The Inter-American Development Bank (IDB) has granted a loan of $132.6m for the development of Carape I and II wind farms with a total capacity of 90MW in southern Maldonado region, Uruguay.
The project will receive a $88.4m loan from IDB and the Chinese government will co-finance $44.2m.
The Sierra de Carape project will be built by Vengano and Fingano, special purpose companies owned by Corporacion America and Contreras Hermano and Constructora San Jose and include two 40MW and 50MW sub-projects.
The project works include, the installation of 31 Vestas wind turbines, a 39.6km 150kV transmission line, substations, civil works, access roads, and other infrastructure to transmit power to UTE.
The project will have an estimated annual electricity generation of around 364,700MWh, enough to power over 158,000 people and reduce CO2 emissions by an average of 259,000 tons annually.
IDB project team leader Gian Franco Carassale said that the long-term financing approved by the IDB is key to the development of Carape I and II, which will contribute substantially to the success of the Uruguay project.
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By GlobalDataIDB Structured and Corporate Finance Department chief Jean-Marc Aboussouan said that the funding provided to Carape I and II will support the addition of 90MW of wind energy in the country and emphasizes the IDB’s strong commitment to supporting Uruguay’s efforts to develop non-traditional renewable energy.
