Wind energy in Uruguay: Florida II wind farm with 15 Vestas wind turbines receives financing

Uruguay’s wind farm project Florida II has received project financing for US$78.5mn. KfW Ipex-Bank is providing all of the project’s construction and long-term financing facilities. The long-term loan is partly covered by a guarantee from Denmark’s export credit agency Eksport Kredit Fonden (EKF).

French renewable energy project producer Akuo Energy and Eurus Energy America, a Toyota Tsusho subsidiary dedicated to renewable energy projects, are co-shareholders of the 50MW wind farm project.

According to Eric Scotto, CEO and co-founder of Akuo Energy, the financing was reached in a record time as the parties involved had already worked together in 2013 for the financing of the Minas wind farm. “We are all the more proud of Florida II given that this project harnesses all the expertise we have acquired through the development and financing of Minas and Florida I. The very same financial partners who helped us finance Minas have decided to also accompany us on Florida II – and in record time! A great illustration of the trust such major players as Eurus Energy, KfW Ipex-Bank and EKF have in us, and for that we are extremely grateful and thank them,” he says.

“We are honoured to invest side by side with Akuo Energy as well as our lenders, KfW Ipex-Bank and EKF who are global leaders in wind project finance,” comments Satoshi Takahata, president and CEO of Eurus Energy America.

The wind farm will be supplied by 15 Vestas turbines and it is expected to have a 42% capacity, powering the equivalent of 30,000 Uruguayan households.