Uruguay wind farm gets USD 120m in financing

The Inter-American Development Bank (IDB) today announced the disbursing of a USD-120-million (EUR 109.6m) financing package for Areaflin SA’s 70-MW Valentines wind farm in Uruguay.

Construction, operation, and maintenance of the wind farm will be supported by an IDB A-loan of USD 68.6 million, a B-loan of USD 17 million from Spanish lender BBVA (BME:BBVA), and a Co-loan of USD 34.3 million from the China Co-Financing Fund for Latin America and the Caribbean. The A and Co loans have a tenor or 18 years, while the B-loan has 16 years.

Uruguayan state-run electric utility UTE, or Administración Nacional de Usinas y Trasmisiones Eléctricas, holds 20% in Areaflin. The rest was sold in an initial public offering (IPO) on the Montevideo Stock Exchange in December 2016, attracting significant investor interest. That transaction introduced new financing options for renewable energy projects, increasing the participation of local investors.

The Valentines wind farm is located between Florida and Treinta y Tres departments and has been partially operational since September 2016. It can produce 311.6 GWh annually.

(USD 1 = EUR 0.91)

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