Solar parks developer Sky Solar has received loan of $55.7 m from Inter-American Development Bank (IDB), for the development of six photovoltaic solar energy plants in Uruguay.
The company will also receive additional loan worth $19.3m and $10m from The China Co-Financing Fund and the Canadian Climate Fund respectively for these projects. Both the funds are administered by IDB.
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Sky Solar along with a Uruguay based company Lafemir will sponsor the project located in Paysandú, Salto and Río Negro in western Uruguay.
The project will have an installed capacity of 82MW and will be capable of producing 125.4 GWh of electricity per year, which will be supplied to the national grid of the region.
Power generated from the project is expected to 74,000 tons of CO2 emissions per year in Uruguay.
Sky Solar said that photovoltaic panels will be mounted over fixed steel structures that will be made by Lafemir and another company.
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By GlobalDataSky Solar chairman Weili Su said: " Additionally, we continue to make progress on the 9.5 MW (8 MW AC) already under construction in Uruguay and also remain on track to break ground on one of the largest solar projects in Chile during the third quarter of 2015.
"Meanwhile, we continue to see significant growth potential in the region, and expect more opportunities beyond our 639MW pipeline in Latin America.
"Our focus remains on projects with high returns while securing low cost of capital as we continue to explore new opportunities and expand our pipeline in the region."
