Akuo Energy secures financing for Florida II wind farm project in Uruguay

Akuo Energy, a French independent renewable energy power producer, has completed the entire financing of its Florida II 50 MW wind farm project in Uruguay.

KfW IPEX-Bank and EKF have provided the senior debt and Eurus, as its partner, has provided equity for the project. The total project investment is estimated at US$104.5 million.

The project will be the third asset to be built and operated by Akuo Energy in Uruguay and its second partnering with Eurus on the equity and KfW IPEX-Bank and EKF on the debt.

Florida II is a 50 MW wind farm that will benefit, just like its two predecessors Florida I (50 MW) and Minas (42 MW), from exceptional wind conditions. With an expected capacity factor of over 42%, the clean, sustainable, domestically produced power from Florida II will help power the equivalent of 30,000 Uruguayan households.

The electricity generated by Florida II will be directly purchased by UTE, Uruguay’s state-owned grid operator, within the framework of a 20-year dollar-denominated and inflation-indexed power purchase contract. Florida II will be equipped with 15 Vestas V117 turbines with a nominal capacity of 3.3 MW each.

Florida II is the third asset for which Akuo Energy has completed the development in Uruguay, out of a current portfolio of projects under development of around 250 MW. This project is the natural outgrowth of the experience and relationships forged in the bringing on line of Akuo Energy’s 92 MW of wind farm capacity which is now in full operations.