Financial close for construction of Cardal transmission PPP in Uruguay

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Tealov S.R.L., a subsidiary of Invenergy, has completed the construction financing for the Cardal Transmission Project in Salto, Uruguay.

In partnership with IDB Invest, a member of the Inter-American Development Bank Group, Invenergy has secured a US$67 million A/B Bond Loan, featuring a two-tranche finance structure. The first is a US$11.5 million direct loan from IDB Invest, while the second is a US$55.5 million indirect IDB Invest loan, funded through a Project Bond Issuance in the US Private Placement Market. Prudential Private Capital was the sole investor for the bond issuance associated with the transaction. 

The Cardal Transmission project will consist of 55 km of new 500 kV high-voltage transmission line, 20 kilometers of new 150 kV transmission line, a new 500 kV substation, and necessary infrastructure. The line will connect to the Punta del Tigre substation and a 150 kV high-voltage line in Salto, Uruguay. Construction work is planned to begin in July 2021 with a targeted commercial operation by early 2023.


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