UPDATE - Saeta Yield confirms closing of Uruguayan wind deal

Saeta Yield SA (BME:SAY) confirmed on Friday it has completed its first international transaction -- the acquisition of two Uruguayan wind farms with a combined capacity of 95 MW from Corporacion America SA and Grupo San Jose.

The Spanish renewables yieldco said it is paying USD 65 million (EUR 58m) for the Carape I and II wind parks, but the sum could increase to USD 85 million if the subordinated debt associated with the assets, held by financial institutions, is cancelled. The total enterprise value amounts to USD 230 million.

Argentina’s Corporacion America announced the closing of the transaction yesterday.

The Carape I and II wind parks in Maldonado Province 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 Electricas (UTE) under power purchase agreements (PPAs) that have an average remaining life of 21 years.

The acquisition increases Saeta Yield’s total installed capacity to 884 MW. The company noted that it could become one of the largest wind farm operators in Uruguay if, in the future, it buys the Kiyuu and Vientos de Pastorale wind farms totalling 98 MW. It has the right of first offer (RoFO) over the two plants as part of an agreement with Spanish builder ACS (BME:ACS) and Bow Power.

(USD 1.0 = EUR 0.893)

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