Invenergy secures debt for transmission line project in Uruguay

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

September 15 (Renewables Now) - US sustainable energy developer Invenergy LLC has closed a USD-67-million (EUR 56.7m) financing facility to back the construction of a new transmission line in Salto, Uruguay.

The debt facility for the Cardal Transmission Project was secured by Invenergy’s subsidiary Tealov Srl, the parent company said on Tuesday. IDB Invest, the private sector arm of the Inter-American Development Bank, will provide a direct loan of USD 11.5 million, while a second indirect IDB Invest loan of USD 55.5 million will be provided through a private project bond placement in the US. Prudential Private Capital was the sole investor in the bond offering.

The Cardal project envisages the construction of a 550-kV high-voltage transmission line with a length of 55 km (34.2 miles), a 20-km-long 150-kV transmission line, a 500-kV substation and related infrastructure. Installation works began in July and commercial operations are due to be launched by early 2023.

The transmission line will be operated by government-owned power company UTE under a 30-year lease agreement.

Invenergy noted that after completing Cardal, it will have developed over 6,475 km of transmission and distribution lines globally. The US firm has two other assets in Uruguay -- the 64-MW La Jacinta solar park and the 70-MW Campo Palomas wind farm.

(USD 1.0 = EUR 0.847)

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