Uruguay’s UTE seeks funds for 70 MW wind plant

Uruguayan state-owned company Administracion Nacional de Usinas y Trasmisiones Electricas (UTE) will invite this month retail and institutional investors on the stock market to invest in the 70 MW wind farm in Colonia Arias, Flores department.

The company used a similar scheme in March for its 140 MW Pampa wind project. Republica Administradora de Fondos de Inversion SA will again act as trustee.

The project investment is estimated at around US$178 million, US$15 million of which could come from retail and US$28 million from institutional investors between December 16 and 21. UTE will fund another US$11 million and UTE has secured financing of up to US$108 million from the Inter-American Development Bank (IDB) and China Cofinancing Fund for Latin America and the Caribbean.

The project involves the construction, operation and maintenance of a 70 MW wind farm, related transmission line and civil engineering works including access roads, substation, control station or other works needed to supply the energy produced through a 20 year PPA to be signed with UTE.