December 23 (SeeNews) - Uruguayan state-run power utility UTE has received USD 180.9 million (EUR 165.5m) in bids from retail and institutional investors for the construction of its 70-MW Arias wind farm.
The demand exceeded four times the Arias fund's USD-42.8-million offering of participation certificates on the stock market. Alone in the second round on Monday the demand reached USD 139.8 million, while the first round had attracted 2,718 retail investors last week.
UTE, or Administracion Nacional de Usinas y Trasmisiones Electricas, is to provide USD 10.7 million to complete the project's fund of USD 53.5 million, while a loan from the Inter-American Development Bank (IDB) will finance the remaining USD 170 million of the investment.
The wind farm will have 35 turbines in Colonia Arias, Flores department, on land managed by the National Institute of Colonisation. Arias is the second wind project of UTE financed through the stock market.
(USD 1 = EUR 0.915)