IIC provides USD-81m financing for transmission scheme in Uruguay

Author: Bahador. License: Creative Commons, Attribution-ShareAlike 2.0 Generic

July 19 (Renewables Now) - The Inter-American Investment Corporation (IIC) has signed USD 81 million (EUR 70.1m) in financing for the construction of a 500-kV transmission link in Uruguay that will enable the integration of more renewable energy into the grid.

The financing package consists of a USD-56-million senior A-loan and a USD-25-million B-loan from Spanish lender BBVA (BME:BBVA) to Difebal SA, a unit of Italy’s Terna SpA. The loans mature in 17 years.

The deal was signed by IDB Group, the private sector unit of the IIC, the latter said on Tuesday.

The 213-km (132.4-mile) transmission line between the cities of Melo and Tacuarembo will be designed and built by transmission system operator Terna for local state-run electric utility UTE. The project will be the first public-private partnership for transmission assets in Uruguay.

The financing has a key role for the current and future reliability of Urugay’s national power grid, the IIC noted.

(USD 1.0 = EUR 0.865)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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