News / KfW IPEX-Bank finances $79.5 million loan for Uruguay's wind farm

KfW IPEX-Bank finances $79.5 million loan for Uruguay's wind farm

🕔 August 20, 2013

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KfW IPEX-Bank, Germany's project and export finance bank is providing a long-term project financing loan of up to US$79.50 million (€61.15 million) to finance the development of the Generación Eólica Minas S.A. wind farm in Uruguay. The bank is the sole financier of the loan. 80% of the longterm loan is covered by a guarantee from the Danish export credit insurer Eksport Kredit Fonden (EKF).

Project sponsor is Akuo Energy, a leading French independent power producer of renewable energy. Akuo Energy always considered Uruguay as a prime location in itself and a point of entry into the Latin American market. In addition to the Minas wind farm, Akuo is also constructing a second project in Uruguay, the Florida wind farm. The two projects together total 92 MW for an overall investment of US$205 m.

The Minas wind farm will be composed of 14 wind turbines of the type V-112 by the Danish manufacturer Vestas Wind Systems A/S and offer a capacity of 42 MW. The projected net wind yield will be approx. 176 GWh p.a., enough to provide some 40,000 households with green energy. In addition to the manufacture and supply Vestas Wind Systems A/S will also maintain the turbines over the next decade. The Portuguese construction company Jayme da Costa is also involved in the wind farm construction.

The project in the Uruguayan department of Lavalleja marks KfW IPEX-Bank's first wind farm financing in Latin America. Renewable energy projects are one focus of the KfW subsidiary.

Eric Scotto, co-founder and President of Akuo Energy, stated:

"This remarkable team work resulted in a great achievement: the Minas wind-farm is the first project everfunded with nonrecourse finance in Uruguay by KfW IPEX-Bank and the second for Akuo Energy in the past 6 months. We are all the most proud of it".

Source: Akuo energy

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