KfW finances 117.5MW Uruguay site

URUGUAY: German bank KfW Ipex-Bank and partner Helaba Landesbank Hessen-Thuringen have arranged financing for the 117.5MW Peralta wind project in Uruguay with a $160.3 million loan.

Enercon's E92 turbine will be installed at the Peralta project in Uruguay

The loan is to German turbine manufacturer Enercon, which is building the project and supplying the turbines in central Uruguay. Peralta will comprise 50 Enercon E-92 2.35MW turbines.

The project has a 20-year power purchase agreement with state utility UTE.

The loan will be paid in three parts and includes a partial federal export credit guarantee, KfW said.

"German and European wind technology is in demand internationally. This is a great opportunity both for manufacturers and the environment. As a bank, we do our part in helping ideas and projects take concrete shape," said KfW board member Markus Scheer.

The German lender said Uruguay was targeting 38% of its electricity production to be from wind by 2017, up from 13% a year ago.