IIC approves USD 56m in funds for Uruguayan transmission project

Transmission lines. Author: Nayu Kim. License: Creative Commons, Attribution 2.0 Generic.

May 12 (Renewables Now) - The Inter-American Investment Corporation (IIC) said on Thursday it has approved a USD-56-million (EUR 51.5m) financing package for a 500-kV power transmission line in Uruguay.

Italy’s Terna SpA will design and build the transmission line between the cities of Melo and Tacuarembo for local state-run electric utility UTE. The project will be the first public-private partnership for transmission assets in Uruguay.

The 213-km (132.4-mile) transmission line will represent about 5% of the current transmission network in the country. By expanding the electricity network it will allow for the integration of more renewable energy into the grid, IIC said in a statement.

The approved financing package includes a loan of USD 38.1 million from the Inter-American Development Bank Group (IDB) and IIC, and a co-loan of USD 17.9 million from the China Co-financing Fund for Latin America and the Caribbean.

(USD 1.0 = EUR 0.921)

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