65MW Uruguay project reaches financial close

Facebook
Twitter
LinkedIn
Reddit
Email

A project to build 65MW of solar power generation in Uruguay has successfully reached financial close.

Spanish solar operations and management firm, Fotowatio Renewable Ventures (FRV) has signed for US$70 million in funds from Norway’s largest bank, DNB Group.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Spanish bank, Santander is to provide additional finance of US$24 million.

FRV is to construct the project with international infrastructure developer, OHL Group, with the project scheduled for completion by May 2015. Chinese electric manufacturer, BYD is to supply the solar panels, which will power 35,000 local homes a year.

The site is to be constructed in the Salto Department, in the north west of Uruguay.

The first 50MW of the project, ‘La Jacinta’ also marks the first ever solar Power Purchase Agreement to be signed in Uruguay.

The 30-year PPA is between Uruguayan state-owned utility UTE (National Administration of Electricity Plants and Transmission) and FRV.

FRV was chosen in August 2013 by UTE to oversee the 65MW solar power plant’s development as part of the second round of its 200MW large-scale tender programme, which opened on 27 May this year. The second round of bidding will expire on 2 September.

Administracion Nacional de Usinas y Transmisiones Electricas will buy electricity from Fotowatio RV at a price of US$91.50 per MWh, which is among the lowest rates in solar power globally, according to Bloomberg New Energy Finance.

The government has earmarked US$400 million of support for the projects.

Uruguay's national target is to produce 90% of all energy consumed from renewable energy sources by 2015.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 19, 2024
Texas, USA
Solar Media Events
March 26, 2024
Lisbon, Portugal
Solar Media Events
April 10, 2024
Dallas, Texas USA