January 10 (Renewables Now) - Allianz Global Investors has purchased USD 88.5 million (EUR 79.8m) worth of notes issued by project company Parque Eolico Kiyu SA to refinance debt tied to the development of a 49.2-MW wind farm in Uruguay.
The 22-year fixed-rate notes, issued in December 2019, were placed privately with Frankfurt-based Allianz as sole purchaser, the issuer’s legal advisor, Baker McKenzie, informed this week.
The sponsor in the note issuance was Zero-E Dollar Assets SL, a unit of Spanish infrastructure builder Grupo Cobra, while Credit Agricole Securities (USA) Inc acted as the placement agent.
The Kiyu wind farm is located in Uruguay's San Jose district. It operates under a long-term power purchase agreement (PPA) with local utility Administracion Nacional de Usinas y Transmisiones Electricas (UTE).
(USD 1.0 = EUR 0.901)