Fotowatio Renewable Ventures (FRV), a Spain-based energy developer, has achieved financial closure of the 65 MW Jacinta PV plant in Uruguay after the signing of an US$70 million deal.
DNB Group and Intesa Sanpaolo have provided the US$70 million of financing for the project. Banco Santander, through its Asset and Capital Structuring team, is providing an extra US$24 million tranche.
The facility is the first solar project to secure a power-purchase agreement (PPA) from state power utility UTE. The PPA is for a period of 30 years.
The project is part of the government’s sustainable energy policy to promote solar power in Uruguay. It is expected to be completed by May 2015. The facility will be constructed by OHL Industrial with solar photovoltaic panels supplied by BYD.
Once completed, the facility will be one of the largest solar projects in Latin America. It will generate enough electricity to supply approximately 35,000 homes in the area and remove 74,142 MT of CO2 emissions per year.
RV is a leading global solar development company with a 3GW pipeline of projects in the emerging solar markets including the Middle East, Australia, Africa and Latin America. Since 2006, the management team has completed the construction, operation, maintenance and financing of over 500 MW of photovoltaic and CSP solar energy plants.
The Inter-American Development Bank (IDB) has approved a $40.9 million loan from its ordinary capital and $25 million from the Canada Climate Fund, which is administered by the Bank, to finance the project.