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Uruguay

Uruguay

KFW agrees $79m finance for Uruguayan project

URUGUAY: KFW-Ipex has agreed to loan French developer Akuo Energy $79.5 million to develop the 42MW Minas wind farm in Uruguay.

The Minas project is to use 14 Vestas V112 3MW turbines with delivery set for Q3 2013. It will be the first time Vestas has installed V112 turbines in Uruguay.

KFW said it is the sole financier of the loan. 80% of the guarantee will come from Danish export credit insurer Eksport Kredit Fonden.

It is KFWs first wind farm deal in Uruguay.

Eric Scotto, president and CEO of Akuo Energy, said: "I would like to thank all our partners, including KfW IPEX-Bank, sole financier of the loan, but also Vestas and Jayme da Costa, who played an active role in the development and the funding of the Minas wind farm.

"The Minas wind-farm is the first project ever funded with non-recourse finance in Uruguay by KfW IPEX-Bank and the second for Akuo Energy in the past six months."

Uruguay is fast emerging as one of the near-term stars of Latin America with government energy agencies talking about 400MW of new capacity to be connected in 2013 alone. Nordex and Enercon are among those to have picked up orders recently.

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