Spanish developer Fotowatio Renewable Ventures (FRV) has secured a US$81.9 million loan from the Inter-American Development Bank (IADB) for its 65MW plant in Uruguay.

The La Jacinta project, the first solar farm in the country to obtain a power purchase agreement with the state utility, will be Uruguay’s largest once completed.

The new loan refinances a previous US$70 million construction loan agreed with Norway’s DNB Group and Italy’s Intesa SanPaulo. FRV said the new deal improves the project financing condition and extends the debt’s maturity to 2034.

"The financing support of the IADB will allow us to focus on the completion of the largest solar PV project in Uruguay as well as develop, over the long term, additional quality clean energy projects in the region,” said Rafael Benjumea, CEO, FRV.