Uruguay UTE to seek funds for 70-MW wind plant

Wind turbines at work. Author: Nick Cross. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

December 10 (SeeNews) - Uruguayan state-run power company UTE will this month invite retail and institutional investors on the stock market to participate in a new, 70-MW wind farm in Colonia Arias, Flores department, chairman Gonzalo Casaravilla said Wednesday.

The project will cost USD 178 million (EUR 162.5m), USD 15 million of which could come from retail and USD 28 million from institutional investors between December 16 and 21. Another USD 11 million will be funded by UTE, or Administracion Nacional de Usinas y Trasmisiones Electricas, which has also secured financing of up to USD 108 million from the Inter-American Development Bank (IDB) and China Cofinancing Fund for Latin America and the Caribbean.

The company used a similar scheme in March for its 140-MW Pampa wind project. Republica Administradora de Fondos de Inversion SA will again act as trustee.

UTE has 70-MW wind farms in Artigas, Colonia and Salto and is planning to build the next two in Colonia Arias and Valentines, a site between Florida and Treinta y Tres departments.

(USD 1 = EUR 0.913)

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Diana Hristova is our expert for Latin America. She has spent several years following the diverse industries in the region, the energy sector most of all. Now Diana is exploring Latin America’s huge wind, solar, geothermal and hydropower potential.

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