Uruguay's UTE, Itau agree on financing tools for solar collectors
Sep 18, 2013 - Uruguay's state-owned power utility UTE yesterday announced an agreement with Banco Itau Uruguay, local subsidiary of Brazil's Itau Unibanco Holding (SAO:ITUB3), to finance solar water heating systems for homes.
UTE estimates its customers could save 15% to 20% of their electricity consumption through solar collectors. In addition, the utility offers a two-year bill discount for the first 2,000 households which join the plan.
Itau has also reached an agreement with 11 suppliers which represent almost 80% of the sales within the solar plan until now, UTE added.
The plan is part of Uruguay's efforts to reduce its dependence on the price of commodities through renewable energy, Ramon Mendez, energy director at the industry, energy and mines ministry, said.
Diana Hristova is our expert for Latin America. She has spent several years following the diverse industries in the region, the energy sector most of all. Now Diana is exploring Latin America’s huge wind, solar, geothermal and hydropower potential.