The Kiyú wind farm in the department of San José in the south of the country is being developed by Spanish power company Cobra Ingeniería.
Earlier in October, Vestas was handed the contract to supply 16 V112-3MW turbines to the project.
Delivery of the turbines is due to take place early next year with project completion expected by the end of 2015.
The IDB said it was supporting the project to lessen the county's dependence on hydro which can be affected by droughts.
It also said that the project supports the entry of a new player into the wind power sector in Uruguay and an increase in the private sector's stake in the energy market.
Currently, roughly 45% of Uruguay's installed capacity is hydro, 38% is conventional thermal power plants, with the remaining 17% other forms of renewable energy. Most of this is biomass, with wind power making up 5%.