line and civil engineering works including access roads, substation, control station or other works needed to supply the energy produced through a 20 year PPA to be signed with UTE.
Jean-Marc Aboussouan, chief of the Bank’s Infrastructure Division stated:
“These two projects are in line with Uruguay's efforts to significantly increase the proportion of renewable energy within its overall energy matrix, and at the same time they use the innovative element of offering Uruguayan investors a mechanism for participating through the Initial Public Offering.”
The two projects are expected to create a positive impact by generating a total of 614.5 GWh of renewable energy per year, contributing to the diversification of the energy matrix through a reduction of its dependence on fossil fuels.
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