Akuo secures financing for 50-MW wind park in Uruguay

French company Akuo Energy has secured all the financing it needs for the 50-MW Florida II wind project in Uruguay, with the help of KfW IPEX-Bank, Eksport Kredit Fonden (EKF) and Eurus Energy Holdings Group of Japan.

More specifically, KfW is covering the project’s construction and long-term financing needs with USD 78.5 million (EUR 71.5m). That financing is in part covered by a guarantee from Denmark’s Export Credit Agency EKF.

Renewable power producer Akuo also welcomed Eurus as co-shareholder in the project. Eurus Energy America, a Toyota Tsusho subsidiary, has acquired shares and provided shareholder loans through an investment exceeding USD 26.0 million in Florida II.

The wind farm will use 15 Vestas turbines of 3.3 MW each. It is expected to achieve a capacity factor of more than 42% and produce as much power as 30,000 local homes need annually. The output will be sold to Uruguay’s state-owned grid operator UTE under a 20-year dollar-denominated and inflation-indexed power purchase agreement.

This is Akuo’s third project in Uruguay, following the 50-MW Florida I and 42-MW Minas wind farms.

(USD 1 = EUR 0.911)

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