Financial Close reached for Vientos de Pastorale wind farm in Uruguay

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Financial Close reached for Vientos de Pastorale wind farm in Uruguay

SOWITEC has recently announced the financial close of the 53 MW Vientos de Pastorale wind farm. The project belongs to Bow Power, a joint venture between ACS and GIP, which has 90% of the shares, and SOWITEC which controls the remaining 10%.

As we reported, Vestas will supply, install and commission 16 V126-3.3 MW turbines at the Vientos de Pastorale project in Villa Pastora, Flores province (Uruguay). Additionally, Vestas will provide ten years of O&M service.

The project will require a total investment of US$137 million with an equity contribution of US$45 million over the next one and a half years. Construction completion and commissioning date of the wind farm is expected in the first quarter of 2017.

Vientos de Pastorale wind farm will have an estimated annual electricity production of over 220 GWh and will provide some 50,000 households with clean energy.

The project supports Uruguay’s goal of a 100% renewable energy supply in 2020. In 2015, 95% of the country’s electricity consumption have been provided by hydro, wind and solar power plants.

Rosa Tarragó, Head of Structured Finance at SOWITEC, said:

“As German wind park operator, we are pleased to secure our long term earning assumptions with this first project abroad in a stable market such as Uruguay. We are looking forward to the next 14 months of construction and the cooperation with valuable business partners.”

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