Corporacion America offloads Uruguay wind farms

Argentine diversified holding company Corporacion America SA has completed the sale of its interest in two Uruguayan wind farms totalling 95 MW to Saeta Yield SA (BME:SAY).

Corporacion America has sold the wind parks, located in Maldonado province, for about USD 230 million (EUR 205m), according to Reuters.

In January, the Spanish renewable energy plants owner said it had agreed to buy the Carape I and II wind farms totalling 95 MW from Corporacion America and Grupo San Jose for some USD 65 million in cash. Earlier this month, Saeta Yield said it would actually pay a little under EUR 80 million (USD 89.7m) for the said plants, with the transaction seen to close in the next few weeks.

A new statement by Corporacion America, quoted by Reuters, says that the company has sold the assets in order to focus on its gas production activities in Argentina, particularly in the southern basin of Santa Cruz. Energy head Hugo Eurnekian told the news agency that the transaction frees up more cash for investments in energy production.

The Carape I and II wind parks consist of a total of 31 Vestas V112 3.075 MW wind turbines that have been generating power for more than a year. The output is being sold to local utility Administracioon Nacional de Usinas y Trasmisiones Eléctricas (UTE) under power purchase agreements (PPAs) that have an average remaining life of 21 years.

(USD 1.0 = EUR 0.892)

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